Carter Bankshares (NASDAQ:CARE) Reaches New 52-Week High – What’s Next?

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $30.54 and last traded at $30.4560, with a volume of 35039 shares changing hands. The stock had previously closed at $30.00.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CARE. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a research report on Monday, April 27th. Freedom Capital cut shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Hovde Group downgraded shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price target on the stock. in a research note on Wednesday, June 3rd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Carter Bankshares has a consensus rating of “Hold” and an average target price of $28.50.

Carter Bankshares Price Performance

The stock has a market capitalization of $687.93 million, a P/E ratio of 6.36 and a beta of 0.53. The stock has a 50 day moving average price of $26.60 and a 200-day moving average price of $22.77.

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

Carter Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were issued a $0.10 dividend. The ex-dividend date was Monday, May 11th. This represents a $0.40 annualized dividend and a dividend yield of 1.3%. Carter Bankshares’s dividend payout ratio (DPR) is currently 8.21%.

Insider Buying and Selling at Carter Bankshares

In other news, Director Elizabeth L. Walsh bought 4,575 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $26.20 per share, with a total value of $119,865.00. Following the completion of the purchase, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Bradford N. Langs sold 5,500 shares of the company’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 sale, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.38% of the stock is owned by insiders.

Institutional Trading of Carter Bankshares

A number of institutional investors have recently modified their holdings of CARE. Daytona Street Capital LLC purchased a new position in Carter Bankshares in the 4th quarter worth approximately $1,033,000. Richard Young Associates Ltd. purchased a new stake in Carter Bankshares during the 4th quarter valued at $525,000. Maltese Capital Management LLC boosted its stake in Carter Bankshares by 7.3% during the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company’s stock valued at $7,781,000 after purchasing an additional 26,800 shares during the last quarter. EJF Capital LLC increased its holdings in shares of Carter Bankshares by 23.9% in the 3rd quarter. EJF Capital LLC now owns 160,505 shares of the company’s stock worth $3,115,000 after purchasing an additional 30,963 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Carter Bankshares by 108.5% in the 1st quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after purchasing an additional 41,836 shares in the last quarter. 41.48% of the stock is currently owned by hedge funds and other 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.