Carter Bankshares (NASDAQ:CARE) Coverage Initiated at Hovde Group

Hovde Group began coverage on shares of Carter Bankshares (NASDAQ:CARE) in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $22.00 target price on the stock.

Separately, Raymond James raised their price objective on Carter Bankshares from $20.00 to $21.00 and gave the stock an outperform rating in a research note on Thursday, August 29th.

Carter Bankshares Price Performance

Carter Bankshares stock opened at $17.07 on Wednesday. The firm has a market capitalization of $392.87 million, a P/E ratio of 29.95 and a beta of 1.03. The business has a 50-day moving average of $16.72 and a 200-day moving average of $14.45. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.65. Carter Bankshares has a 1 year low of $10.43 and a 1 year high of $18.30.

Carter Bankshares (NASDAQ:CARE) last issued its earnings results on Thursday, July 25th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. The firm had revenue of $60.12 million during the quarter, compared to the consensus estimate of $34.62 million. Carter Bankshares had a net margin of 5.41% and a return on equity of 4.09%. On average, equities analysts anticipate that Carter Bankshares will post 0.88 EPS for the current year.

Institutional Trading of Carter Bankshares

Several hedge funds have recently bought and sold shares of CARE. SG Americas Securities LLC acquired a new position in shares of Carter Bankshares in the third quarter valued at approximately $138,000. Mendon Capital Advisors Corp bought a new stake in Carter Bankshares in the 2nd quarter valued at $454,000. Truist Financial Corp boosted its stake in Carter Bankshares by 43.5% in the 2nd quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock worth $269,000 after purchasing an additional 5,394 shares during the period. Squarepoint Ops LLC bought a new position in Carter Bankshares during the 2nd quarter worth about $517,000. Finally, XTX Topco Ltd acquired a new stake in shares of Carter Bankshares in the 2nd quarter valued at about $239,000. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Company Profile

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.