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

Key Points

• Carter Bankshares reached a new 52-week high, trading as high as $35.40 and recently changing hands near $34.95. The stock is above the analyst consensus target of $30.75, while the overall analyst rating remains “Hold.”
• The company reported quarterly EPS of $0.53, well below the $1.44 consensus estimate, although revenue of $90.22 million exceeded expectations of $55.90 million.
• Carter Bankshares declared a quarterly dividend of $0.10, equivalent to $0.40 annually and a 1.1% yield. Recent insider activity was mixed, with a director buying shares while insiders collectively sold 9,500 shares over the past 90 days.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) shares hit a new 52-week high during trading on Monday . The company traded as high as $35.40 and last traded at $34.9460, with a volume of 25107 shares. The stock had previously closed at $34.58.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Hovde Group reissued a "market perform" rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a research note on Monday, July 27th. Freedom Capital cut Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 15th. Raymond James Financial downgraded Carter Bankshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Wall Street Zen raised Carter Bankshares from a "hold" rating to a "buy" rating in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $30.75.

Carter Bankshares Trading Up 1.9%

The firm has a fifty day simple moving average of $31.36 and a two-hundred day simple moving average of $25.69. The stock has a market cap of $783.41 million, a PE ratio of 6.06 and a beta of 0.51.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91). Carter Bankshares had a return on equity of 7.85% and a net margin of 36.79%.The business had revenue of $90.22 million for the quarter, compared to analysts' expectations of $55.90 million. Equities analysts forecast that Carter Bankshares, Inc. will post 2.02 earnings per share for the current year.

Carter Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a $0.10 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.40 annualized dividend and a yield of 1.1%. Carter Bankshares's payout ratio is 6.88%.

Insider Activity at Carter Bankshares

In other news, Director Elizabeth L. Walsh bought 4,575 shares of Carter Bankshares stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average price of $26.20 per share, with a total value of $119,865.00. Following the completion of the purchase, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. The trade was a 8.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Bradford N. Langs sold 5,500 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the sale, the insider owned 27,093 shares in the company, valued at $717,151.71. The trade was a 16.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,500 shares of company stock valued at $283,835 over the last 90 days. 2.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CARE. Huber Capital Management LLC grew its holdings in shares of Carter Bankshares by 0.3% during the 4th quarter. Huber Capital Management LLC now owns 191,053 shares of the company's stock worth $3,756,000 after acquiring an additional 500 shares during the period. Federated Hermes Inc. grew its stake in shares of Carter Bankshares by 98.3% in the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after buying an additional 806 shares during the last quarter. First Trust Advisors LP increased its position in Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company's stock valued at $256,000 after buying an additional 930 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Carter Bankshares by 140.6% in the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock worth $46,000 after acquiring an additional 1,534 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Carter Bankshares by 14.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,791 shares of the company's stock worth $272,000 after acquiring an additional 1,695 shares during 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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