Geode Capital Management LLC Purchases 18,109 Shares of Carter Bankshares, Inc. (NASDAQ:CARE)

Geode Capital Management LLC grew its position in Carter Bankshares, Inc. (NASDAQ:CARE) by 3.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 523,591 shares of the company’s stock after buying an additional 18,109 shares during the period. Geode Capital Management LLC owned approximately 2.27% of Carter Bankshares worth $9,107,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CARE. Truist Financial Corp grew its stake in Carter Bankshares by 43.5% in the second quarter. Truist Financial Corp now owns 17,790 shares of the company’s stock valued at $269,000 after acquiring an additional 5,394 shares during the period. Stifel Financial Corp raised its position in shares of Carter Bankshares by 58.9% during the third quarter. Stifel Financial Corp now owns 45,067 shares of the company’s stock worth $784,000 after purchasing an additional 16,706 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Carter Bankshares during the 2nd quarter valued at about $454,000. State Street Corp grew its position in shares of Carter Bankshares by 4.1% in the 3rd quarter. State Street Corp now owns 496,603 shares of the company’s stock valued at $8,636,000 after purchasing an additional 19,751 shares during the period. Finally, American Century Companies Inc. increased its stake 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 in the last quarter. Institutional investors own 41.48% of the company’s stock.

Carter Bankshares Price Performance

CARE stock opened at $17.59 on Thursday. The stock has a 50-day moving average price of $18.57 and a two-hundred day moving average price of $17.10. Carter Bankshares, Inc. has a 1 year low of $10.95 and a 1 year high of $20.40. The stock has a market cap of $405.84 million, a PE ratio of 28.37 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.

Analyst Upgrades and Downgrades

Separately, Hovde Group began coverage on shares of Carter Bankshares in a research note on Wednesday, October 2nd. They issued an “outperform” rating and a $22.00 price target on the stock.

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.