Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) experienced a sharp increase in short-term interest during the month of August. As of August 15, there was short interest totaling 257,600 shares, an 8.6% increase from the July 31 total of 237,200 shares. Based on an average daily trading volume of 58,900 shares, the short-term interest rate ratio is currently 4.4 days. Currently, 1.1% of the company’s shares are sold short.
Institutional investors weigh on Carter Bank shares
Hedge funds have recently been buying and selling shares of the company. Allspring Global Investments Holdings LLC bought a new position in Carter Bankshares in Q4, valued at around $67,000. First Trust Advisors LP increased its holdings in Carter Bankshares by 7.3% in the fourth quarter. First Trust Advisors LP now owns 12,280 shares of the company valued at $189,000 after acquiring an additional 835 shares during the period. Dimensional Fund Advisors LP increased its holdings in Carter Bankshares by 47.9% in Q4. Dimensional Fund Advisors LP now owns 109,564 shares of the company valued at $1,686,000 after acquiring an additional 35,509 shares during the period. Allegheny Financial Group LTD bought a new position in Carter Bankshares in Q4, valued at around $110,000. Finally, Acadian Asset Management LLC increased its stake in Carter Bankshares by 30.3% in the 4th quarter. Acadian Asset Management LLC now owns 47,955 shares of the company valued at $736,000 after acquiring an additional 11,157 shares during the period. 36.52% of the shares are currently held by institutional investors and hedge funds.
Carter Bankshares stock performance
NASDAQ:CARE was down $0.14 in Tuesday’s midday session, hitting $16.57. The stock had a trading volume of 60,250 shares, compared to an average volume of 75,486. Carter Bankshares has a 12-month low of $11.92 and a 12-month high of $17.99. The stock has a market capitalization of $407.24 million, a price/earnings ratio of 11.69 and a beta of 1.10. The company’s 50-day simple moving average is $14.72 and its 200-day simple moving average is $15.50.
Changes to analyst ratings
Separately, Raymond James upgraded shares of Carter Bankshares from a “market performance” rating to an “outperform” rating and set a target price of $16.00 for the company in a Thursday research note. July 7.
Carter Bankshares Company Profile
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Carter Bankshares, Inc operates as a bank holding company for Carter Bank & Trust which provides various banking products and services. It accepts a variety of deposit products, including checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers commercial loans including secured and unsecured loans; consumer loans, such as secured and unsecured loans for automobile financing, home improvement, education, overdraft protection and personal investments, and residential mortgages; loans for the construction and acquisition of real estate; home equity lines of credit; and credit cards, as well as issues and holds fixed and variable rate mortgages.
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