Martingale Asset Management L P Takes $287,000 Position in Carter Bankshares, Inc. $CARE

Key Points

• Martingale Asset Management L P has taken a new position in Carter Bankshares, acquiring 17,730 shares worth approximately $287,000 in the first quarter.
• Multiple hedge funds increased their stakes in Carter Bankshares in the fourth quarter, with Deutsche Bank AG boosting its stake by 88.6% to own 15,863 shares valued at $279,000.
• Carter Bankshares reported an EPS of $0.41 for the latest quarter, surpassing analyst expectations, with a revenue of $37.44 million compared to forecasts of $37.33 million.

Martingale Asset Management L P acquired a new stake in Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 17,730 shares of the company's stock, valued at approximately $287,000. Martingale Asset Management L P owned approximately 0.08% of Carter Bankshares as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CARE. BNP Paribas Financial Markets bought a new stake in shares of Carter Bankshares in the 4th quarter valued at $196,000. MetLife Investment Management LLC increased its stake in shares of Carter Bankshares by 6.4% in the 4th quarter. MetLife Investment Management LLC now owns 12,711 shares of the company's stock valued at $224,000 after acquiring an additional 765 shares in the last quarter. Man Group plc bought a new stake in shares of Carter Bankshares in the 4th quarter valued at $228,000. Deutsche Bank AG increased its stake in shares of Carter Bankshares by 88.6% in the 4th 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. Finally, Bailard Inc. bought a new stake in shares of Carter Bankshares in the 1st quarter valued at $301,000. Institutional investors own 41.48% of the company's stock.

Carter Bankshares Stock Performance

NASDAQ:CARE opened at $19.20 on Tuesday. The firm has a market capitalization of $435.26 million, a P/E ratio of 14.12 and a beta of 0.82. The company has a fifty day moving average of $17.80 and a 200-day moving average of $16.71. 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 twelve month low of $13.60 and a twelve month high of $20.40.

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

Insiders Place Their Bets

In other Carter Bankshares news, Director Kevin S. Bloomfield sold 1,629 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.81, for a total transaction of $27,383.49. Following the completion of the sale, the director owned 16,418 shares in the company, valued at approximately $275,986.58. The trade was a 9.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Catharine L. Midkiff sold 2,000 shares of the business's 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 sale, the director owned 16,054 shares of the company's stock, valued at $285,119.04. This trade represents a 11.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,138 shares of company stock valued at $154,769 in the last 90 days. 1.86% of the stock is currently owned by company insiders.

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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