Carter Bankshares (NASDAQ:CARE) Receives New Coverage from Analysts at Hovde Group

Hovde Group began coverage on shares of Carter Bankshares (NASDAQ:CARE) in a report published on Wednesday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $22.00 price target on the stock.

Separately, Raymond James lifted their target price on Carter Bankshares from $20.00 to $21.00 and gave the company an outperform rating in a research note on Thursday, August 29th.

Carter Bankshares Trading Up 0.6 %

CARE opened at $17.15 on Wednesday. The business’s 50 day moving average is $16.71 and its two-hundred day moving average is $14.38. Carter Bankshares has a 52 week low of $10.43 and a 52 week high of $18.30. The firm has a market cap of $394.71 million, a price-to-earnings ratio of 30.09 and a beta of 1.03. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.65.

Carter Bankshares (NASDAQ:CARE) last announced its earnings results on Thursday, July 25th. The company reported $0.21 earnings per share for the quarter, meeting the consensus estimate of $0.21. Carter Bankshares had a return on equity of 4.09% and a net margin of 5.41%. The company had revenue of $60.12 million for the quarter, compared to the consensus estimate of $34.62 million. On average, research analysts predict that Carter Bankshares will post 0.88 EPS for the current year.

Institutional Trading of Carter Bankshares

A number of institutional investors have recently modified their holdings of CARE. Vanguard Group Inc. boosted its stake in shares of Carter Bankshares by 1.4% in the first quarter. Vanguard Group Inc. now owns 1,245,205 shares of the company’s stock valued at $15,739,000 after buying an additional 17,327 shares in the last quarter. Black Maple Capital Management LP purchased a new stake in shares of Carter Bankshares in the first quarter valued at approximately $293,000. Bank of New York Mellon Corp boosted its stake in shares of Carter Bankshares by 9.6% in the second quarter. Bank of New York Mellon Corp now owns 93,138 shares of the company’s stock valued at $1,408,000 after buying an additional 8,160 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in Carter Bankshares by 22.4% during the second quarter. Los Angeles Capital Management LLC now owns 35,237 shares of the company’s stock worth $533,000 after purchasing an additional 6,450 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Carter Bankshares by 8.2% during the second quarter. American Century Companies Inc. now owns 337,743 shares of the company’s stock worth $5,107,000 after purchasing an additional 25,472 shares during the last quarter. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

Carter Bankshares Company Profile

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.