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

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on CARE. Wall Street Zen upgraded shares of Carter Bankshares from a “hold” rating to a “buy” rating in a report on Saturday. 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 note on Wednesday, June 3rd. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Carter Bankshares in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Carter Bankshares presently has an average rating of “Hold” and an average price target of $28.50.

Carter Bankshares Price Performance

The firm has a market cap of $741.48 million, a price-to-earnings ratio of 6.84 and a beta of 0.53. The stock has a 50-day moving average price of $27.55 and a 200 day moving average price of $23.34.

Carter Bankshares (NASDAQ:CARE) last announced its 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 firm had revenue of $106.91 million during 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, equities research analysts predict that Carter Bankshares, Inc. will post 1.91 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, May 11th. Carter Bankshares’s dividend payout ratio is presently 8.21%.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, Director Elizabeth L. Walsh purchased 4,575 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price 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. This trade represents a 8.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $145,585.00. Following the transaction, the insider directly owned 27,093 shares in the company, valued at $717,151.71. The trade was a 16.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently made changes to their positions in CARE. Federated Hermes Inc. boosted its stake in shares of 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 during the period. Geneos Wealth Management Inc. grew its holdings in shares of Carter Bankshares by 140.6% during the second 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 during the last quarter. PNC Financial Services Group Inc. increased its position in Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after acquiring an additional 1,846 shares during the period. State of Alaska Department of Revenue increased its position in Carter Bankshares by 243.2% in the 4th quarter. State of Alaska Department of Revenue now owns 3,233 shares of the company’s stock valued at $63,000 after acquiring an additional 2,291 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Carter Bankshares by 113.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock valued at $65,000 after acquiring an additional 2,008 shares during the period. 41.48% of the stock is owned by hedge funds and other institutional investors.

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.