Carter Bankshares (NASDAQ:CARE) Reaches New 52-Week High – Time to Buy?

Carter Bankshares, Inc. (NASDAQ:CARE)’s stock 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 trading hands. The stock had previously closed at $34.58.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CARE shares. Wall Street Zen raised shares of Carter Bankshares from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Raymond James Financial lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Freedom Capital lowered shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, 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 research report on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $30.75.

Carter Bankshares Stock Up 1.9%

The company has a fifty day simple moving average of $31.36 and a 200-day simple moving average of $25.69. The firm has a market cap of $783.41 million, a P/E ratio of 6.06 and a beta of 0.51.

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

Carter Bankshares Dividend Announcement

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

Insider Activity

In other news, insider Bradford N. Langs sold 5,500 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the transaction, the insider owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. The trade was a 16.87% decrease in their ownership of the stock. The transaction 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 Carter Bankshares stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the sale, the director owned 55,000 shares in the company, valued at approximately $1,903,000. This represents a 2.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,500 shares of company stock worth $283,835 over the last ninety days. Corporate insiders own 2.38% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC increased its stake in Carter Bankshares by 88.1% during the first quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock worth $407,000 after acquiring an additional 11,794 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Carter Bankshares by 7.3% during the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock worth $1,468,000 after acquiring an additional 6,157 shares during the last quarter. Jane Street Group LLC purchased a new position in Carter Bankshares during the 1st quarter valued at $585,000. Creative Planning bought a new position in Carter Bankshares in the 2nd quarter valued at $330,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Carter Bankshares by 7.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock worth $811,000 after purchasing an additional 3,066 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.