Carter Bank and Trust (NASDAQ:CARE) Downgraded to Sell at Zacks Investment Research

Eufemia Didonato

Zacks Investment Research lowered shares of Carter Bank and Trust (NASDAQ:CARE) from a hold rating to a sell rating in a research note issued to investors on Monday morning, Zacks.com reports. According to Zacks, “Carter Bank & Trust is a state-chartered community bank. It offers business banking services, including business […]

Zacks Investment Research lowered shares of Carter Bank and Trust (NASDAQ:CARE) from a hold rating to a sell rating in a research note issued to investors on Monday morning, Zacks.com reports.

According to Zacks, “Carter Bank & Trust is a state-chartered community bank. It offers business banking services, including business checking, business debit cards and other banking services, including notary services, wire transfer services, night depository services and others; personal banking services, including passbook savings, personal debit cards, telephone banking, money orders and others. Carter Bank & Trust is based in Martinsville, Virginia. “

CARE has been the subject of a number of other reports. ValuEngine lowered shares of Carter Bank and Trust from a hold rating to a sell rating in a research report on Monday, August 3rd. Raymond James restated a buy rating on shares of Carter Bank and Trust in a research report on Wednesday, September 9th.

Shares of CARE stock opened at $6.66 on Monday. The company’s fifty day simple moving average is $7.10 and its two-hundred day simple moving average is $7.82. Carter Bank and Trust has a 1 year low of $6.30 and a 1 year high of $24.25.

Carter Bank and Trust (NASDAQ:CARE) last issued its earnings results on Thursday, July 23rd. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.07. As a group, sell-side analysts expect that Carter Bank and Trust will post 0.33 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Two Sigma Advisers LP raised its holdings in shares of Carter Bank and Trust by 24.0% in the 2nd quarter. Two Sigma Advisers LP now owns 21,200 shares of the company’s stock valued at $171,000 after purchasing an additional 4,100 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Carter Bank and Trust by 9.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 152,079 shares of the company’s stock worth $1,228,000 after acquiring an additional 12,639 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Carter Bank and Trust during the 2nd quarter worth approximately $106,000. Jacobs Levy Equity Management Inc. raised its stake in shares of Carter Bank and Trust by 65.1% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 86,207 shares of the company’s stock worth $696,000 after acquiring an additional 33,996 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Carter Bank and Trust by 72.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,944 shares of the company’s stock worth $56,000 after acquiring an additional 2,913 shares in the last quarter. Hedge funds and other institutional investors own 32.12% of the company’s stock.

About Carter Bank and Trust

Carter Bank & Trust provides a range of retail and commercial banking products and services in Virginia and North Carolina. It accepts checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers loans, such as secured and unsecured commercial loans; secured and unsecured consumer loans for financing automobiles, home improvements, education, and personal investments; real estate construction and acquisition loans; and fixed and variable rate mortgage loans.

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