Carter Bankshares, Inc. (NASDAQ:CARE) Expected to Announce Quarterly Sales of $34.99 Million

Wall Street brokerages expect that Carter Bankshares, Inc. (NASDAQ:CAREGet Rating) will post sales of $34.99 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Carter Bankshares’ earnings, with the highest sales estimate coming in at $35.10 million and the lowest estimate coming in at $34.90 million. Carter Bankshares reported sales of $34.44 million during the same quarter last year, which indicates a positive year over year growth rate of 1.6%. The business is expected to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Carter Bankshares will report full year sales of $141.93 million for the current year, with estimates ranging from $141.48 million to $142.40 million. For the next fiscal year, analysts anticipate that the business will report sales of $154.49 million, with estimates ranging from $151.97 million to $156.92 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Carter Bankshares.

Separately, Zacks Investment Research upgraded shares of Carter Bankshares from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Friday, April 1st.

NASDAQ:CARE traded up $0.32 during midday trading on Friday, reaching $14.56. The stock had a trading volume of 970 shares, compared to its average volume of 86,536. The stock has a market capitalization of $357.86 million, a P/E ratio of 11.87 and a beta of 1.11. The firm’s fifty day simple moving average is $16.51 and its 200-day simple moving average is $15.90. Carter Bankshares has a 1-year low of $10.02 and a 1-year high of $17.99.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in Carter Bankshares by 0.6% during the fourth quarter. BlackRock Inc. now owns 1,803,262 shares of the company’s stock valued at $27,752,000 after purchasing an additional 10,691 shares during the period. Vanguard Group Inc. grew its holdings in Carter Bankshares by 0.3% during the first quarter. Vanguard Group Inc. now owns 1,256,209 shares of the company’s stock valued at $21,821,000 after purchasing an additional 3,268 shares during the period. State Street Corp grew its holdings in Carter Bankshares by 3.0% during the first quarter. State Street Corp now owns 468,743 shares of the company’s stock valued at $8,142,000 after purchasing an additional 13,587 shares during the period. Geode Capital Management LLC grew its holdings in Carter Bankshares by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 443,251 shares of the company’s stock valued at $6,821,000 after purchasing an additional 4,755 shares during the period. Finally, Petiole USA ltd acquired a new position in Carter Bankshares during the fourth quarter valued at approximately $5,385,000. 38.21% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Carter Bankshares (NASDAQ:CARE)

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