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

Hovde Group assumed coverage on shares of Carter Bankshares (NASDAQ:CARE) in a research note issued to investors on Wednesday morning, MarketBeat reports. The firm issued an outperform rating and a $22.00 price objective on the stock.

Separately, Raymond James increased 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 0.4 %

NASDAQ CARE opened at $17.07 on Wednesday. The firm has a market capitalization of $392.87 million, a price-to-earnings ratio of 29.95 and a beta of 1.03. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.91 and a current ratio of 0.91. Carter Bankshares has a one year low of $10.43 and a one year high of $18.30. The company’s 50 day moving average price is $16.72 and its 200 day moving average price is $14.43.

Carter Bankshares (NASDAQ:CARE) last posted 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 net margin of 5.41% and a return on equity of 4.09%. The business had revenue of $60.12 million for the quarter, compared to analyst estimates of $34.62 million. On average, sell-side analysts predict that Carter Bankshares will post 0.88 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Truist Financial Corp increased its stake in Carter Bankshares by 43.5% during the 2nd quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock worth $269,000 after buying an additional 5,394 shares during the period. Los Angeles Capital Management LLC grew its stake 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. SG Americas Securities LLC purchased a new stake in shares of Carter Bankshares during the third quarter worth about $138,000. Bank of New York Mellon Corp lifted 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 worth $1,408,000 after acquiring an additional 8,160 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Carter Bankshares in the second quarter valued at about $239,000. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bankshares

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.