Carter Bankshares (NASDAQ:CARE) Sets New 1-Year High - Time to Buy?

Key Points

• Carter Bankshares shares hit a new 52-week high of $24.91 (last $24.72) with a market cap of about $547.3M and 50-/200-day moving averages of $21.90/$20.17.
• The company beat quarterly EPS expectations ($0.41 reported vs. $0.33 consensus) though revenue of $39.83M slightly missed estimates; analysts forecast ~1.88 EPS for the fiscal year.
• Analyst sentiment is a consensus Buy (one Strong Buy, two Buy, one Hold), but the consensus price target of $22.00 sits below the current share price, implying limited analyst upside.

Carter Bankshares, Inc. (NASDAQ:CARE - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $24.91 and last traded at $24.7190, with a volume of 107768 shares changing hands. The stock had previously closed at $24.24.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CARE shares. Freedom Capital raised Carter Bankshares to a "strong-buy" rating in a research note on Thursday, December 25th. Zacks Research raised Carter Bankshares from a "strong sell" rating to a "hold" rating in a research note on Tuesday, January 20th. Wall Street Zen raised Carter Bankshares from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Weiss Ratings raised Carter Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 9th. One 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 MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $22.00.

Carter Bankshares Stock Performance

The stock has a market cap of $547.26 million, a PE ratio of 17.90 and a beta of 0.44. 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 stock has a 50-day moving average of $21.90 and a 200 day moving average of $20.17.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced 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. Carter Bankshares had a return on equity of 7.64% and a net margin of 12.32%.The firm had revenue of $39.83 million for the quarter, compared to the consensus estimate of $40.66 million. Equities analysts predict that Carter Bankshares, Inc. will post 1.88 EPS for the current fiscal year.

Institutional Trading of Carter Bankshares

Hedge funds and other institutional investors have recently modified their holdings of the business. Huber Capital Management LLC increased its position 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 purchasing an additional 500 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Carter Bankshares by 98.3% during the 4th quarter. Federated Hermes Inc. now owns 1,626 shares of the company's stock worth $32,000 after purchasing an additional 806 shares during the last quarter. First Trust Advisors LP increased its position in shares of Carter Bankshares by 6.7% during the 2nd quarter. First Trust Advisors LP now owns 14,780 shares of the company's stock worth $256,000 after purchasing an additional 930 shares during the last quarter. New York State Common Retirement Fund increased its position 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 purchasing an additional 1,400 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Carter Bankshares by 140.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock worth $46,000 after purchasing an additional 1,534 shares during the last quarter. 41.48% of the stock is owned by institutional investors and hedge funds.

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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