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

Carter Bankshares, Inc. (NASDAQ:CARE)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $24.91 and last traded at $24.7190, with a volume of 107768 shares. The stock had previously closed at $24.24.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CARE shares. Weiss Ratings upgraded Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Finally, Wall Street Zen upgraded Carter Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.00.

Carter Bankshares Price Performance

The stock has a market capitalization of $547.26 million, a price-to-earnings ratio of 17.90 and a beta of 0.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50 day moving average of $21.90 and a 200 day moving average of $20.17.

Carter Bankshares (NASDAQ:CARE) last released its earnings results on Thursday, January 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $40.66 million. As a group, equities research analysts anticipate that Carter Bankshares, Inc. will post 1.88 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CARE. AQR Capital Management LLC grew its stake 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 in the last quarter. Empowered Funds LLC boosted its position in shares of Carter Bankshares by 7.3% during the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock worth $1,468,000 after acquiring an additional 6,157 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Carter Bankshares during the 1st quarter worth about $585,000. Creative Planning acquired a new position in shares of Carter Bankshares during the 2nd quarter worth about $330,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Carter Bankshares by 7.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock worth $811,000 after acquiring an additional 3,066 shares in the last quarter. 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.