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

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) hit a new 52-week high during trading on Friday . The company traded as high as $28.75 and last traded at $28.6210, with a volume of 34650 shares trading hands. The stock had previously closed at $28.40.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Raymond James Financial restated an “outperform” rating and set a $27.00 price target on shares of Carter Bankshares in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. 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 lowered shares of Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price target for the company. in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.50.

Carter Bankshares Trading Up 0.5%

The stock’s fifty day moving average is $25.43 and its two-hundred day moving average is $21.98. The company has a market capitalization of $634.16 million, a PE ratio of 5.86 and a beta of 0.53.

Carter Bankshares (NASDAQ:CARE) last issued 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 company had revenue of $106.91 million during 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, analysts anticipate that Carter Bankshares, Inc. will post 1.91 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Shareholders of record on Monday, May 11th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.4%. Carter Bankshares’s dividend payout ratio is 8.21%.

Insider Transactions at Carter Bankshares

In other news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the sale, the insider directly owned 27,093 shares of the company’s stock, valued at approximately $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the acquisition, the director owned 58,753 shares of the company’s stock, valued at approximately $1,539,328.60. This represents a 8.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.38% of the company’s stock.

Institutional Investors Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently modified their holdings of CARE. Federated Hermes Inc. lifted its holdings in shares of Carter Bankshares by 98.3% in the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after buying an additional 806 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of 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. lifted its holdings in shares of 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 shares of Carter Bankshares by 243.2% in 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 in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Carter Bankshares by 113.6% in 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 in the last quarter. 41.48% of the stock is owned by hedge funds and other 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.