Carter Bankshares, Inc. $CARE Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers reduced its holdings in Carter Bankshares by 30.9%, owning 34,981 shares after selling 15,656 shares in the first quarter.
• Carter Bankshares reported $0.41 earnings per share for the last quarter, surpassing the consensus estimate of $0.31.
• Institutions and hedge funds collectively own 41.48% of Carter Bankshares' stock, indicating significant institutional interest in the company.

Rhumbline Advisers lessened its holdings in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 30.9% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 34,981 shares of the company's stock after selling 15,656 shares during the quarter. Rhumbline Advisers owned 0.15% of Carter Bankshares worth $566,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CARE. BNP Paribas Financial Markets acquired a new stake in Carter Bankshares in the fourth quarter valued at approximately $196,000. Bank of America Corp DE grew its position in Carter Bankshares by 31.4% in the fourth quarter. Bank of America Corp DE now owns 30,440 shares of the company's stock valued at $535,000 after acquiring an additional 7,266 shares in the last quarter. Deutsche Bank AG grew its position in Carter Bankshares by 88.6% in the fourth quarter. Deutsche Bank AG now owns 15,863 shares of the company's stock valued at $279,000 after acquiring an additional 7,452 shares in the last quarter. Millennium Management LLC grew its position in Carter Bankshares by 112.1% in the fourth quarter. Millennium Management LLC now owns 92,476 shares of the company's stock valued at $1,627,000 after acquiring an additional 48,869 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in Carter Bankshares by 23.5% in the fourth quarter. Nuveen Asset Management LLC now owns 133,008 shares of the company's stock valued at $2,340,000 after acquiring an additional 25,332 shares in the last quarter. Institutional investors and hedge funds own 41.48% of the company's stock.

Carter Bankshares Stock Down 0.4%

Shares of NASDAQ:CARE opened at $19.70 on Tuesday. The company has a quick ratio of 0.89, a current 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 company has a 50 day moving average of $18.66 and a two-hundred day moving average of $17.03. The company has a market capitalization of $446.60 million, a price-to-earnings ratio of 14.49 and a beta of 0.86.

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

Insider Activity at Carter Bankshares

In other news, Director Catharine L. Midkiff sold 2,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 16,054 shares in the company, valued at approximately $285,119.04. This represents a 11.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.86% of the company's stock.

Carter Bankshares Profile

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.

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