Carter Bankshares, Inc. (NASDAQ:CARE) Stock Now Rated “Hold” by Wall Street Analysts

Carter Bankshares, Inc. (NASDAQ:CARE) has received an average recommendation of “Hold” from the five research firms that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $30.75.

CARE has been the topic of several research reports. Hovde Group reaffirmed a “market perform” rating and set a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Wall Street Zen cut Carter Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research note on Wednesday, November 4th.

Carter Bankshares Price Performance

Shares of NASDAQ CARE traded up $0.22 during trading on Tuesday, reaching $29.32. The company had a trading volume of 125,255 shares, compared to its average volume of 189,260. Carter Bankshares has a 52 week low of $16.86 and a 52 week high of $36.06. The stock has a market cap of $644.16 million, a PE ratio of 4.95 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.94 and a current ratio of 0.93. The business’s 50 day moving average price is $30.18 and its 200-day moving average price is $27.86.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.19). The company had revenue of $46.22 million for the quarter, compared to the consensus estimate of $47.19 million. Carter Bankshares had a net margin of 37.19% and a return on equity of 7.40%. Analysts expect that Carter Bankshares will post 1.80 earnings per share for the current year.

Carter Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors 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 dividend payout ratio (DPR) is currently 6.76%.

Institutional Trading of Carter Bankshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in Carter Bankshares by 4.6% during the 1st 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 period. First Trust Advisors LP grew its position in shares of Carter Bankshares by 26.0% during the 3rd quarter. First Trust Advisors LP now owns 117,497 shares of the company’s stock worth $3,512,000 after buying an additional 24,271 shares during the period. Empowered Funds LLC grew its position in shares of Carter Bankshares by 7.2% during the 3rd quarter. Empowered Funds LLC now owns 104,256 shares of the company’s stock worth $3,116,000 after buying an additional 6,958 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Carter Bankshares during the 2nd quarter worth approximately $2,433,000. Finally, Sei Investments Co. raised its stake in shares of Carter Bankshares by 108.5% during the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after buying an additional 41,836 shares during the last quarter. 41.48% of the stock is owned by institutional investors.

About Carter Bankshares

Carter Bankshares, Inc. is the bank holding company for Carter Bank & Trust, a community bank headquartered in Martinsville, Virginia. The bank provides financial services to individuals, businesses and other organizations, with a focus on markets in Virginia and North Carolina. Its offerings include personal and business deposit accounts, commercial and consumer lending, residential mortgage services, and digital banking. Business customers can also access services such as cash management and other tools for managing day-to-day finances.