Carter Bankshares (NASDAQ:CARE – Get Free Report) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.
A number of other brokerages also recently weighed in on CARE. Hovde Group reaffirmed a “market perform” rating and set a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carter Bankshares in a research note on Wednesday. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.75.
Check Out Our Latest Report on CARE
Carter Bankshares Price Performance
NASDAQ CARE opened at $28.69 on Friday. The stock has a market capitalization of $635.77 million, a P/E ratio of 17.16 and a beta of 0.60. The firm’s 50-day moving average is $30.39 and its two-hundred day moving average is $27.63. Carter Bankshares has a 12 month low of $16.86 and a 12 month high of $36.06.
Carter Bankshares (NASDAQ:CARE – Get Free Report) 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 business had revenue of $46.22 million during the quarter, compared to analyst estimates of $47.19 million. Carter Bankshares had a net margin of 37.19% and a return on equity of 7.55%. As a group, analysts anticipate that Carter Bankshares will post 1.80 EPS for the current year.
Institutional Investors Weigh In On Carter Bankshares
Several large investors have recently bought and sold shares of CARE. Allworth Financial LP raised its holdings in shares of Carter Bankshares by 159.1% during the 2nd quarter. Allworth Financial LP now owns 1,140 shares of the company’s stock valued at $39,000 after buying an additional 700 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after purchasing an additional 1,846 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Carter Bankshares during the second quarter valued at about $270,000. Retirement Planning Group LLC purchased a new stake in shares of Carter Bankshares during the first quarter worth $351,000. Finally, Alps Advisors Inc. purchased a new position in Carter Bankshares during the 3rd quarter valued at $557,000. Hedge funds and other institutional investors own 41.48% of the company’s stock.
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.
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