Carter Bankshares (NASDAQ:CARE) Reaches New 1-Year High – Here’s Why

Carter Bankshares, Inc. (NASDAQ:CARE) reached a new 52-week high on Monday . The stock traded as high as $23.71 and last traded at $23.60, with a volume of 288400 shares. The stock had previously closed at $23.40.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Zacks Research raised Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Weiss Ratings raised Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. Finally, Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Carter Bankshares currently has a consensus rating of “Buy” and an average target price of $22.00.

Carter Bankshares Stock Up 0.9%

The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $523.00 million, a price-to-earnings ratio of 17.09 and a beta of 0.44. The firm has a fifty day moving average price of $21.26 and a 200 day moving average price of $19.81.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.08. The company had revenue of $39.83 million for the quarter, compared to analyst estimates of $40.66 million. Carter Bankshares had a net margin of 12.32% and a return on equity of 7.64%. As a group, sell-side analysts expect that Carter Bankshares, Inc. will post 1.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Carter Bankshares

Institutional investors and hedge funds have recently modified their holdings of the business. Fourthstone LLC grew its stake in 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 buying an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Carter Bankshares by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company’s stock worth $21,934,000 after purchasing an additional 24,621 shares during the last quarter. Kennedy Capital Management LLC increased its position in shares of 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 during the period. Maltese Capital Management LLC increased its stake in Carter Bankshares by 7.3% in the fourth quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock valued at $7,781,000 after acquiring an additional 26,800 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Carter Bankshares by 3.8% in the second quarter. American Century Companies Inc. now owns 349,538 shares of the company’s stock worth $6,061,000 after buying an additional 12,935 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.