Carter Bank and Trust (NASDAQ:CARE) Sees Significant Growth in Short Interest

Carter Bank and Trust (NASDAQ:CARE) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 63,000 shares, a growth of 132.5% from the April 30th total of 27,100 shares. Based on an average daily trading volume, of 36,800 shares, the short-interest ratio is presently 1.7 days. Approximately 0.3% of the company’s stock are short sold.

Separately, FIG Partners initiated coverage on Carter Bank and Trust in a report on Monday, April 15th. They issued a “market perform” rating and a $21.00 price target for the company.

A number of institutional investors and hedge funds have recently made changes to their positions in CARE. ELCO Management Co. LLC purchased a new position in Carter Bank and Trust in the first quarter worth $399,000. M3F Inc. purchased a new position in Carter Bank and Trust in the first quarter worth $422,000. Salzhauer Michael purchased a new position in shares of Carter Bank and Trust in the first quarter valued at $514,000. Permanens Capital L.P. purchased a new position in shares of Carter Bank and Trust in the first quarter valued at $950,000. Finally, Banc Funds Co. LLC purchased a new position in shares of Carter Bank and Trust in the first quarter valued at $1,274,000. 16.17% of the stock is owned by hedge funds and other institutional investors.

CARE traded up $0.18 on Monday, reaching $20.23. The company’s stock had a trading volume of 3,078 shares, compared to its average volume of 58,443. The business has a 50 day simple moving average of $19.63. Carter Bank and Trust has a fifty-two week low of $14.45 and a fifty-two week high of $21.14.

Carter Bank and Trust (NASDAQ:CARE) last announced its quarterly earnings results on Thursday, April 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.19. The business had revenue of $31.70 million during the quarter, compared to analyst estimates of $34.03 million. On average, equities research analysts predict that Carter Bank and Trust will post 1.13 EPS for the current fiscal year.

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Carter Bank and Trust Company Profile

Carter Bank & Trust provides a range of retail and commercial banking products and services in Virginia and North Carolina. It accepts checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers loans, such as secured and unsecured commercial loans; secured and unsecured consumer loans for financing automobiles, home improvements, education, and personal investments; real estate construction and acquisition loans; and fixed and variable rate mortgage loans.

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