Carter Bankshares (NASDAQ:CARE) Reaches New 12-Month High – What’s Next?

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $22.75 and last traded at $22.74, with a volume of 174319 shares traded. The stock had previously closed at $21.94.

Wall Street Analyst Weigh In

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

Carter Bankshares Trading Up 3.6%

The company has a market cap of $504.01 million, a P/E ratio of 16.47 and a beta of 0.56. The firm’s 50 day moving average is $20.92 and its two-hundred day moving average is $19.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.43.

Carter Bankshares (NASDAQ:CARE) last announced its earnings results on Thursday, January 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.33 by $0.08. The firm had revenue of $39.83 million for the quarter, compared to the consensus estimate of $40.66 million. Carter Bankshares had a return on equity of 7.64% and a net margin of 12.32%. As a group, equities research analysts anticipate that Carter Bankshares, Inc. will post 1.26 EPS for the current year.

Institutional Trading of Carter Bankshares

Institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. increased its position in Carter Bankshares by 98.3% during the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock valued at $32,000 after purchasing an additional 806 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after purchasing 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% 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 purchasing an additional 2,291 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of 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 purchasing an additional 2,008 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in shares of Carter Bankshares by 44.7% during the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company’s stock worth $88,000 after buying an additional 1,400 shares during the period. 41.48% of the stock is currently owned by 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.