Brokerages Set Carter Bankshares, Inc. (NASDAQ:CARE) Target Price at $30.75

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have been given an average rating of “Hold” by the five analysts that are covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $30.75.

CARE has been the subject of several research reports. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a research note on Saturday. Hovde Group reiterated a “market perform” rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Raymond James Financial downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st. Finally, Freedom Capital lowered shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th.

Insiders Place Their Bets

In other Carter Bankshares news, Director Robert M. Bolton sold 1,500 shares of Carter Bankshares stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total value of $51,900.00. Following the transaction, the director directly owned 55,000 shares in the company, valued at approximately $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bradford N. Langs sold 2,500 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $34.54, for a total transaction of $86,350.00. Following the completion of the sale, the insider directly owned 33,242 shares of the company’s stock, valued at $1,148,178.68. The trade was a 6.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 9,500 shares of company stock valued at $283,835. 2.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On Carter Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in CARE. Fourthstone LLC lifted its position in Carter Bankshares by 19.1% during the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock worth $24,307,000 after acquiring an additional 197,850 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Carter Bankshares in the fourth quarter valued at approximately $1,770,000. Curi Capital LLC increased its holdings in shares of Carter Bankshares by 388.0% in the second quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after purchasing an additional 74,178 shares during the period. Mendon Capital Advisors Corp raised its stake in shares of Carter Bankshares by 106.0% during the second quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after purchasing an additional 73,275 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Carter Bankshares during the second quarter worth approximately $2,433,000. Hedge funds and other institutional investors own 41.48% of the company’s stock.

Carter Bankshares Price Performance

NASDAQ CARE opened at $33.00 on Friday. The firm’s fifty day moving average price is $32.10 and its 200 day moving average price is $26.16. The company has a market capitalization of $733.33 million, a price-to-earnings ratio of 5.68 and a beta of 0.52. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $36.06.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). Carter Bankshares had a net margin of 36.79% and a return on equity of 7.85%. The company had revenue of $32.73 million during the quarter, compared to analysts’ expectations of $55.90 million. As a group, sell-side analysts forecast that Carter Bankshares will post 2.02 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a $0.10 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.40 annualized dividend and a yield of 1.2%. Carter Bankshares’s dividend payout ratio is 6.88%.

Carter Bankshares Company Profile

Carter Bankshares, Inc is a bank holding company headquartered in Suffolk, Virginia, operating primarily through its subsidiary, Carter Bank & Trust. The company offers a full range of commercial and retail banking services, serving individuals, small and mid-sized businesses, and nonprofit organizations. Its financial products are designed to meet the needs of local customers across southeastern Virginia and northeastern North Carolina.

Carter Bank & Trust provides deposit accounts, including checking, savings and money market products, as well as certificates of deposit.