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

Carter Bankshares, Inc. (NASDAQ:CARE) hit a new 52-week high on Wednesday . The company traded as high as $30.54 and last traded at $30.4560, with a volume of 35039 shares trading hands. The stock had previously closed at $30.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Freedom Capital cut Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Raymond James Financial restated an “outperform” rating and set a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Finally, Hovde Group cut Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research note on Wednesday, June 3rd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Carter Bankshares presently has a consensus rating of “Hold” and an average target price of $28.50.

Carter Bankshares Stock Up 1.5%

The company has a 50 day simple moving average of $26.31 and a 200-day simple moving average of $22.59. The stock has a market cap of $676.97 million, a price-to-earnings ratio of 6.25 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 (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). The company had revenue of $106.91 million during 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%. On average, equities research analysts expect that Carter Bankshares, Inc. will post 1.91 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 25th. Investors of record on Monday, May 11th were issued 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 1.3%. Carter Bankshares’s dividend payout ratio (DPR) is 8.21%.

Insider Activity at Carter Bankshares

In related news, Director Elizabeth L. Walsh purchased 4,575 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average price of $26.20 per share, with a total value of $119,865.00. Following the acquisition, the director owned 58,753 shares in the company, valued at approximately $1,539,328.60. This trade represents a 8.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bradford N. Langs sold 5,500 shares of the firm’s 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 sale, the insider directly owned 27,093 shares in the company, valued at approximately $717,151.71. This trade represents a 16.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.38% of the company’s stock.

Institutional Trading of Carter Bankshares

Several hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in Carter Bankshares by 88.1% in the 1st quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock valued at $407,000 after acquiring an additional 11,794 shares during the period. Empowered Funds LLC increased its position in Carter Bankshares by 7.3% in the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock valued at $1,468,000 after acquiring an additional 6,157 shares during the period. Jane Street Group LLC acquired a new stake in Carter Bankshares in the 1st quarter valued at approximately $585,000. Creative Planning acquired a new stake in Carter Bankshares in the 2nd quarter valued at approximately $330,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Carter Bankshares by 7.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock valued at $811,000 after acquiring an additional 3,066 shares during the period. 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.