Carter Bankshares (NASDAQ:CARE) Hits New 1-Year High – Should You Buy?

Carter Bankshares, Inc. (NASDAQ:CARE) shares reached a new 52-week high on Thursday . The stock traded as high as $29.53 and last traded at $29.6790, with a volume of 24166 shares traded. The stock had previously closed at $29.12.

Analysts Set New Price Targets

A number of equities research analysts have commented on CARE shares. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Freedom Capital lowered shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Hovde Group lowered shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a report on Wednesday, June 3rd. Finally, Raymond James Financial reissued an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a report on Monday, April 27th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $28.50.

Carter Bankshares Trading Up 1.1%

The company has a market cap of $663.93 million, a P/E ratio of 6.14 and a beta of 0.53. The firm’s 50 day moving average price is $26.05 and its 200-day moving average price is $22.40.

Carter Bankshares (NASDAQ:CARE) last issued its earnings results 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). The business had revenue of $106.91 million during the quarter, compared to the consensus estimate of $42.47 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. Analysts predict that Carter Bankshares, Inc. will post 1.91 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

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

Insider Activity

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

Institutional Trading of Carter Bankshares

A number of hedge funds have recently modified their holdings of CARE. Fourthstone LLC raised its position in shares of Carter Bankshares by 19.1% in the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after acquiring an additional 197,850 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Carter Bankshares in the 4th quarter valued at approximately $1,770,000. Curi Capital LLC raised its position in shares of Carter Bankshares by 388.0% in the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock valued at $1,618,000 after acquiring an additional 74,178 shares during the period. Mendon Capital Advisors Corp raised its position in shares of Carter Bankshares by 106.0% in the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock valued at $2,469,000 after acquiring an additional 73,275 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Carter Bankshares by 457.6% in the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock valued at $1,600,000 after acquiring an additional 67,630 shares during the period. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Company Profile

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.