Daytona Street Capital LLC Takes Position in Carter Bankshares, Inc. $CARE

Key Points

• Daytona Street Capital acquired a new stake of 52,536 shares in Carter Bankshares (NASDAQ:CARE), valued at about $1.03 million and representing roughly 0.24% of the company.
• Carter beat Q4 EPS expectations with $0.41 vs. $0.33 expected while revenue was slightly light at $39.83M vs. $40.66M, and the stock is trading near its 52-week high with a market cap around $522M.
• Analyst sentiment has improved with multiple upgrades; the stock carries a consensus rating of Buy and a consensus price target of $22.00.

Daytona Street Capital LLC acquired a new stake in Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 52,536 shares of the company's stock, valued at approximately $1,033,000. Daytona Street Capital LLC owned approximately 0.24% of Carter Bankshares at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. boosted its holdings in shares of Carter Bankshares by 140.6% in the second quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company's stock valued at $46,000 after acquiring an additional 1,534 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Carter Bankshares by 113.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock valued at $65,000 after acquiring an additional 2,008 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Carter Bankshares by 44.7% in the third quarter. New York State Common Retirement Fund now owns 4,531 shares of the company's stock valued at $88,000 after acquiring an additional 1,400 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Carter Bankshares in the second quarter valued at approximately $108,000. Finally, BNP Paribas Financial Markets boosted its holdings in Carter Bankshares by 90.1% during the third quarter. BNP Paribas Financial Markets now owns 7,334 shares of the company's stock worth $142,000 after buying an additional 3,476 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors.

Carter Bankshares Trading Up 0.7%

Carter Bankshares stock opened at $23.56 on Tuesday. The company has a 50 day moving average price of $21.33 and a 200 day moving average price of $19.83. Carter Bankshares, Inc. has a 52 week low of $13.60 and a 52 week high of $23.71. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $522.09 million, a price-to-earnings ratio of 17.07 and a beta of 0.44.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.08. Carter Bankshares had a net margin of 12.32% and a return on equity of 7.64%. The firm had revenue of $39.83 million during the quarter, compared to analyst estimates of $40.66 million. Research analysts forecast that Carter Bankshares, Inc. will post 1.26 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on CARE. Freedom Capital upgraded shares of Carter Bankshares to a "strong-buy" rating in a report on Thursday, December 25th. Zacks Research upgraded shares of Carter Bankshares from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 20th. Wall Street Zen upgraded shares of Carter Bankshares from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. Finally, Weiss Ratings upgraded shares of Carter Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $22.00.

About Carter Bankshares

Carter Bankshares, Inc is a bank holding company headquartered in Suffolk, Virginia, operating primarily through its subsidiary, Carter Bank & Trust. The company offers a full range of commercial and retail banking services, serving individuals, small and mid-sized businesses, and nonprofit organizations. Its financial products are designed to meet the needs of local customers across southeastern Virginia and northeastern North Carolina.

Carter Bank & Trust provides deposit accounts, including checking, savings and money market products, as well as certificates of deposit.

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