Insider Buying: Carter Bankshares, Inc. (NASDAQ:CARE) CEO Purchases 1,000 Shares of Stock

Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) CEO Dyke Litz H. Van bought 1,000 shares of the stock in a transaction on Tuesday, May 3rd. The stock was acquired at an average cost of $16.00 per share, for a total transaction of $16,000.00. Following the acquisition, the chief executive officer now directly owns 30,074 shares in the company, valued at $481,184. The transaction was disclosed in a filing with the SEC, which is available through this link.

Shares of NASDAQ:CARE traded down $0.12 during trading on Tuesday, hitting $16.06. 1,473 shares of the stock were exchanged, compared to its average volume of 95,715. Carter Bankshares, Inc. has a 1-year low of $10.02 and a 1-year high of $17.99. The stock has a market capitalization of $407.28 million, a P/E ratio of 13.48 and a beta of 1.11. The company has a fifty day moving average price of $16.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.02.

Large investors have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Carter Bankshares during the 3rd quarter worth approximately $2,221,000. Two Sigma Advisers LP raised its position in Carter Bankshares by 11.1% in the 3rd quarter. Two Sigma Advisers LP now owns 93,200 shares of the company’s stock valued at $1,325,000 after purchasing an additional 9,300 shares during the last quarter. BlackRock Inc. raised its position in Carter Bankshares by 1.4% in the 3rd quarter. BlackRock Inc. now owns 1,792,571 shares of the company’s stock valued at $25,489,000 after purchasing an additional 25,119 shares during the last quarter. Maltese Capital Management LLC raised its position in Carter Bankshares by 37.0% in the 3rd quarter. Maltese Capital Management LLC now owns 82,200 shares of the company’s stock valued at $1,169,000 after purchasing an additional 22,200 shares during the last quarter. Finally, Fourthstone LLC raised its position in Carter Bankshares by 75.9% in the 3rd quarter. Fourthstone LLC now owns 86,678 shares of the company’s stock valued at $1,233,000 after purchasing an additional 37,390 shares during the last quarter. 38.21% of the stock is currently owned by institutional investors.

CARE has been the topic of several recent research reports. Piper Sandler initiated coverage on Carter Bankshares in a report on Friday, January 21st. They set a “neutral” rating and a $17.00 price objective on the stock. Zacks Investment Research raised Carter Bankshares from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Friday, April 1st.

About Carter Bankshares (Get Rating)

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides 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 deposits. The company also offers commercial loans comprising secured and unsecured loans; consumer loans, such as secured and unsecured loans for financing automobiles, home improvements, education, overdraft protection, and personal investments, as well as residential mortgages; real estate construction and acquisition loans; home equity lines of credit; and credit cards, as well as originates and holds fixed and variable rate mortgage loans.

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