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

Carter Bankshares, Inc. (NASDAQ:CARE) hit a new 52-week high during trading on Tuesday . The company traded as high as $31.61 and last traded at $31.52, with a volume of 432504 shares. The stock had previously closed at $30.96.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Hovde Group cut Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 target price on the stock. in a research note on Wednesday, June 3rd. 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. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Freedom Capital lowered shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Carter Bankshares has an average rating of “Hold” and an average target price of $28.50.

Carter Bankshares Price Performance

The business has a 50 day simple moving average of $26.88 and a 200 day simple moving average of $22.95. The stock has a market cap of $700.37 million, a PE ratio of 6.47 and a beta of 0.53.

Carter Bankshares (NASDAQ:CARE) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). The firm had revenue of $106.91 million for the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. As a group, sell-side analysts forecast that Carter Bankshares, Inc. will post 1.91 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Investors of record on Monday, May 11th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, May 11th. Carter Bankshares’s dividend payout ratio (DPR) is presently 8.21%.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, Director Elizabeth L. Walsh bought 4,575 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was bought at an average cost of $26.20 per share, with a total value of $119,865.00. Following the completion of the transaction, the director directly owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. The trade was a 8.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bradford N. Langs sold 5,500 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the transaction, the insider owned 27,093 shares in the company, valued at $717,151.71. This represents a 16.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Carter Bankshares

Several institutional investors have recently bought and sold shares of CARE. Federated Hermes Inc. boosted its stake 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 acquiring an additional 806 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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 in the last quarter. Geneos Wealth Management Inc. lifted its holdings in 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 last quarter. State of Alaska Department of Revenue lifted its holdings 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 worth $63,000 after purchasing an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Carter Bankshares by 113.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after purchasing an additional 2,008 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.