Carter Bankshares (NASDAQ:CARE) Hits New 52-Week High - Here's What Happened

Key Points

• Carter Bankshares hit a new 52-week high, trading as high as $27.24 intraday before closing at $26.64, up about 0.7% on the day.
• Recent analyst action has been mostly positive, including upgrades and higher price targets; the stock now has a consensus Buy rating with an average target price of $27.50.
• The company recently announced a quarterly dividend of $0.10 per share, while an insider purchase by Director Elizabeth L. Walsh added to bullish sentiment.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $27.24 and last traded at $26.64, with a volume of 42942 shares changing hands. The stock had previously closed at $26.32.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Carter Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $27.00 price objective on shares of Carter Bankshares in a research report on Monday, April 27th. Hovde Group boosted their price objective on shares of Carter Bankshares from $27.00 to $28.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Zacks Research raised shares of Carter Bankshares from a "strong sell" rating to a "hold" rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised shares of Carter Bankshares from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $27.50.

Carter Bankshares Trading Up 0.7%

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The stock has a market cap of $587.35 million, a P/E ratio of 5.44 and a beta of 0.51. The firm's 50-day simple moving average is $22.64 and its 200 day simple moving average is $20.63.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last posted 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). Carter Bankshares had a return on equity of 7.93% and a net margin of 33.60%.The firm had revenue of $106.91 million during the quarter, compared to the consensus estimate of $42.47 million. As a group, equities research analysts anticipate that Carter Bankshares, Inc. will post 1.96 earnings per share for the current year.

Carter Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Monday, May 11th.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, Director Elizabeth L. Walsh bought 4,575 shares of Carter Bankshares stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost 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 of the company's stock, valued at approximately $1,539,328.60. This represents a 8.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.38% of the stock is owned by corporate insiders.

Institutional Trading of Carter Bankshares

Large investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. boosted its holdings in Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after buying an additional 806 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Carter Bankshares by 140.6% during the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock worth $46,000 after buying an additional 1,534 shares in the last quarter. 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. State of Alaska Department of Revenue lifted its position in shares of 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 valued at $63,000 after acquiring an additional 2,291 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted 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 acquiring an additional 2,008 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors.

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.

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