Connor Clark & Lunn Investment Management Ltd. Lowers Position in Carter Bankshares, Inc. $CARE

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Carter Bankshares, Inc. (NASDAQ:CARE) by 37.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,987 shares of the company’s stock after selling 19,501 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Carter Bankshares worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. CWM LLC boosted its stake in shares of Carter Bankshares by 64.1% during the second quarter. CWM LLC now owns 2,171 shares of the company’s stock valued at $38,000 after purchasing an additional 848 shares in the last quarter. Martingale Asset Management L P bought a new position in Carter Bankshares in the first quarter worth approximately $287,000. Curi RMB Capital LLC lifted its holdings in Carter Bankshares by 35.4% during the first quarter. Curi RMB Capital LLC now owns 19,117 shares of the company’s stock worth $309,000 after buying an additional 5,000 shares during the period. Strs Ohio bought a new stake in Carter Bankshares during the 1st quarter valued at $340,000. Finally, Cubist Systematic Strategies LLC boosted its position in Carter Bankshares by 3.1% during the 1st quarter. Cubist Systematic Strategies LLC now owns 24,547 shares of the company’s stock valued at $397,000 after acquiring an additional 744 shares in the last quarter. Institutional investors own 41.48% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Raymond James Financial set a $22.00 price target on Carter Bankshares and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Zacks Research downgraded shares of Carter Bankshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Carter Bankshares in a report on Thursday, November 13th. Finally, Wall Street Zen downgraded shares of Carter Bankshares from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $22.00.

Carter Bankshares Price Performance

Shares of CARE opened at $17.05 on Thursday. The firm has a market capitalization of $376.63 million, a PE ratio of 12.54 and a beta of 0.84. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.92 and a quick ratio of 0.92. The company’s fifty day moving average price is $18.60 and its 200-day moving average price is $17.86. Carter Bankshares, Inc. has a 1-year low of $13.60 and a 1-year high of $20.53.

Carter Bankshares (NASDAQ:CARE) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.13). The firm had revenue of $39.09 million for the quarter, compared to analyst estimates of $39.20 million. Carter Bankshares had a return on equity of 7.65% and a net margin of 12.37%. On average, equities research analysts predict that Carter Bankshares, Inc. will post 1.26 EPS for the current year.

Insider Buying and Selling

In related news, Director Robert M. Bolton sold 1,901 shares of the stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $17.23, for a total value of $32,754.23. Following the transaction, the director owned 10,827 shares in the company, valued at approximately $186,549.21. This represents a 14.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.18% of the stock is currently owned by corporate insiders.

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.