Carter Bankshares, Inc. (NASDAQ:CARE) Short Sinks 22.5%
Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) was the recipient of a sharp drop in interest rates short in October. As of October 31, short interest totaled 218,200 shares, down 22.5% from October 15 of 281,400 shares. Approximately 0.9% of the company’s shares are sold short. Based on an average trading volume of 64,700 shares, the days-to-cover ratio is currently 3.4 days.
Analysts set new price targets
Separately, in a report Thursday, October 6, DA Davidson downgraded shares of Carter Bankshares from a “buy” rating to a “neutral” rating and raised the price target on the stock to 18 from $17.50 $.50.
Hedge funds bet on Carter Bank stocks
A number of major investors recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. purchased a new position in Carter Bank stock valued at approximately $2,702,000 during the third quarter. Dimensional Fund Advisors LP increased its stake in Carter Bankshares by 17.3% in the third quarter. Dimensional Fund Advisors LP now owns 377,660 shares of the company valued at $6,080,000 after purchasing an additional 55,787 shares last quarter. Tower Research Capital LLC TRC increased its stake in Carter Bankshares by 236.0% in the third quarter. Tower Research Capital LLC TRC now owns 1,660 shares of the company valued at $27,000 after purchasing an additional 1,166 shares last quarter. Seizert Capital Partners LLC acquired a new interest in Carter Bankshares valued at approximately $501,000 during the third quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Carter Bankshares by 389.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,242 shares of the company’s stock valued at $116,000 after purchasing an additional 5,762 shares last quarter. 36.52% of the shares are currently owned by institutional investors.
Carter Bank shares down 2.7%
Carter Bankshares shares fell $0.51 during trading hours on Friday to hit $18.09. The stock had a trading volume of 38,044 shares compared to an average volume of 66,410. The company has a market cap of $436.15 million, a price-to-earnings ratio of 11.31 and a beta of 0.96. The company has a leverage ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.79. The company’s 50-day moving average price is $17.05 and its 200-day moving average price is $15.60. Carter Bankshares has a 52-week low of $12.58 and a 52-week high of $18.83.
About Carter Bank stocks
Carter Bankshares, Inc acts as the bank holding company for Carter Bank & Trust, which offers various banking products and services. It accepts various deposit products including checking, savings, retirement and money market accounts, as well as longer-term certificates of deposit. The company also offers commercial loans, which include secured and unsecured loans; consumer loans such as secured and unsecured loans for financing automotive, home improvement, education, overdraft protection and personal investments, and residential mortgages; Real estate construction and acquisition loans; home equity lines of credit; and credit cards, and originates and holds fixed and variable rate mortgage loans.
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