Nuveen LLC Acquires New Stake in Carter Bankshares, Inc. $CARE

Key Points

• Nuveen LLC made a new investment in Carter Bankshares, Inc., acquiring 557,504 shares valued at approximately $9.02 million, representing 2.41% of the company.
• Several other institutional investors have also increased their stakes in Carter Bankshares recently, with notable increases from Millennium Management LLC by 112.1% and Nuveen Asset Management LLC by 23.5%.
• Carter Bankshares recently reported an EPS of $0.41, exceeding analysts' expectations, and had a revenue of $37.44 million for the quarter.

Nuveen LLC acquired a new stake in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 557,504 shares of the company's stock, valued at approximately $9,020,000. Nuveen LLC owned approximately 2.41% of Carter Bankshares as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Invesco Ltd. boosted its holdings in shares of Carter Bankshares by 1.7% during the 4th quarter. Invesco Ltd. now owns 38,142 shares of the company's stock valued at $671,000 after acquiring an additional 643 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Carter Bankshares by 6.4% during the 4th quarter. MetLife Investment Management LLC now owns 12,711 shares of the company's stock worth $224,000 after buying an additional 765 shares during the period. Wells Fargo & Company MN grew its position in shares of Carter Bankshares by 11.3% in the 4th quarter. Wells Fargo & Company MN now owns 28,696 shares of the company's stock valued at $505,000 after buying an additional 2,917 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Carter Bankshares by 2.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 145,053 shares of the company's stock valued at $2,551,000 after buying an additional 4,093 shares during the period. Finally, Barclays PLC increased its stake in shares of Carter Bankshares by 15.1% in the fourth quarter. Barclays PLC now owns 34,303 shares of the company's stock valued at $603,000 after buying an additional 4,490 shares during the period. Institutional investors and hedge funds own 41.48% of the company's stock.

Insider Buying and Selling

In other news, Director Kevin S. Bloomfield sold 4,509 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $16.71, for a total value of $75,345.39. Following the transaction, the director owned 18,047 shares in the company, valued at $301,565.37. The trade was a 19.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Catharine L. Midkiff sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $17.76, for a total value of $35,520.00. Following the completion of the transaction, the director owned 16,054 shares in the company, valued at $285,119.04. The trade was a 11.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,138 shares of company stock worth $154,769 in the last 90 days. Company insiders own 2.18% of the company's stock.

Carter Bankshares Stock Performance

Shares of CARE stock remained flat at $19.46 on Friday. The stock had a trading volume of 37,689 shares, compared to its average volume of 73,344. The stock has a market cap of $441.16 million, a price-to-earnings ratio of 14.31 and a beta of 0.82. The company's fifty day moving average price is $18.04 and its 200-day moving average price is $16.77. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.89 and a current ratio of 0.89. Carter Bankshares, Inc. has a 12 month low of $13.60 and a 12 month high of $20.40.

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

About Carter Bankshares

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.