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

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) have been given an average recommendation of “Hold” by the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $30.75.

A number of equities research analysts have recently commented on the company. Hovde Group reaffirmed a “market perform” rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. Wall Street Zen downgraded Carter Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research note on Wednesday, November 4th.

Carter Bankshares Stock Performance

CARE stock opened at $29.39 on Tuesday. The company has a 50 day moving average price of $30.35 and a two-hundred day moving average price of $27.68. The stock has a market capitalization of $651.28 million, a P/E ratio of 4.96 and a beta of 0.60. Carter Bankshares has a one year low of $16.86 and a one year high of $36.06.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.19). Carter Bankshares had a return on equity of 7.55% and a net margin of 37.19%. The business had revenue of $46.22 million for the quarter, compared to analysts’ expectations of $47.19 million. Research analysts forecast that Carter Bankshares will post 1.80 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be issued a $0.10 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.40 annualized dividend and a yield of 1.4%. Carter Bankshares’s payout ratio is 6.76%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Ritholtz Wealth Management acquired a new stake in shares of Carter Bankshares in the third quarter worth approximately $913,000. Allspring Global Investments Holdings LLC grew its holdings in Carter Bankshares by 7.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 27,827 shares of the company’s stock valued at $845,000 after purchasing an additional 1,897 shares during the period. Alps Advisors Inc. acquired a new position in Carter Bankshares during the third quarter worth approximately $557,000. Engineers Gate Manager LP acquired a new position in Carter Bankshares during the second quarter worth approximately $707,000. Finally, Integrated Wealth Concepts LLC purchased a new position in Carter Bankshares during the second quarter worth approximately $270,000. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bankshares

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.