EJF Capital LLC Sells 65,093 Shares of Carter Bankshares, Inc. $CARE

Key Points

• EJF Capital LLC reduced its holdings in Carter Bankshares, selling 65,093 shares, resulting in a 31.9% decrease, leaving the fund with 138,772 shares valued at approximately $2.25 million.
• Other institutional investors like Curi RMB Capital LLC and AQR Capital Management LLC have increased their stakes in Carter Bankshares by 35.4% and 88.1%, respectively, during the 1st quarter.
• Carter Bankshares reported an earnings per share of $0.41 for the last quarter, exceeding analysts' expectations of $0.31, alongside a revenue of $37.44 million.

EJF Capital LLC trimmed its holdings in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 31.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,772 shares of the company's stock after selling 65,093 shares during the period. EJF Capital LLC owned 0.60% of Carter Bankshares worth $2,245,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CARE. Nuveen LLC bought a new stake in shares of Carter Bankshares during the first quarter worth approximately $9,020,000. Dimensional Fund Advisors LP raised its stake in shares of Carter Bankshares by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,015,988 shares of the company's stock worth $17,871,000 after buying an additional 51,987 shares during the last quarter. Millennium Management LLC raised its holdings in Carter Bankshares by 112.1% in the fourth quarter. Millennium Management LLC now owns 92,476 shares of the company's stock worth $1,627,000 after purchasing an additional 48,869 shares during the period. Mackenzie Financial Corp acquired a new stake in Carter Bankshares in the fourth quarter worth $493,000. Finally, Nuveen Asset Management LLC boosted its position in shares of Carter Bankshares by 23.5% during the fourth quarter. Nuveen Asset Management LLC now owns 133,008 shares of the company's stock worth $2,340,000 after purchasing an additional 25,332 shares in the last quarter. 41.48% of the stock is owned by institutional investors.

Carter Bankshares Trading Up 1.3%

Shares of NASDAQ CARE traded up $0.26 during midday trading on Monday, reaching $19.76. 62,349 shares of the stock were exchanged, compared to its average volume of 74,829. The business has a 50-day simple moving average of $18.26 and a two-hundred day simple moving average of $16.81. The company has a market capitalization of $447.96 million, a price-to-earnings ratio of 14.53 and a beta of 0.86. Carter Bankshares, Inc. has a 12 month low of $13.60 and a 12 month high of $20.40. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.89 and a quick ratio of 0.89.

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

Insiders Place Their Bets

In other news, Director Catharine L. Midkiff sold 2,000 shares of Carter Bankshares stock in a transaction on Wednesday, July 30th. The shares were 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 trade 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 this hyperlink. Also, Director Kevin S. Bloomfield sold 4,509 shares of Carter Bankshares stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $16.71, for a total transaction of $75,345.39. Following the transaction, the director directly owned 18,047 shares in the company, valued at approximately $301,565.37. This represents a 19.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,138 shares of company stock worth $138,249. 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.