Truist Financial Corp Increases Stake in Carter Bankshares, Inc. (NASDAQ:CARE)

Truist Financial Corp grew its position in Carter Bankshares, Inc. (NASDAQ:CARE) by 43.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,790 shares of the company’s stock after acquiring an additional 5,394 shares during the period. Truist Financial Corp owned about 0.08% of Carter Bankshares worth $269,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CARE. Vanguard Group Inc. increased its position 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. grew its holdings in Carter Bankshares by 8.2% during the second quarter. American Century Companies Inc. now owns 337,743 shares of the company’s stock worth $5,107,000 after acquiring an additional 25,472 shares during the period. XTX Topco Ltd purchased a new position in Carter Bankshares in the second quarter worth $239,000. Los Angeles Capital Management LLC lifted its holdings in Carter Bankshares by 22.4% in the second quarter. Los Angeles Capital Management LLC now owns 35,237 shares of the company’s stock valued at $533,000 after acquiring an additional 6,450 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Carter Bankshares by 9.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 892,414 shares of the company’s stock worth $13,493,000 after purchasing an additional 74,317 shares in the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Carter Bankshares Stock Performance

Shares of CARE stock opened at $18.56 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $427.16 million, a PE ratio of 32.56 and a beta of 1.03. Carter Bankshares, Inc. has a 1 year low of $10.43 and a 1 year high of $18.84. The stock has a fifty day moving average price of $17.14 and a 200 day moving average price of $14.81.

Carter Bankshares (NASDAQ:CARE) last released its quarterly earnings data on Thursday, July 25th. The company reported $0.21 EPS for the quarter, hitting the consensus estimate of $0.21. The business had revenue of $60.12 million for the quarter, compared to analyst estimates of $34.62 million. Carter Bankshares had a net margin of 5.41% and a return on equity of 4.09%. Sell-side analysts forecast that Carter Bankshares, Inc. will post 0.87 earnings per share for the current fiscal year.

Carter Bankshares Company 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.