Diversified Trust Co Takes $2.33 Million Position in Carter Bankshares, Inc. $CARE

Key Points

• Diversified Trust Co acquired 134,098 shares of Carter Bankshares, Inc. during the 2nd quarter, representing an investment of approximately $2.3 million and giving them about 0.58% ownership of the company.
• The company reported $0.41 earnings per share for the last quarter, surpassing analyst estimates of $0.31, alongside revenues of $37.44 million compared to predictions of $37.33 million.
• Insider Catharine L. Midkiff sold 2,000 shares of Carter Bankshares stock for around $35,520, reducing her ownership by over 11% to a total of 16,054 shares.

Diversified Trust Co bought a new stake in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 134,098 shares of the company's stock, valued at approximately $2,325,000. Diversified Trust Co owned about 0.58% of Carter Bankshares at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CARE. Nuveen LLC bought a new stake in shares of Carter Bankshares during the 1st quarter valued at about $9,020,000. Millennium Management LLC lifted its position in Carter Bankshares by 112.1% in the 4th quarter. Millennium Management LLC now owns 92,476 shares of the company's stock worth $1,627,000 after buying an additional 48,869 shares during the last quarter. Jane Street Group LLC bought a new stake in Carter Bankshares in the 1st quarter worth approximately $585,000. Mackenzie Financial Corp bought a new stake in Carter Bankshares in the 4th quarter worth approximately $493,000. Finally, Nuveen Asset Management LLC lifted its position in Carter Bankshares by 23.5% in the 4th quarter. Nuveen Asset Management LLC now owns 133,008 shares of the company's stock worth $2,340,000 after buying an additional 25,332 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

Carter Bankshares Trading Up 0.2%

CARE stock traded up $0.03 during midday trading on Tuesday, hitting $19.73. The company had a trading volume of 29,674 shares, compared to its average volume of 75,476. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.28. Carter Bankshares, Inc. has a 52 week low of $13.60 and a 52 week high of $20.53. The stock's 50 day moving average price is $18.66 and its 200 day moving average price is $17.03. The stock has a market cap of $447.28 million, a price-to-earnings ratio of 14.51 and a beta of 0.86.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.10. Carter Bankshares had a return on equity of 7.68% and a net margin of 12.58%.The firm had revenue of $37.44 million during the quarter, compared to the consensus estimate of $37.33 million. As a group, equities research analysts expect that Carter Bankshares, Inc. will post 1.26 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Catharine L. Midkiff sold 2,000 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $17.76, for a total transaction of $35,520.00. Following the transaction, the director directly owned 16,054 shares of the company's stock, valued at $285,119.04. This represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.86% of the stock is currently owned by corporate insiders.

About Carter Bankshares

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.