Carter Bankshares (NASDAQ:CARE) Reaches New 1-Year High - Here's Why

Key Points

• Carter Bankshares hit a new 52‑week high of $22.75 during mid-day trading (last $22.74) on volume of 174,319, trading above its 50‑day ($20.92) and 200‑day ($19.67) moving averages.
• Several analysts have upgraded the stock recently, leaving a consensus rating of Buy with an average price target of $22.00.
• The company beat Q4 EPS estimates ($0.41 vs. $0.33) while revenue was slightly below expectations; Carter Bankshares has a market cap of $504M, a P/E of 16.47, and institutional ownership around 41.5%.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $22.75 and last traded at $22.74, with a volume of 174319 shares trading hands. The stock had previously closed at $21.94.

Analysts Set New Price Targets

CARE has been the subject of several research analyst reports. Wall Street Zen upgraded Carter Bankshares from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Zacks Research upgraded shares of Carter Bankshares from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 20th. 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. Finally, Freedom Capital upgraded shares of Carter Bankshares to a "strong-buy" rating in a research note on Thursday, December 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Carter Bankshares currently has a consensus rating of "Buy" and an average target price of $22.00.

Carter Bankshares Price Performance

The company has a market capitalization of $504.01 million, a P/E ratio of 16.47 and a beta of 0.56. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.43. The company's fifty day moving average price is $20.92 and its 200 day moving average price is $19.67.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.08. The firm had revenue of $39.83 million for the quarter, compared to analyst estimates of $40.66 million. Carter Bankshares had a return on equity of 7.64% and a net margin of 12.32%. As a group, sell-side analysts forecast that Carter Bankshares, Inc. will post 1.26 EPS for the current year.

Institutional Investors Weigh In On Carter Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. increased its holdings in Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock valued at $32,000 after buying an additional 806 shares during the period. Geneos Wealth Management Inc. boosted its holdings 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 purchasing an additional 1,534 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings 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 purchasing an additional 2,291 shares in the last quarter. Tower Research Capital LLC TRC increased its stake 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 purchasing an additional 2,008 shares during the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Carter Bankshares by 44.7% during the 3rd quarter. New York State Common Retirement Fund now owns 4,531 shares of the company's stock worth $88,000 after buying an additional 1,400 shares in the last quarter. 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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