Hotchkis & Wiley Capital Management LLC Makes New $2.77 Million Investment in Carter Bankshares, Inc. (NASDAQ:CARE)

Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 159,040 shares of the company's stock, valued at approximately $2,766,000. Hotchkis & Wiley Capital Management LLC owned 0.69% of Carter Bankshares as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CARE. Empowered Funds LLC increased its holdings in shares of Carter Bankshares by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 80,475 shares of the company's stock valued at $1,399,000 after acquiring an additional 4,020 shares during the period. Truist Financial Corp increased 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 purchasing an additional 5,394 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of Carter Bankshares by 22.4% in the second quarter. Los Angeles Capital Management LLC now owns 35,237 shares of the company's stock valued at $533,000 after buying an additional 6,450 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Carter Bankshares during the third quarter worth about $138,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Carter Bankshares by 9.6% during the second quarter. Bank of New York Mellon Corp now owns 93,138 shares of the company's stock worth $1,408,000 after buying an additional 8,160 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on CARE. Raymond James upped their price objective on Carter Bankshares from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Thursday, August 29th. Hovde Group began coverage on shares of Carter Bankshares in a research note on Wednesday, October 2nd. They set an "outperform" rating and a $22.00 price target on the stock.

Carter Bankshares Price Performance

Shares of CARE traded down $0.08 during mid-day trading on Friday, hitting $19.00. The company's stock had a trading volume of 37,917 shares, compared to its average volume of 85,351. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.23. Carter Bankshares, Inc. has a 1-year low of $10.95 and a 1-year high of $20.40. The firm has a market capitalization of $438.33 million, a P/E ratio of 30.65 and a beta of 1.00. The firm has a 50-day simple moving average of $18.45 and a 200 day simple moving average of $16.42.

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.