Carter Bankshares (NASDAQ:CARE) Reaches New 1-Year High – Here’s Why

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.61 and last traded at $31.52, with a volume of 432504 shares changing hands. The stock had previously closed at $30.96.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CARE shares. Raymond James Financial reiterated an “outperform” rating and issued a $27.00 target price on shares of Carter Bankshares in a research report on Monday, April 27th. Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Hovde Group downgraded Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 target price for the company. in a research report on Wednesday, June 3rd. Finally, Freedom Capital lowered Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.50.

Carter Bankshares Stock Performance

The stock’s fifty day simple moving average is $26.88 and its two-hundred day simple moving average is $22.95. The company has a market capitalization of $700.37 million, a price-to-earnings ratio of 6.47 and a beta of 0.53.

Carter Bankshares (NASDAQ:CARE) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (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 business had revenue of $106.91 million during the quarter, compared to analyst estimates of $42.47 million. On average, equities analysts anticipate that Carter Bankshares, Inc. will post 1.91 EPS for the current fiscal year.

Carter Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 25th. Shareholders of record on Monday, May 11th were given a $0.10 dividend. The ex-dividend date was Monday, May 11th. This represents a $0.40 annualized dividend and a yield of 1.3%. Carter Bankshares’s payout ratio is 8.21%.

Insider Buying and Selling at Carter Bankshares

In other news, insider Bradford N. Langs sold 5,500 shares of the 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 sale, the insider owned 27,093 shares in the company, valued at approximately $717,151.71. This represents a 16.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth L. Walsh bought 4,575 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the acquisition, the director directly owned 58,753 shares in the company, valued at approximately $1,539,328.60. The trade was a 8.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.38% of the stock is currently owned by corporate insiders.

Institutional Trading of Carter Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Daytona Street Capital LLC acquired a new position in Carter Bankshares in the 4th quarter worth approximately $1,033,000. Richard Young Associates Ltd. purchased a new stake in shares of Carter Bankshares in the fourth quarter valued at $525,000. Maltese Capital Management LLC lifted its holdings in shares of Carter Bankshares by 7.3% in the fourth 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 in the last quarter. EJF Capital LLC boosted its position in shares of Carter Bankshares by 23.9% in the third quarter. EJF Capital LLC now owns 160,505 shares of the company’s stock worth $3,115,000 after buying an additional 30,963 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Carter Bankshares by 108.5% in the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after buying an additional 41,836 shares during the period. 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.