Carter Bankshares (NASDAQ:CARE) Reaches New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Raymond James Financial reissued an “outperform” rating and issued a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Freedom Capital cut 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 target price for the company. in a report on Wednesday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Carter Bankshares has an average rating of “Hold” and an average price target of $28.50.

Carter Bankshares Stock Up 0.7%

The stock has a 50-day moving average of $25.26 and a 200 day moving average of $21.93. The stock has a market cap of $635.55 million, a PE ratio of 5.88 and a beta of 0.53.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly 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 firm had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Research analysts forecast that Carter Bankshares, Inc. will post 1.91 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

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

Insider Buying and Selling

In other news, Director Elizabeth L. Walsh purchased 4,575 shares of Carter Bankshares stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $26.20 per share, with a total value of $119,865.00. Following the transaction, the director 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total value of $145,585.00. Following the completion of the transaction, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. The trade was a 16.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Federated Hermes Inc. raised its stake 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 acquiring an additional 806 shares during the period. Geneos Wealth Management Inc. increased its holdings in Carter Bankshares by 140.6% in the 2nd 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. increased its holdings in Carter Bankshares by 397.0% in the 1st 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 raised its position in 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 valued at $63,000 after purchasing an additional 2,291 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake 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 purchasing an additional 2,008 shares in the last quarter. Institutional investors and hedge funds 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.