Carter Bankshares (NASDAQ:CARE) cut to hold on to Zacks Investment Research


Carter Bankshares (NASDAQ:CARE – Get a Rating) was downgraded by Zacks Investment Research from a “strong buy” rating to a “hold” rating in a note released Tuesday to investors, reports.

According to Zacks, “Carter Bankshares Inc. is a bank holding company and the parent company of Carter Bank & Trust. It offers checking, savings, retirement, money market accounts, longer-term certificates of deposit, and loans. Carter Bankshares Inc., formerly known as Carter Bank & Trust, is headquartered in Martinsville, Virginia. “

CARE stock traded down $0.21 during Tuesday’s trading, hitting $14.79. 42,214 shares of the company were traded, against an average volume of 84,378. Carter Bankshares has a 1-year low of $10.02 and a 1-year high of $17.99. The company’s fifty-day moving average price is $16.30 and its 200-day moving average price is $15.84. The company has a market capitalization of $363.51 million, a PE ratio of 12.33 and a beta of 1.11.

Carter Bankshares (NASDAQ:CARE – Get Rating) last reported quarterly results on Tuesday, April 26. The company reported earnings per share (EPS) of $0.36 for the quarter, beating analyst consensus estimates of $0.30 by $0.06. The company posted revenue of $33.56 million in the quarter, versus analyst estimates of $33.56 million. Carter Bankshares had a return on equity of 8.00% and a net margin of 19.85%. On average, analysts expect Carter Bankshares to post 1.53 earnings per share for the current year.

Several institutional investors have recently changed their positions in the company. First Trust Advisors LP increased its holdings of Carter Bankshares shares by 7.3% in the fourth quarter. First Trust Advisors LP now owns 12,280 shares of the company valued at $189,000 after purchasing an additional 835 shares during the period. Deutsche Bank AG increased its position in shares of Carter Bankshares by 5.4% during the fourth quarter. Deutsche Bank AG now owns 16,321 shares of the company worth $251,000 after purchasing 837 additional shares during the period. Goldman Sachs Group Inc. raised its position in shares of Carter Bankshares by 6.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 20,677 shares of the company worth $318,000 after purchasing an additional 1,248 shares during the period. Citigroup Inc. raised its position in shares of Carter Bankshares by 105.6% during the third quarter. Citigroup Inc. now owns 2,803 shares of the company worth $40,000 after purchasing an additional 1,440 shares during the period. Finally, the Royal Bank of Canada increased its position in shares of Carter Bankshares by 53.5% during the third quarter. Royal Bank of Canada now owns 4,354 shares of the company worth $62,000 after purchasing an additional 1,517 shares during the period. Institutional investors and hedge funds hold 38.21% of the company’s shares.

About Carter Bankshares (Get an evaluation)

Carter Bankshares, Inc operates as a bank holding company for Carter Bank & Trust which provides various banking products and services. It accepts a variety of deposit products, including checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers commercial loans including secured and unsecured loans; consumer loans, such as secured and unsecured loans for automobile financing, home improvement, education, overdraft protection and personal investments, and residential mortgages; loans for the construction and acquisition of real estate; home equity lines of credit; and credit cards, as well as issues and holds fixed and variable rate mortgages.

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