Carter Bankshares (NASDAQ:CARE) Reaches New 1-Year High – What’s Next?

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price hit a new 52-week high on Monday . The company traded as high as $27.24 and last traded at $26.64, with a volume of 42942 shares traded. The stock had previously closed at $26.32.

Wall Street Analysts Forecast Growth

CARE has been the subject of several research reports. Hovde Group raised their target price on Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. 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. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $27.50.

Carter Bankshares Stock Performance

The firm has a market cap of $581.50 million, a price-to-earnings ratio of 5.37 and a beta of 0.51. The business has a 50 day simple moving average of $22.95 and a 200-day simple moving average of $20.78.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). The company had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%. As a group, research analysts anticipate that Carter Bankshares, Inc. will post 1.96 earnings per share for the current year.

Carter Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Shareholders of record on Monday, May 11th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, May 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. Carter Bankshares’s payout ratio is 8.21%.

Insider Transactions at Carter Bankshares

In related news, Director Elizabeth L. Walsh purchased 4,575 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the purchase, the director owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares 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 $717,151.71. This trade represents a 16.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Carter Bankshares

Several hedge funds have recently modified their holdings of CARE. Federated Hermes Inc. lifted its position in shares of Carter Bankshares by 98.3% during the 4th 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. Geneos Wealth Management Inc. lifted its position in shares of Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after buying an additional 1,534 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Carter Bankshares by 397.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after buying an additional 1,846 shares in the last quarter. State of Alaska Department of Revenue lifted its position 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 buying an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position 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 buying an additional 2,008 shares in the last quarter. Institutional investors 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.