Raymond James Increases Carter Bankshares (NASDAQ:CARE) Price Target to $21.00

Carter Bankshares (NASDAQ:CARE) had its price target lifted by Raymond James from $20.00 to $21.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Carter Bankshares Stock Performance

Shares of CARE stock opened at $17.30 on Thursday. Carter Bankshares has a one year low of $10.43 and a one year high of $17.45. The company’s 50-day moving average is $15.77 and its 200 day moving average is $13.73. The company has a market capitalization of $399.11 million, a price-to-earnings ratio of 30.35 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 (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.21 EPS 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 company had revenue of $60.12 million for the quarter, compared to the consensus estimate of $34.62 million. Sell-side analysts expect that Carter Bankshares will post 0.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARE. CWM LLC bought a new stake in Carter Bankshares in the 4th quarter valued at $26,000. Concord Wealth Partners purchased a new position in shares of Carter Bankshares in the 4th quarter worth $56,000. XTX Topco Ltd purchased a new position in shares of Carter Bankshares during the 2nd quarter worth about $239,000. Truist Financial Corp boosted its stake in shares of 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 purchasing an additional 5,394 shares during the period. Finally, Black Maple Capital Management LP purchased a new position in shares of Carter Bankshares during the 1st quarter worth about $293,000. Institutional investors own 41.48% of the company’s stock.

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.