Vanguard Group Inc. Buys 15,221 Shares of Carter Bankshares, Inc. $CARE

Key Points

• Vanguard Group Inc. increased its stake in Carter Bankshares by 1.2%, acquiring an additional 15,221 shares, bringing its total holdings to 1,292,161 shares valued at approximately $20.9 million.
• Other institutional investors such as Wells Fargo and Barclays also raised their stakes in Carter Bankshares, indicating a growing interest in the company's stock.
• Carter Bankshares reported earnings of $0.41 per share for the last quarter, surpassing the expected $0.31, with a revenue of $37.44 million, compared to estimates of $37.33 million.

Vanguard Group Inc. lifted its stake in Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 1.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,292,161 shares of the company's stock after purchasing an additional 15,221 shares during the quarter. Vanguard Group Inc. owned 5.58% of Carter Bankshares worth $20,907,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in shares of Carter Bankshares in the fourth quarter worth about $196,000. MetLife Investment Management LLC grew its position 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 purchasing an additional 765 shares in the last quarter. Man Group plc acquired a new stake in Carter Bankshares during the 4th quarter valued at $228,000. Deutsche Bank AG lifted its holdings in shares of Carter Bankshares by 88.6% in the fourth quarter. Deutsche Bank AG now owns 15,863 shares of the company's stock valued at $279,000 after purchasing an additional 7,452 shares in the last quarter. Finally, Bailard Inc. acquired a new position in Carter Bankshares during the first quarter valued at $301,000. Institutional investors and hedge funds own 41.48% of the company's stock.

Insiders Place Their Bets

In related news, Director Kevin S. Bloomfield sold 1,629 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.81, for a total value of $27,383.49. Following the completion of the sale, the director owned 16,418 shares of the company's stock, valued at approximately $275,986.58. The trade was a 9.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Catharine L. Midkiff sold 2,000 shares of the 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. This represents a 11.08% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,138 shares of company stock valued at $154,769. Insiders own 2.18% of the company's stock.

Carter Bankshares Stock Up 1.5%

NASDAQ CARE traded up $0.28 during trading on Thursday, reaching $19.59. 51,713 shares of the company's stock were exchanged, compared to its average volume of 67,873. 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 $20.40. The company's fifty day simple moving average is $18.22 and its 200-day simple moving average is $16.81. The firm has a market capitalization of $444.11 million, a PE ratio of 14.40 and a beta of 0.86.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last posted its quarterly 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. Carter Bankshares had a net margin of 12.58% and a return on equity of 7.68%. The business had revenue of $37.44 million during the quarter, compared to analysts' expectations of $37.33 million. Sell-side 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.