Goldman Sachs Group Inc. Has $3.39 Million Position in Carter Bankshares, Inc. $CARE

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Carter Bankshares, Inc. by 24% during the first quarter, lowering their holdings to approximately $3.39 million in value.
• Carter Bankshares reported earnings of $0.41 EPS for the quarter, exceeding analyst expectations of $0.31, alongside revenue of $37.44 million, slightly above estimates.
• The stock's market performance shows a 1.9% increase, with a current trading price of $20.15 and a fifty-two week high of $20.53.

Goldman Sachs Group Inc. cut its stake in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 24.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 209,610 shares of the company's stock after selling 66,198 shares during the quarter. Goldman Sachs Group Inc. owned 0.91% of Carter Bankshares worth $3,391,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in Carter Bankshares during the 4th quarter worth approximately $196,000. Man Group plc acquired a new stake in Carter Bankshares during the 4th quarter worth approximately $228,000. Deutsche Bank AG boosted its position in Carter Bankshares by 88.6% during the 4th quarter. Deutsche Bank AG now owns 15,863 shares of the company's stock worth $279,000 after buying an additional 7,452 shares during the period. Martingale Asset Management L P acquired a new stake in Carter Bankshares during the 1st quarter worth approximately $287,000. Finally, Bailard Inc. acquired a new stake in Carter Bankshares during the 1st quarter worth approximately $301,000. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Catharine L. Midkiff sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $17.76, for a total value of $35,520.00. Following the transaction, the director owned 16,054 shares in the company, valued at approximately $285,119.04. The trade was a 11.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.18% of the company's stock.

Carter Bankshares Trading Down 1.9%

NASDAQ:CARE traded down $0.38 during mid-day trading on Friday, hitting $19.77. 184,990 shares of the company's stock were exchanged, compared to its average volume of 64,547. The company has a 50 day simple moving average of $18.63 and a 200-day simple moving average of $17.00. 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 fifty-two week low of $13.60 and a fifty-two week high of $20.53. The firm has a market capitalization of $448.19 million, a P/E ratio of 14.54 and a beta of 0.86.

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

Carter Bankshares Company 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.