Carter Bankshares (NASDAQ:CARE) Sets New 1-Year High - Still a Buy?

Key Points

• Carter Bankshares hit a new 52-week high of $26.13 (last $25.885) on heavy volume; the stock has a market cap of about $572M and a low P/E of 5.29.
• Analysts' consensus is a Buy with an average price target of $27.50 after several upgrades (Hovde raised to $28 and Raymond James reaffirmed an outperform).
• The company reported Q1 EPS of $0.40, missing the $0.49 estimate while posting $106.9M in revenue and a 33.6% net margin, and announced a quarterly dividend of $0.10 per share (1.5% yield), ex-dividend May 11 and payable May 25.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $26.13 and last traded at $25.8850, with a volume of 251782 shares changing hands. The stock had previously closed at $25.88.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Hovde Group raised their price objective on Carter Bankshares from $27.00 to $28.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Wall Street Zen raised Carter Bankshares from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. Weiss Ratings raised Carter Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 9th. Zacks Research raised Carter Bankshares from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 20th. Finally, Raymond James Financial reissued an "outperform" rating and set a $27.00 price objective on shares of Carter Bankshares in a report on Monday, April 27th. 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 stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $27.50.

Carter Bankshares Price Performance

The stock has a market capitalization of $572.39 million, a price-to-earnings ratio of 5.29 and a beta of 0.51. The company has a fifty day simple moving average of $22.35 and a 200 day simple moving average of $20.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced 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). The company 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 forecast that Carter Bankshares, Inc. will post 1.96 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 25th. Shareholders 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 annualized dividend and a yield of 1.5%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fourthstone LLC lifted its holdings in Carter Bankshares by 19.1% during the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company's stock worth $24,307,000 after buying an additional 197,850 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Carter Bankshares by 2.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company's stock valued at $21,934,000 after purchasing an additional 24,621 shares during the period. Kennedy Capital Management LLC lifted its stake in shares of Carter Bankshares by 12.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company's stock valued at $8,561,000 after purchasing an additional 50,519 shares during the period. Maltese Capital Management LLC lifted its stake in shares of Carter Bankshares by 7.3% in the 4th quarter. Maltese Capital Management LLC now owns 395,800 shares of the company's stock valued at $7,781,000 after purchasing an additional 26,800 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of 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 purchasing an additional 29,924 shares during the period. 41.48% of the stock is owned by institutional investors and hedge funds.

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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