Carter Bankshares (NASDAQ:CARE) Reaches New 52-Week High – Should You Buy?

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) hit a new 52-week high on Monday . The stock traded as high as $26.13 and last traded at $25.8850, with a volume of 251782 shares trading hands. The stock had previously closed at $25.88.

Analyst Upgrades and Downgrades

Several brokerages have commented on CARE. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 20th. Wall Street Zen raised shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Hovde Group boosted their target price on shares of Carter Bankshares from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Weiss Ratings upgraded shares of Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Finally, Raymond James Financial restated an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Carter Bankshares currently has a consensus rating of “Buy” and a consensus price target of $27.50.

Carter Bankshares Price Performance

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The firm has a market cap of $579.48 million, a price-to-earnings ratio of 5.37 and a beta of 0.51. The stock has a 50-day moving average of $22.44 and a two-hundred day moving average of $20.52.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). Carter Bankshares had a return on equity of 7.93% and a net margin of 33.60%.The company had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. On average, analysts anticipate that Carter Bankshares, Inc. will post 1.96 EPS for the current year.

Carter Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Monday, May 11th.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in CARE. Retirement Planning Group LLC acquired a new stake in Carter Bankshares during the 1st quarter valued at $351,000. Empowered Funds LLC boosted its position in shares of Carter Bankshares by 27.3% in the fourth quarter. Empowered Funds LLC now owns 82,278 shares of the company’s stock worth $1,618,000 after buying an additional 17,650 shares during the period. Polymer Capital Management US LLC grew its holdings in shares of Carter Bankshares by 21.5% during the fourth quarter. Polymer Capital Management US LLC now owns 15,460 shares of the company’s stock valued at $304,000 after buying an additional 2,734 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Carter Bankshares by 16.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 126,663 shares of the company’s stock valued at $2,490,000 after buying an additional 17,650 shares in the last quarter. Finally, Trexquant Investment LP raised its position in Carter Bankshares by 24.9% during the fourth quarter. Trexquant Investment LP now owns 59,917 shares of the company’s stock valued at $1,178,000 after buying an additional 11,952 shares during the period. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bankshares

Carter Bankshares, Inc is a bank holding company headquartered in Suffolk, Virginia, operating primarily through its subsidiary, Carter Bank & Trust. The company offers a full range of commercial and retail banking services, serving individuals, small and mid-sized businesses, and nonprofit organizations. Its financial products are designed to meet the needs of local customers across southeastern Virginia and northeastern North Carolina.

Carter Bank & Trust provides deposit accounts, including checking, savings and money market products, as well as certificates of deposit.