Quadrature Capital Ltd Acquires New Stake in Carter Bankshares, Inc. (NASDAQ:CARE)

Quadrature Capital Ltd acquired a new stake in Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 17,282 shares of the company’s stock, valued at approximately $278,000.

Several other hedge funds have also recently added to or reduced their stakes in CARE. Hillsdale Investment Management Inc. acquired a new position in Carter Bankshares in the 3rd quarter valued at $2,702,000. Dimensional Fund Advisors LP increased its stake in shares of Carter Bankshares by 68.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 185,083 shares of the company’s stock worth $3,215,000 after acquiring an additional 75,519 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Carter Bankshares in the 2nd quarter worth $959,000. First Trust Advisors LP increased its stake in shares of Carter Bankshares by 609.7% in the 3rd quarter. First Trust Advisors LP now owns 73,979 shares of the company’s stock worth $1,191,000 after acquiring an additional 63,555 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Carter Bankshares by 35.1% in the 1st quarter. Renaissance Technologies LLC now owns 207,700 shares of the company’s stock worth $3,608,000 after acquiring an additional 53,927 shares during the last quarter. 37.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Jane Ann Davis sold 2,137 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $17.41, for a total transaction of $37,205.17. Following the completion of the sale, the executive vice president now directly owns 5,791 shares of the company’s stock, valued at approximately $100,821.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.96% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler reaffirmed a “neutral” rating and issued a $19.00 target price on shares of Carter Bankshares in a research note on Monday, December 5th.

Carter Bankshares Stock Down 11.0 %

Shares of NASDAQ:CARE opened at $13.65 on Tuesday. The business has a 50-day moving average price of $16.71 and a 200 day moving average price of $17.08. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $329.10 million, a price-to-earnings ratio of 6.69 and a beta of 0.94. Carter Bankshares, Inc. has a 12-month low of $12.58 and a 12-month high of $18.83.

Carter Bankshares (NASDAQ:CARE – Get Rating) last issued its quarterly earnings data on Thursday, January 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $47.07 million during the quarter, compared to the consensus estimate of $44.15 million. Carter Bankshares had a return on equity of 14.62% and a net margin of 27.55%. Sell-side analysts expect that Carter Bankshares, Inc. will post 2.33 EPS for the current year.

About Carter Bankshares

(Get Rating)

Carter Bankshares, Inc operates as a bank holding company, which offers deposit accounts, online account opening, and commercial, small business, and personal loan products and services. The company was founded by Worth Harris Carter, Jr. in 1974 and is headquartered in Martinsville, VA.