Wall Street brokerages expect that Carter Bankshares, Inc. (NASDAQ:CARE – Get 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.
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.
- Get a free copy of the StockNews.com research report on Carter Bankshares (CARE)
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