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

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $27.24 and last traded at $26.64, with a volume of 42942 shares. The stock had previously closed at $26.32.

Wall Street Analysts Forecast Growth

CARE has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Hovde Group raised their price target on shares of Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Raymond James Financial restated an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a report on Monday, April 27th. Finally, Wall Street Zen upgraded shares of Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $27.50.

Carter Bankshares Stock Up 0.7%

The business’s 50 day moving average is $22.64 and its 200-day moving average is $20.63. 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 $587.35 million, a price-to-earnings ratio of 5.44 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE) last posted 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 7.93%. Equities analysts anticipate that Carter Bankshares, Inc. will post 1.96 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 25th. Stockholders of record on Monday, May 11th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Monday, May 11th.

Insider Buying and Selling at Carter Bankshares

In other news, Director Elizabeth L. Walsh purchased 4,575 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $26.20 per share, with a total value of $119,865.00. Following the acquisition, the director directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.38% of the company’s stock.

Institutional Investors Weigh In On Carter Bankshares

Several institutional investors have recently modified their holdings of CARE. Federated Hermes Inc. grew 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 during the period. Geneos Wealth Management Inc. grew 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 during the period. PNC Financial Services Group Inc. grew 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 during the period. State of Alaska Department of Revenue grew 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 during the period. Finally, Tower Research Capital LLC TRC grew 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 during the period. Institutional investors and hedge funds own 41.48% of the company’s stock.

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.