JPMorgan Chase & Co. Increases Position in Carter Bankshares, Inc. (NASDAQ:CARE)

JPMorgan Chase & Co. lifted its stake in shares of Carter Bankshares, Inc. (NASDAQ:CARE - Free Report) by 195.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,879 shares of the company's stock after buying an additional 40,962 shares during the period. JPMorgan Chase & Co. owned approximately 0.27% of Carter Bankshares worth $1,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Carter Bankshares during the third quarter worth $138,000. Semanteon Capital Management LP acquired a new stake in shares of Carter Bankshares during the third quarter worth $196,000. XTX Topco Ltd acquired a new stake in shares of Carter Bankshares during the second quarter worth $239,000. Truist Financial Corp lifted its stake in shares of Carter Bankshares by 43.5% during the second quarter. Truist Financial Corp now owns 17,790 shares of the company's stock worth $269,000 after buying an additional 5,394 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Carter Bankshares during the third quarter worth $279,000. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Carter Bankshares Stock Performance

Shares of Carter Bankshares stock traded up $0.01 during trading on Friday, hitting $17.79. 71,952 shares of the company's stock were exchanged, compared to its average volume of 48,325. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.89 and a current ratio of 0.89. The business has a 50-day simple moving average of $18.00 and a 200-day simple moving average of $17.51. Carter Bankshares, Inc. has a 52-week low of $10.95 and a 52-week high of $20.40. The stock has a market capitalization of $410.42 million, a price-to-earnings ratio of 28.69 and a beta of 1.00.

Carter Bankshares (NASDAQ:CARE - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.16. Carter Bankshares had a net margin of 6.07% and a return on equity of 4.17%. On average, research analysts forecast that Carter Bankshares, Inc. will post 0.91 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Hovde Group initiated coverage on shares of Carter Bankshares in a report on Wednesday, October 2nd. They set an "outperform" rating and a $22.00 target price for the company.

Carter Bankshares 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.