Carter Bankshares (NASDAQ:CARE) Sets New 52-Week High – Here’s What Happened

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $27.32 and last traded at $27.3040, with a volume of 31906 shares changing hands. The stock had previously closed at $26.95.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CARE. Weiss Ratings raised shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Raymond James Financial reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of Carter Bankshares in a research note on Monday, April 27th. Freedom Capital cut shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Wall Street Zen raised shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Hovde Group upped their price objective on shares of Carter Bankshares from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Carter Bankshares currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Carter Bankshares Trading Up 1.8%

The firm has a market capitalization of $609.72 million, a P/E ratio of 5.63 and a beta of 0.51. The company’s fifty day simple moving average is $23.92 and its 200 day simple moving average is $21.26.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.09). Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The company had revenue of $106.91 million during the quarter, compared to the consensus estimate of $42.47 million. On average, analysts predict that Carter Bankshares, Inc. will post 1.96 earnings per share for the current fiscal year.

Carter Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 25th. Shareholders of record on Monday, May 11th will be issued a $0.10 dividend. The ex-dividend date is Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.5%. Carter Bankshares’s dividend payout ratio is 8.21%.

Insider Buying and Selling at Carter Bankshares

In related news, Director Elizabeth L. Walsh acquired 4,575 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the acquisition, the director owned 58,753 shares of the company’s stock, valued at $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bradford N. Langs sold 5,500 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the transaction, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. This trade represents a 16.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CARE. Federated Hermes Inc. increased 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 acquiring an additional 806 shares in the last quarter. Geneos Wealth Management Inc. increased its stake 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 worth $46,000 after acquiring an additional 1,534 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Carter Bankshares by 397.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,311 shares of the company’s stock worth $54,000 after acquiring an additional 1,846 shares in the last quarter. State of Alaska Department of Revenue increased its stake 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 worth $63,000 after acquiring an additional 2,291 shares in the last quarter. Finally, 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 worth $65,000 after acquiring an additional 2,008 shares in 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.