Carter Bankshares (NASDAQ:CARE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Carter Bankshares (NASDAQ:CARE) from a sell rating to a hold rating in a report published on Saturday.

A number of other brokerages have also issued reports on CARE. Raymond James Financial set a $22.00 target price on Carter Bankshares and gave the company an “outperform” rating in a report on Tuesday, October 7th. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Carter Bankshares has an average rating of “Moderate Buy” and an average price target of $22.00.

Carter Bankshares Stock Up 2.1%

NASDAQ CARE opened at $21.85 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50 day simple moving average is $19.81 and its 200 day simple moving average is $18.97. Carter Bankshares has a 12 month low of $13.60 and a 12 month high of $22.24. The company has a market capitalization of $482.67 million, a P/E ratio of 15.83 and a beta of 0.58.

Carter Bankshares (NASDAQ:CARE) last issued its earnings results on Thursday, January 29th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. The firm had revenue of $39.83 million during the quarter, compared to analysts’ expectations of $40.66 million. Carter Bankshares had a net margin of 12.32% and a return on equity of 7.70%. Equities research analysts expect that Carter Bankshares will post 1.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Carter Bankshares

Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Carter Bankshares by 2.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company’s stock worth $21,934,000 after buying an additional 24,621 shares during the last quarter. Fourthstone LLC increased its stake in shares of Carter Bankshares by 31.5% during the 2nd quarter. Fourthstone LLC now owns 583,893 shares of the company’s stock worth $10,125,000 after purchasing an additional 139,960 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Carter Bankshares by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 535,672 shares of the company’s stock valued at $9,290,000 after purchasing an additional 3,529 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Carter Bankshares by 12.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock valued at $8,561,000 after purchasing an additional 50,519 shares in the last quarter. Finally, Maltese Capital Management LLC lifted its stake in shares of Carter Bankshares by 1.1% in the 3rd quarter. Maltese Capital Management LLC now owns 369,000 shares of the company’s stock valued at $7,162,000 after purchasing an additional 4,028 shares during the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

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.