Basswood Capital Management L.L.C. Takes $706,000 Position in Carter Bankshares, Inc. (NASDAQ:CARE)

Basswood Capital Management L.L.C. bought a new position in shares of Carter Bankshares, Inc. (NASDAQ:CARE) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 40,576 shares of the company’s stock, valued at approximately $706,000.

A number of other hedge funds also recently added to or reduced their stakes in CARE. Truist Financial Corp increased its position in shares of Carter Bankshares by 43.5% during the second quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock worth $269,000 after acquiring an additional 5,394 shares during the period. Mendon Capital Advisors Corp acquired a new position in Carter Bankshares during the 2nd quarter worth $454,000. Vanguard Group Inc. increased its holdings in Carter Bankshares by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,245,205 shares of the company’s stock worth $15,739,000 after purchasing an additional 17,327 shares during the period. American Century Companies Inc. increased its holdings in Carter Bankshares by 8.2% during the 2nd quarter. American Century Companies Inc. now owns 337,743 shares of the company’s stock worth $5,107,000 after purchasing an additional 25,472 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Carter Bankshares in the 2nd quarter valued at about $239,000. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Stock Down 0.2 %

Carter Bankshares stock opened at $18.68 on Monday. The stock has a market cap of $430.95 million, a PE ratio of 30.13 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s fifty day moving average is $18.31 and its two-hundred day moving average is $16.25. Carter Bankshares, Inc. has a 1-year low of $10.95 and a 1-year high of $20.40.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Hovde Group began coverage on Carter Bankshares in a research report on Wednesday, October 2nd. They set an “outperform” rating and a $22.00 price objective for the company. Raymond James increased their price objective on shares of Carter Bankshares from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th.

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.