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

Key Points

• 52-week high: Carter Bankshares hit a new 52-week high Tuesday (trading up to $25.01, last ~ $25.21) and enjoys positive analyst sentiment with a MarketBeat consensus Buy rating and an average price target of $27.50 following several upgrades.
• Mixed quarterly results: the company reported EPS of $0.40 (missing estimates of $0.49) but posted revenue of $106.91 million versus expected $42.47 million and a reported net margin of 33.6%.
• Valuation and ownership: Carter trades at a low P/E of 5.09 with a market cap of $549 million, and institutional investors own 41.48% of the shares, with several funds recently increasing their stakes.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $25.01 and last traded at $25.2050, with a volume of 2085 shares. The stock had previously closed at $24.62.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CARE. Weiss Ratings upgraded Carter Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 9th. Zacks Research upgraded Carter Bankshares from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 20th. Hovde Group increased their price target on Carter Bankshares from $27.00 to $28.00 and gave the company an "outperform" rating in a research report on Friday. Raymond James Financial restated an "outperform" rating and issued a $27.00 price target on shares of Carter Bankshares in a research note on Monday. Finally, Wall Street Zen raised Carter Bankshares from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $27.50.

Carter Bankshares Price Performance

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 firm has a market capitalization of $549.35 million, a price-to-earnings ratio of 5.09 and a beta of 0.44. The company's 50 day moving average is $22.15 and its 200-day moving average is $20.34.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.09). The business had revenue of $106.91 million for the quarter, compared to analyst estimates of $42.47 million. Carter Bankshares had a return on equity of 7.93% and a net margin of 33.60%. Equities research analysts anticipate that Carter Bankshares, Inc. will post 1.88 earnings per share for the current year.

Carter Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 25th. Investors of record on Monday, May 11th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%.

Institutional Investors Weigh In On Carter Bankshares

Hedge funds have recently added to or reduced their stakes in the business. Fourthstone LLC increased its holdings in shares of Carter Bankshares by 19.1% in the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company's stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Carter Bankshares by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company's stock worth $21,934,000 after buying an additional 24,621 shares during the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of Carter Bankshares by 12.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company's stock worth $8,561,000 after buying an additional 50,519 shares during the period. Maltese Capital Management LLC boosted its holdings in shares of Carter Bankshares by 7.3% during the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company's stock worth $7,781,000 after buying an additional 26,800 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Carter Bankshares by 11.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company's stock valued at $5,909,000 after buying an additional 29,924 shares during the last quarter. Institutional investors and hedge funds own 41.48% of the company's stock.

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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