Hovde Group Forecasts Strong Price Appreciation for Carter Bankshares (NASDAQ:CARE) Stock

Carter Bankshares (NASDAQ:CARE) had its price objective increased by equities research analysts at Hovde Group from $27.00 to $28.00 in a report issued on Friday. The firm currently has an “outperform” rating on the stock. Hovde Group’s target price would suggest a potential upside of 17.35% from the company’s current price.

A number of other equities analysts have also recently commented on the company. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Weiss Ratings raised Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $25.00.

Carter Bankshares Stock Performance

Shares of CARE stock opened at $23.86 on Friday. The company has a fifty day moving average price of $22.05 and a two-hundred day moving average price of $20.26. Carter Bankshares has a one year low of $14.98 and a one year high of $24.91. The stock has a market cap of $528.74 million, a P/E ratio of 17.29 and a beta of 0.44. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.93 and a quick ratio of 0.93.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). The firm had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Carter Bankshares had a return on equity of 7.64% and a net margin of 12.32%. As a group, equities analysts predict that Carter Bankshares will post 1.88 EPS for the current year.

Institutional Trading of Carter Bankshares

Hedge funds have recently added to or reduced their stakes in the company. Huber Capital Management LLC boosted its stake in Carter Bankshares by 0.3% in the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company’s stock valued at $3,756,000 after purchasing an additional 500 shares during the period. Federated Hermes Inc. increased its position in Carter Bankshares by 98.3% during the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after buying an additional 806 shares during the period. First Trust Advisors LP increased its position in Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company’s stock worth $256,000 after buying an additional 930 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Carter Bankshares by 44.7% during the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after buying an additional 1,400 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Carter Bankshares by 140.6% during the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after buying an additional 1,534 shares in the last quarter. 41.48% of the stock is 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.