Carter Bankshares (NASDAQ:CARE) Research Coverage Started at Hovde Group

Stock analysts at Hovde Group initiated coverage on shares of Carter Bankshares (NASDAQ:CARE) in a report issued on Wednesday, Briefing.com reports. The brokerage set an “outperform” rating and a $22.00 price target on the stock. Hovde Group’s price objective would suggest a potential upside of 29.11% from the company’s previous close.

Separately, Raymond James lifted their target price on shares of 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 Stock Down 2.0 %

NASDAQ CARE opened at $17.04 on Wednesday. Carter Bankshares has a 1 year low of $10.43 and a 1 year high of $18.30. The stock has a market capitalization of $392.18 million, a PE ratio of 29.89 and a beta of 1.03. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.91 and a quick ratio of 0.91. The business’s 50-day moving average is $16.71 and its 200 day moving average is $14.36.

Carter Bankshares (NASDAQ:CARE) last posted its earnings results on Thursday, July 25th. The company reported $0.21 earnings per share (EPS) 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 firm had revenue of $60.12 million for the quarter, compared to analysts’ expectations of $34.62 million. Sell-side analysts forecast that Carter Bankshares will post 0.88 earnings per share for the current year.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in CARE. Vanguard Group Inc. grew its position in Carter Bankshares by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,245,205 shares of the company’s stock valued at $15,739,000 after purchasing an additional 17,327 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Carter Bankshares by 22.4% during the second quarter. Los Angeles Capital Management LLC now owns 35,237 shares of the company’s stock valued at $533,000 after acquiring an additional 6,450 shares in the last quarter. American Century Companies Inc. raised its holdings in Carter Bankshares by 8.2% in the 2nd quarter. American Century Companies Inc. now owns 337,743 shares of the company’s stock worth $5,107,000 after acquiring an additional 25,472 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Carter Bankshares by 9.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 93,138 shares of the company’s stock worth $1,408,000 after acquiring an additional 8,160 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Carter Bankshares in the 2nd quarter valued at approximately $239,000. Hedge funds and other institutional investors own 41.48% of the company’s stock.

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.