Carter Bankshares (NASDAQ:CARE) Sets New 52-Week High – Time to Buy?

Carter Bankshares, Inc. (NASDAQ:CARE) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $30.54 and last traded at $30.4560, with a volume of 35039 shares changing hands. The stock had previously closed at $30.00.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CARE. Freedom Capital cut Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a research report on Monday, April 27th. Hovde Group cut Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price target on the stock. in a research report on Wednesday, June 3rd. Finally, Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Carter Bankshares currently has an average rating of “Hold” and an average target price of $28.50.

Carter Bankshares Stock Performance

The firm has a market capitalization of $676.97 million, a P/E ratio of 6.25 and a beta of 0.53. The firm has a 50 day moving average price of $26.31 and a two-hundred day moving average price of $22.59.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $106.91 million for the quarter, compared to the consensus estimate of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. Equities research analysts forecast that Carter Bankshares, Inc. will post 1.91 earnings per share for the current fiscal year.

Carter Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. Carter Bankshares’s dividend payout ratio (DPR) is currently 8.21%.

Insider Buying and Selling at Carter Bankshares

In other Carter Bankshares news, Director Elizabeth L. Walsh bought 4,575 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average price of $26.20 per share, with a total value of $119,865.00. Following the completion of the transaction, the director directly owned 58,753 shares in the company, valued at approximately $1,539,328.60. This represents a 8.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bradford N. Langs sold 5,500 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the completion of the sale, the insider directly owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. This trade represents a 16.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.38% of the company’s stock.

Institutional Trading of Carter Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fourthstone LLC boosted its position in Carter Bankshares by 19.1% during the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Carter Bankshares by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock valued at $27,422,000 after buying an additional 52,195 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in Carter Bankshares by 12.9% during the third quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock valued at $8,561,000 after buying an additional 50,519 shares in the last quarter. Maltese Capital Management LLC raised its holdings in Carter Bankshares by 7.3% during the fourth quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock valued at $7,781,000 after buying an additional 26,800 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Carter Bankshares by 11.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company’s stock valued at $5,909,000 after buying an additional 29,924 shares in the last quarter. Institutional investors and hedge funds own 41.48% of the company’s stock.

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.