Carter Bankshares (NASDAQ:CARE) Hits New 12-Month High – What’s Next?

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Hovde Group cut 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. Raymond James Financial reissued an “outperform” rating and set a $27.00 target price on shares of Carter Bankshares in a report on Monday, April 27th. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Two equities 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.com, the stock currently has a consensus rating of “Hold” and an average price target of $28.50.

Carter Bankshares Price Performance

The business’s fifty day moving average price is $27.20 and its 200-day moving average price is $23.14. The stock has a market capitalization of $722.15 million, a PE ratio of 6.67 and a beta of 0.53.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate 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 net margin of 33.60% and a return on equity of 7.51%. On average, analysts expect that Carter Bankshares, Inc. will post 1.91 earnings per share for the current fiscal year.

Carter Bankshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 25th. Stockholders of record on Monday, May 11th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, May 11th. Carter Bankshares’s payout ratio is 8.21%.

Insider Buying and Selling at Carter Bankshares

In other news, 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 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. This represents a 16.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Elizabeth L. Walsh acquired 4,575 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the transaction, the director directly owned 58,753 shares of the company’s stock, valued at $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 Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CARE. Federated Hermes Inc. increased its position 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 purchasing an additional 806 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Carter Bankshares by 140.6% during the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock valued at $46,000 after purchasing an additional 1,534 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Carter Bankshares by 397.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock valued at $54,000 after purchasing an additional 1,846 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of 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 buying an additional 2,291 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock valued at $65,000 after buying an additional 2,008 shares in the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

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.