Carter Bankshares (NASDAQ:CARE) Hits New 12-Month High - What's Next?

Key Points

• Carter Bankshares hit a new 52-week high on Friday, trading as high as $27.32 and finishing near that level. The move came alongside moderate trading volume of 31,906 shares.
• Analyst sentiment is generally constructive, with the stock carrying a “Moderate Buy” consensus and an average target price of $27.50. Recent updates were mixed, including a higher target from Hovde Group and downgrades from Freedom Capital and Wall Street Zen.
• The company recently reported mixed quarterly results: EPS of $0.40 missed estimates, but revenue of $106.91 million came in well above expectations. Carter Bankshares also announced a quarterly dividend of $0.10 per share, yielding 1.5% annually.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report)'s stock price reached a new 52-week high on Friday . The stock traded as high as $27.32 and last traded at $27.3040, with a volume of 31906 shares traded. The stock had previously closed at $26.95.

Wall Street Analyst Weigh In

CARE has been the topic of several research analyst reports. Hovde Group boosted their target price on shares of Carter Bankshares from $27.00 to $28.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Freedom Capital downgraded shares of Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Wall Street Zen raised shares of Carter Bankshares from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. 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. Finally, Raymond James Financial reissued an "outperform" rating and set a $27.00 target price on shares of Carter Bankshares in a research report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $27.50.

Carter Bankshares Stock Performance

The firm's 50 day simple moving average is $23.77 and its 200 day simple moving average is $21.22. The firm has a market capitalization of $608.03 million, a price-to-earnings ratio of 5.62 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS 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 business had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. As a group, sell-side analysts forecast that Carter Bankshares, Inc. will post 1.96 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 25th. Shareholders of record on Monday, May 11th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.5%. The ex-dividend date is Monday, May 11th. Carter Bankshares's payout ratio is presently 8.21%.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, Director Elizabeth L. Walsh acquired 4,575 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the purchase, the director owned 58,753 shares in the company, valued at approximately $1,539,328.60. The trade was a 8.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $145,585.00. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.38% of the company's stock.

Institutional Trading of Carter Bankshares

A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in Carter Bankshares by 82.5% during the first quarter. Bank of America Corp DE now owns 57,437 shares of the company's stock worth $1,339,000 after buying an additional 25,967 shares in the last quarter. Empowered Funds LLC boosted its holdings in Carter Bankshares by 10.0% during the first quarter. Empowered Funds LLC now owns 90,470 shares of the company's stock worth $2,110,000 after buying an additional 8,192 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Carter Bankshares by 60.9% during the first quarter. Quantinno Capital Management LP now owns 35,489 shares of the company's stock worth $828,000 after buying an additional 13,439 shares in the last quarter. Sei Investments Co. boosted its holdings in Carter Bankshares by 108.5% during the first quarter. Sei Investments Co. now owns 80,379 shares of the company's stock worth $1,874,000 after buying an additional 41,836 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Carter Bankshares by 397.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company's stock worth $54,000 after buying an additional 1,846 shares in the last quarter. 41.48% of the stock is 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.

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