Carter Bankshares, Inc. (NASDAQ:CARE) Stock Has Average Price Target of $30.75 According to Analysts

Carter Bankshares, Inc. (NASDAQ:CARE) has been assigned an average recommendation of “Hold” from the five research firms that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $30.75.

A number of research analysts recently weighed in on the company. Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Hovde Group reaffirmed a “market perform” rating and set a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Carter Bankshares in a report on Friday, August 7th. Finally, Raymond James Financial downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 1st.

Insider Buying and Selling at Carter Bankshares

In related news, insider Bradford Langs sold 2,500 shares of the company’s stock in a transaction on 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 approximately $1,148,178.68. This represents a 6.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Bolton sold 1,500 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the transaction, the director owned 55,000 shares in the company, valued at $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carter Bankshares

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of Carter Bankshares by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock valued at $27,422,000 after purchasing an additional 52,195 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Carter Bankshares during the 2nd quarter worth about $2,433,000. Empowered Funds LLC lifted its position in shares of Carter Bankshares by 10.0% during the 1st quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock worth $2,110,000 after purchasing an additional 8,192 shares during the last quarter. Sei Investments Co. lifted its position in shares of Carter Bankshares by 108.5% during the 1st quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after purchasing an additional 41,836 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Carter Bankshares by 82.5% during the 1st quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock worth $1,339,000 after purchasing an additional 25,967 shares during the last quarter. 41.48% of the stock is currently owned by institutional investors.

Carter Bankshares Price Performance

NASDAQ CARE opened at $30.70 on Friday. Carter Bankshares has a fifty-two week low of $16.78 and a fifty-two week high of $36.06. The stock’s 50-day moving average is $30.84 and its two-hundred day moving average is $29.90. The firm has a market cap of $680.31 million, a P/E ratio of 18.98 and a beta of 0.59.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.91). The company had revenue of $68.68 million for the quarter, compared to the consensus estimate of $55.90 million. Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%. On average, equities analysts expect that Carter Bankshares will post 2.02 EPS for the current year.

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.