Carter Bankshares (NASDAQ:CARE) Cut to “Sell” at Wall Street Zen

by · The Markets Daily

Wall Street Zen lowered shares of Carter Bankshares (NASDAQ:CARE – Free Report) from a hold rating to a sell rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other brokerages have also recently commented on CARE. Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research report on Wednesday, November 4th. Hovde Group reissued a “market perform” rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.75.

View Our Latest Analysis on CARE

Carter Bankshares Trading Up 2.4%

Shares of NASDAQ:CARE opened at $29.39 on Friday. The company has a market capitalization of $651.28 million, a price-to-earnings ratio of 17.31 and a beta of 0.60. The business has a 50-day moving average price of $30.35 and a 200 day moving average price of $27.68. 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 posted its earnings results on Thursday, October 29th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.19). Carter Bankshares had a net margin of 37.19% and a return on equity of 7.55%. The company had revenue of $46.22 million during the quarter, compared to analyst estimates of $47.19 million. As a group, equities research analysts predict that Carter Bankshares will post 1.80 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

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

Institutional Trading of Carter Bankshares

A number of institutional investors have recently modified their holdings of CARE. Bank of New York Mellon Corp acquired a new position in shares of Carter Bankshares during the 2nd quarter worth $2,433,000. Sei Investments Co. grew its holdings in Carter Bankshares by 108.5% during the 1st quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock valued at $1,874,000 after buying an additional 41,836 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Carter Bankshares by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock valued at $27,422,000 after acquiring an additional 52,195 shares during the last quarter. Bank of America Corp DE lifted its holdings in Carter Bankshares by 82.5% in the 1st quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after purchasing an additional 25,967 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Carter Bankshares during the 2nd quarter worth about $707,000. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bankshares

(Get Free Report)

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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