( ) saw a notable decrease in short-term interest during the month of may. On May 31, there were 166,700 shorted shares. This is a 10.4% decrease from the 186,000 shares on May 15. At the moment, 0.7% shares are short sold. The short-interest rate is currently 2.4 days based on an average daily share volume of 70.800.
Wall Street analysts forecast growth
Raymond James also upgraded Carter Bankshares in its research report of Monday, May 1, from a rating of'market perform to an outperform rating' and set a price target for the stock at $17.00. On Monday, 1st May, 2,200 shares were purchased of Carter Bankshares. Stock was purchased at an average price of $13.32 per stock, with a value total of $29304.00. The chief executive now owns 39 446 shares of the company valued at $525 420.72. On Monday, 22nd May, 1,961 stock shares were sold in a single transaction. The stock was bought at a price of $14.08 on average, resulting in a transaction total of $27.610.88. The director owns 7,555 company shares, worth $106,374.40, after the sale. Dyke Litz H. Van, the CEO of the company, also bought 2,200 shares in a deal on Monday, 1st May. The shares were purchased at an average price per share of $13.32, for a transaction totaling $29,304.00. The chief executive now owns 39 446 shares worth $525 420.72. Insiders sold 4,217 shares worth $59,743 and bought 2,277 company shares worth $30,380 in the past ninety-day period. Insiders own 2.23%.
Inflows of Institutional Capital and Outflows
A number of institutional shareholders have recently increased or decreased their stakes in this company. Ameriprise Financial Inc. grew its Carter Bankshares stake by 48.9% during the first quarter. Ameriprise Financial Inc. owns 17,445 of the company stock, valued at $244,000, after purchasing an additional 5,728 during the last quarter. BHZ Capital Management LP purchased a new position of shares of Carter Bankshares in the first quarter, valued at approximately $1,221,000. Susquehanna International Group LLP purchased a new position of shares of Carter Bankshares in the first quarter, valued at approximately $222,000 State Street Corp increased its holdings in Carter Bankshares shares by 1.0% in the first quarter. State Street Corp owns now 473,452 of the company’s stock, valued at $6.628,000, after purchasing an additional 4,809 during the last quarter. First Manhattan CO. LLC. First Manhattan CO. LLC increased its holdings in Carter Bankshares shares by 8.1% over the first quarter. First Manhattan CO. LLC. After purchasing an additional 5,000 stock shares in the last quarter, First Manhattan CO. LLC now owns 67.032 shares valued at $938,000. 37.29% of company stock is owned by institutional investors.
Carter Bankshares Price Performance
Trading on Friday saw a decline of $0.28, bringing the price to $15.44. The trading volume was 68,754 compared to the average of 78 488 shares. The market cap is $369.63 millions, the PE ratio is 6.57, and beta is 0.89. The company's debt-to equity ratio is 1.23. Its quick ratio is 0.92, and its current ratio 0.92. Carter Bankshares's low for the past year was $12.35, and its high is $18.83. The 50-day average for the business is $14.02, and its 200-day average is $15.54.
The company released its last earnings report on Thursday, 27th April. The company posted $0.68 per share for the quarter. This was $0.06 higher than analysts' expectations of $0.62. Revenue for the quarter was $45.52 millions, which is higher than analysts' expectations of only $44.46million. Carter Bankshares' return on equity was 16.79%, and its net margin was 28.29%. Analysts in the field of equity research expect Carter Bankshares to post 2.42 earnings per share for its current fiscal year.
Carter Bankshares Company profile
Carter Bankshares, Inc. is a holding firm that provides retail and commercial financial services, as well as insurance products. Worth Harris Carter, Jr. founded the company in 1974. Its headquarters are located in Martinsville, VA.
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