Carter Bankshares (NASDAQ:CARE) Reaches New 52-Week High – Here’s Why

Shares of Carter Bankshares, Inc. (NASDAQ:CARE) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $24.91 and last traded at $24.7190, with a volume of 107768 shares. The stock had previously closed at $24.24.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Freedom Capital raised Carter Bankshares to a “strong-buy” rating in a research note on Thursday, December 25th. Weiss Ratings upgraded Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Finally, Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $22.00.

Carter Bankshares Price Performance

The stock has a fifty day moving average price of $22.00 and a 200-day moving average price of $20.23. The firm has a market capitalization of $528.74 million, a PE ratio of 17.29 and a beta of 0.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). Carter Bankshares had a net margin of 12.32% and a return on equity of 7.64%. The company had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. Sell-side analysts forecast that Carter Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Carter Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 25th. Stockholders of record on Monday, May 11th will be issued a $0.10 dividend. The ex-dividend date is Monday, May 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fourthstone LLC lifted its position in Carter Bankshares by 19.1% during the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock worth $24,307,000 after acquiring an additional 197,850 shares during the period. Squarepoint Ops LLC acquired a new stake in Carter Bankshares during the 4th quarter worth about $1,770,000. Curi Capital LLC lifted its position in Carter Bankshares by 388.0% during the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock worth $1,618,000 after acquiring an additional 74,178 shares during the period. Mendon Capital Advisors Corp lifted its position in Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after acquiring an additional 73,275 shares during the period. Finally, First Trust Advisors LP lifted its position in Carter Bankshares by 457.6% during the 3rd quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock worth $1,600,000 after acquiring an additional 67,630 shares during the period. 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.