Carter Bankshares (NASDAQ:CARE) Hits New 1-Year High - Time to Buy?

Key Points

• Carter Bankshares hit a new 52-week high, with shares trading as high as $33.87 before easing slightly. The move came alongside heavy volume of about 1.26 million shares.
• Recent analyst opinions are mixed, but the stock currently carries a Hold consensus and an average price target of $28.50. Ratings changes included upgrades from Wall Street Zen and Weiss Ratings, while other firms lowered their views.
• The company reported strong revenue but weaker earnings in its latest quarterly results, with EPS of $0.40 missing estimates while revenue came in far above expectations at $106.91 million. Carter Bankshares also pays a quarterly dividend of $0.10 per share, for a 1.2% annual yield.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $33.87 and last traded at $33.15, with a volume of 1258005 shares trading hands. The stock had previously closed at $33.60.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CARE shares. Raymond James Financial restated an "outperform" rating and set a $27.00 price target on shares of Carter Bankshares in a report on Monday, April 27th. Freedom Capital lowered Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Weiss Ratings upgraded Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Hovde Group cut Carter Bankshares from an "outperform" rating to a "market perform" rating and set a $30.00 price target for the company. in a report on Wednesday, June 3rd. Finally, Wall Street Zen raised Carter Bankshares from a "hold" rating to a "buy" rating in a research report on Saturday. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Carter Bankshares has an average rating of "Hold" and a consensus target price of $28.50.

Carter Bankshares Trading Down 0.7%

The stock has a market cap of $741.48 million, a price-to-earnings ratio of 6.84 and a beta of 0.53. The company's fifty day moving average is $27.55 and its two-hundred day moving average is $23.34.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.49 by ($0.09). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The firm had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Analysts predict that Carter Bankshares, Inc. will post 1.91 EPS for the current year.

Carter Bankshares Dividend Announcement

The company 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. This represents a $0.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, May 11th. Carter Bankshares's dividend payout ratio (DPR) is 8.21%.

Insider Transactions at Carter Bankshares

In related news, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares stock in a transaction that occurred 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 completion of the transaction, the insider owned 27,093 shares in the company, valued at approximately $717,151.71. The trade was a 16.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Elizabeth L. Walsh bought 4,575 shares of Carter Bankshares stock in a transaction on Wednesday, May 6th. The shares were acquired at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the acquisition, 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. Additional details regarding this purchase are available in the official SEC disclosure. 2.38% of the stock is owned by corporate insiders.

Institutional Trading of Carter Bankshares

A number of large investors have recently modified their holdings of CARE. Federated Hermes Inc. boosted its holdings in Carter Bankshares by 98.3% in the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock valued at $32,000 after purchasing an additional 806 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of 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 buying an additional 1,534 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of 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 buying an additional 1,846 shares during the period. State of Alaska Department of Revenue grew its position in shares of Carter Bankshares by 243.2% during the fourth 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 in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of 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 buying an additional 2,008 shares during the period. 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.

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