Carter Bankshares (NASDAQ:CARE) Reaches New 1-Year High – Still a Buy?

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price reached a new 52-week high on Monday . The company traded as high as $35.40 and last traded at $34.9460, with a volume of 25107 shares traded. The stock had previously closed at $34.58.

Analysts Set New Price Targets

Several brokerages have issued reports on CARE. Wall Street Zen upgraded Carter Bankshares from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Raymond James Financial lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Hovde Group restated a “market perform” rating and set a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Finally, Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $30.75.

Carter Bankshares Trading Up 0.8%

The company has a market capitalization of $793.70 million, a PE ratio of 6.15 and a beta of 0.52. The firm’s 50-day simple moving average is $31.69 and its 200-day simple moving average is $25.91.

Carter Bankshares (NASDAQ:CARE) last issued its earnings results on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91). The company had revenue of $90.22 million for the quarter, compared to analysts’ expectations of $55.90 million. Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%. As a group, analysts anticipate that Carter Bankshares, Inc. will post 2.02 EPS for the current year.

Carter Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 10th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. Carter Bankshares’s payout ratio is 6.88%.

Insiders Place Their Bets

In other Carter Bankshares news, insider Bradford N. Langs sold 2,500 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $34.54, for a total value of $86,350.00. Following the completion of the sale, the insider directly owned 33,242 shares in the company, valued at approximately $1,148,178.68. This represents a 6.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert M. Bolton sold 1,500 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total value of $51,900.00. Following the transaction, the director directly owned 55,000 shares in the company, valued at $1,903,000. The trade was a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 9,500 shares of company stock valued at $283,835. 2.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its holdings in shares of Carter Bankshares by 98.3% in 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 in the last quarter. Geneos Wealth Management Inc. raised its stake in Carter Bankshares by 140.6% in 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 in the last quarter. PNC Financial Services Group Inc. raised its stake in Carter Bankshares by 397.0% in the first 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 holdings in Carter Bankshares by 243.2% during the fourth 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 lifted its holdings 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 buying an additional 2,008 shares during the period. 41.48% of the stock is currently owned by 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.