Carter Bankshares (NASDAQ:CARE) Rating Lowered to Sell at Wall Street Zen

Carter Bankshares (NASDAQ:CARE) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Other analysts have also issued reports about the company. Freedom Capital raised shares of Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Raymond James Financial set a $22.00 price target on Carter Bankshares and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. Finally, Zacks Research lowered Carter Bankshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.00.

Carter Bankshares Stock Performance

NASDAQ CARE opened at $20.38 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.43. The company has a market cap of $450.19 million, a price-to-earnings ratio of 14.99 and a beta of 0.59. Carter Bankshares has a twelve month low of $13.60 and a twelve month high of $20.66. The business’s fifty day moving average is $19.11 and its 200 day moving average is $18.78.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.13). The company had revenue of $39.09 million during the quarter, compared to the consensus estimate of $39.20 million. Carter Bankshares had a net margin of 12.37% and a return on equity of 7.65%. As a group, sell-side analysts expect that Carter Bankshares will post 1.26 EPS for the current fiscal year.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, Director Robert M. Bolton sold 1,901 shares of the company’s stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $17.23, for a total transaction of $32,754.23. Following the completion of the sale, the director directly owned 10,827 shares in the company, valued at $186,549.21. This represents a 14.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.18% of the company’s stock.

Institutional Trading of Carter Bankshares

A number of institutional investors have recently modified their holdings of CARE. CWM LLC boosted its holdings in shares of Carter Bankshares by 64.1% during the 2nd quarter. CWM LLC now owns 2,171 shares of the company’s stock valued at $38,000 after buying an additional 848 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after acquiring an additional 1,534 shares during the period. Tower Research Capital LLC TRC boosted its stake in Carter Bankshares by 113.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after acquiring an additional 2,008 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Carter Bankshares by 44.7% during the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Carter Bankshares in the second quarter worth about $108,000. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

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.