Carter Bankshares, Inc. (NASDAQ:CARE) Short Interest Update

Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) was the recipient of a large decline in short interest in February. As of February 28th, there was short interest totalling 123,400 shares, a decline of 5.7% from the February 13th total of 130,900 shares. Approximately 0.5% of the company’s stock are short sold. Based on an average trading volume of 51,100 shares, the short-interest ratio is currently 2.4 days.

Analysts Set New Price Targets

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

Carter Bankshares Stock Performance

Shares of CARE opened at $14.64 on Friday. The business’s 50 day moving average is $16.61 and its two-hundred day moving average is $17.02. Carter Bankshares has a 52-week low of $12.58 and a 52-week high of $18.83. The firm has a market cap of $350.19 million, a price-to-earnings ratio of 7.18 and a beta of 0.94. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.55.

Carter Bankshares (NASDAQ:CARE – Get Rating) last announced its earnings results on Thursday, January 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Carter Bankshares had a return on equity of 14.70% and a net margin of 27.55%. The company had revenue of $47.07 million for the quarter, compared to analyst estimates of $44.15 million. Analysts forecast that Carter Bankshares will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jane Ann Davis sold 2,137 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $17.41, for a total transaction of $37,205.17. Following the transaction, the executive vice president now directly owns 5,791 shares of the company’s stock, valued at approximately $100,821.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Carter Bankshares

Institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC bought a new stake in shares of Carter Bankshares in the 2nd quarter valued at approximately $27,000. Dorsey Wright & Associates bought a new stake in shares of Carter Bankshares in the 4th quarter valued at approximately $27,000. Tower Research Capital LLC TRC increased its holdings in shares of Carter Bankshares by 236.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,660 shares of the company’s stock valued at $27,000 after acquiring an additional 1,166 shares during the last quarter. Advisor Group Holdings Inc. increased its holdings in shares of Carter Bankshares by 249.0% in the 4th quarter. Advisor Group Holdings Inc. now owns 1,822 shares of the company’s stock valued at $30,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Salem Investment Counselors Inc. bought a new stake in shares of Carter Bankshares in the 1st quarter valued at approximately $94,000. 37.29% of the stock is currently owned by institutional investors.

Carter Bankshares Company Profile

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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.