Short Interest in Carter Bankshares, Inc. (NASDAQ:CARE) Decreases By 8.0%

Carter Bankshares, Inc. (NASDAQ:CARE) was the target of a large decrease in short interest in January. As of January 15th, there was short interest totalling 638,700 shares, a decrease of 8.0% from the December 31st total of 694,400 shares. Based on an average daily volume of 72,100 shares, the days-to-cover ratio is presently 8.9 days. Currently, 2.9% of the shares of the stock are sold short.

Institutional Trading of Carter Bankshares

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its holdings in Carter Bankshares by 23.6% during the 4th quarter. SG Americas Securities LLC now owns 9,838 shares of the company’s stock valued at $173,000 after acquiring an additional 1,879 shares during the period. Rhumbline Advisers boosted its stake in shares of Carter Bankshares by 3.9% during the fourth quarter. Rhumbline Advisers now owns 50,637 shares of the company’s stock valued at $891,000 after purchasing an additional 1,906 shares during the period. Empowered Funds LLC grew its holdings in shares of Carter Bankshares by 5.3% in the third quarter. Empowered Funds LLC now owns 80,475 shares of the company’s stock worth $1,399,000 after purchasing an additional 4,020 shares during the last quarter. Global Retirement Partners LLC purchased a new position in shares of Carter Bankshares in the fourth quarter worth $77,000. Finally, Truist Financial Corp raised its holdings in Carter Bankshares by 43.5% during the 2nd quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock valued at $269,000 after buying an additional 5,394 shares during the last quarter. 41.48% of the stock is owned by institutional investors.

Carter Bankshares Price Performance

Shares of Carter Bankshares stock traded down $0.25 on Monday, hitting $17.37. 75,389 shares of the company traded hands, compared to its average volume of 63,052. The company has a market cap of $400.76 million, a P/E ratio of 16.39 and a beta of 1.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.23. Carter Bankshares has a 12-month low of $10.95 and a 12-month high of $20.40. The firm’s 50-day simple moving average is $17.90 and its 200 day simple moving average is $17.58.

Carter Bankshares (NASDAQ:CARE) last released its earnings results on Thursday, January 23rd. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.16. Carter Bankshares had a return on equity of 6.50% and a net margin of 10.09%. Analysts expect that Carter Bankshares will post 1.26 earnings per share for the current fiscal 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.