Carter Bankshares (NASDAQ:CARE) Sets New 12-Month High – Here’s What Happened

Carter Bankshares, Inc. (NASDAQ:CARE) shares hit a new 52-week high during trading on Thursday . The company traded as high as $29.53 and last traded at $29.6790, with a volume of 24166 shares trading hands. The stock had previously closed at $29.12.

Analyst Ratings Changes

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

Carter Bankshares Stock Performance

The firm has a market cap of $655.55 million, a P/E ratio of 6.06 and a beta of 0.53. The firm’s fifty day moving average is $25.80 and its 200 day moving average is $22.26.

Carter Bankshares (NASDAQ:CARE) last announced its earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $106.91 million for the quarter, compared to the consensus estimate of $42.47 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%. As a group, equities research analysts forecast that Carter Bankshares, Inc. will post 1.91 EPS for the current year.

Carter Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 25th. Investors 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 dividend yield of 1.4%. Carter Bankshares’s payout ratio is presently 8.21%.

Insider Activity

In related news, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Elizabeth L. Walsh acquired 4,575 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $26.20 per share, with a total value of $119,865.00. Following the purchase, the director directly owned 58,753 shares in the company, valued at approximately $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.38% of the company’s stock.

Institutional Trading of Carter Bankshares

Several hedge funds and other institutional investors have recently bought and sold shares of CARE. Federated Hermes Inc. raised its stake in Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after purchasing an additional 806 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after purchasing an additional 1,534 shares in the last quarter. PNC Financial Services Group Inc. raised its stake 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 worth $54,000 after purchasing an additional 1,846 shares in the last quarter. State of Alaska Department of Revenue raised its stake in 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 purchasing an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Carter Bankshares by 113.6% in 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. Institutional investors and hedge funds own 41.48% of the company’s stock.

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.