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 report released on Tuesday, Zacks.com 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, longer-term certificates of deposit as well as loans. Carter Bankshares Inc., formerly known as Carter Bank & Trust, is headquartered in Martinsville, Virginia.”

Carter Bankshares stock traded down $0.21 at midday Tuesday, hitting $14.79. 42,214 shares of the company were traded, against an average volume of 84,378. 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 has a fifty-two week low of $10.02 and a fifty-two week high of $17.99.

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

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A number of hedge funds have recently bought and sold shares of the company. Citigroup Inc. increased its holdings of Carter Bankshares shares by 105.6% in the third quarter. Citigroup Inc. now owns 2,803 shares of the company valued at $40,000 after acquiring 1,440 additional shares in the last quarter. Dorsey Wright & Associates purchased a new equity stake from Carter Bankshares in Q1 worth approximately $48,000. Metropolitan Life Insurance Co NY purchased a new equity stake from Carter Bankshares in Q3 worth approximately $62,000. Royal Bank of Canada increased its holdings of Carter Bankshares shares by 53.5% in the third quarter. Royal Bank of Canada now owns 4,354 shares of the company valued at $62,000 after acquiring 1,517 additional shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new equity stake from Carter Bankshares in Q4, valued at approximately $67,000. Institutional investors hold 38.21% of the company’s shares.

About Carter Bankshares (Get a rating)

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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