Carter Bankshares, Inc. (NASDAQ:CARE – Get Free Report)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $29.53 and last traded at $29.6790, with a volume of 24166 shares changing hands. The stock had previously closed at $29.12.
Analysts Set New Price Targets
CARE has been the subject of several analyst reports. Freedom Capital cut shares of Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Raymond James Financial restated an “outperform” rating and issued a $27.00 target price on shares of Carter Bankshares in a research report on Monday, April 27th. Hovde Group cut shares of 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, Weiss Ratings upgraded shares of Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $28.50.
Check Out Our Latest Stock Report on Carter Bankshares
Carter Bankshares Trading Up 1.3%
Carter Bankshares (NASDAQ:CARE – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 7.51% and a net margin of 33.60%. On average, equities research analysts anticipate that Carter Bankshares, Inc. will post 1.91 EPS for the current fiscal year.
Carter Bankshares Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 25th. Investors of record on Monday, May 11th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, May 11th. Carter Bankshares’s dividend payout ratio is currently 8.21%.
Insider Buying and Selling
In related news, insider Bradford N. Langs sold 5,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the transaction, the insider directly owned 27,093 shares in the company, valued at $717,151.71. This represents a 16.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elizabeth L. Walsh acquired 4,575 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $26.20 per share, with a total value of $119,865.00. Following the completion of the transaction, the director owned 58,753 shares in the company, valued at $1,539,328.60. This represents a 8.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.38% of the stock is owned by corporate insiders.
Institutional Trading of Carter Bankshares
Institutional investors have recently modified their holdings of the business. AQR Capital Management LLC raised its position in Carter Bankshares by 88.1% during the 1st quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock worth $407,000 after purchasing an additional 11,794 shares during the last quarter. Empowered Funds LLC grew its position in shares of Carter Bankshares by 7.3% in the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock valued at $1,468,000 after buying an additional 6,157 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Carter Bankshares in the 1st quarter valued at about $585,000. Creative Planning bought a new stake in shares of Carter Bankshares in the 2nd quarter valued at about $330,000. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Carter Bankshares by 7.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock valued at $811,000 after buying an additional 3,066 shares during the last quarter. Institutional investors 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.
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