Carter Bankshares, Inc. (NASDAQ:CARE) Sees Large Decline in Short Interest

Carter Bankshares, Inc. (NASDAQ:CARE) was the recipient of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 112,100 shares, a decline of 54.0% from the December 15th total of 243,800 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average daily trading volume, of 59,800 shares, the days-to-cover ratio is presently 1.9 days.

In other news, Director Kevin S. Bloomfield acquired 6,190 shares of the business’s stock in a transaction that occurred on Tuesday, November 30th. The shares were purchased at an average price of $14.58 per share, for a total transaction of $90,250.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders purchased a total of 6,791 shares of company stock worth $99,536 in the last quarter. Company insiders own 3.02% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Basswood Capital Management L.L.C. boosted its position in shares of Carter Bankshares by 319.7% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 363,101 shares of the company’s stock valued at $4,542,000 after purchasing an additional 276,584 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Carter Bankshares in the 3rd quarter valued at about $2,221,000. Geode Capital Management LLC boosted its position in shares of Carter Bankshares by 18.2% in the 2nd quarter. Geode Capital Management LLC now owns 431,324 shares of the company’s stock valued at $5,395,000 after purchasing an additional 66,384 shares during the period. Huber Capital Management LLC boosted its position in shares of Carter Bankshares by 22.8% in the 2nd quarter. Huber Capital Management LLC now owns 337,096 shares of the company’s stock valued at $4,217,000 after purchasing an additional 62,540 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Carter Bankshares by 64.9% in the 2nd quarter. Renaissance Technologies LLC now owns 157,300 shares of the company’s stock valued at $1,968,000 after purchasing an additional 61,900 shares during the period. Institutional investors and hedge funds own 35.59% of the company’s stock.

Shares of NASDAQ CARE opened at $16.29 on Friday. The stock’s 50-day moving average is $15.31 and its two-hundred day moving average is $13.78. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. Carter Bankshares has a 1-year low of $9.75 and a 1-year high of $16.46.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings data on Sunday, October 31st. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. Carter Bankshares had a return on equity of 7.08% and a net margin of 17.74%. The business had revenue of $36.32 million for the quarter, compared to the consensus estimate of $33.43 million. Sell-side analysts expect that Carter Bankshares will post 1.08 EPS for the current fiscal year.

Several equities research analysts recently issued reports on CARE shares. Royal Bank of Canada cut their price objective on Carter Bankshares from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 10th. Zacks Investment Research upgraded Carter Bankshares from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a report on Tuesday, January 4th.

Carter Bankshares Company Profile

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.

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