Carter Bankshares (NASDAQ:CARE) Hits New 52-Week High – Here’s Why

Carter Bankshares, Inc. (NASDAQ:CARE)’s stock price reached a new 52-week high on Monday . The stock traded as high as $33.87 and last traded at $33.15, with a volume of 1258005 shares traded. The stock had previously closed at $33.60.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CARE. Wall Street Zen raised shares of Carter Bankshares from a “hold” rating to a “buy” rating in a report on Saturday. 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 downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 target price on the stock. in a research report on Wednesday, June 3rd. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, Raymond James Financial restated an “outperform” rating and issued a $27.00 target price on shares of Carter Bankshares in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Carter Bankshares presently has an average rating of “Hold” and an average price target of $28.50.

Carter Bankshares Trading Up 2.1%

The firm has a market capitalization of $755.70 million, a PE ratio of 6.98 and a beta of 0.53. The firm’s fifty day moving average price is $27.93 and its 200 day moving average price is $23.54.

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 for the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. On average, analysts predict that Carter Bankshares, Inc. will post 1.91 earnings per share for the current year.

Carter Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Shareholders of record on Monday, May 11th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, May 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. Carter Bankshares’s dividend payout ratio (DPR) is presently 8.21%.

Insider Transactions at Carter Bankshares

In other news, insider Bradford N. Langs sold 5,500 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. The trade was a 16.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Elizabeth L. Walsh bought 4,575 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the acquisition, the director owned 58,753 shares of the company’s stock, valued at $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. boosted its holdings in Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after buying an additional 806 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Carter Bankshares by 397.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after acquiring an additional 1,846 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Carter Bankshares by 140.6% in the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after acquiring an additional 1,534 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Carter Bankshares by 243.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock worth $63,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after acquiring an additional 2,008 shares in the last quarter. 41.48% of the stock is 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.