Carter Bankshares (NASDAQ:CARE) Posts Earnings Results, Misses Expectations By $0.91 EPS

Carter Bankshares (NASDAQ:CARE) announced its quarterly earnings data on Thursday. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.91), FiscalAI reports. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The business had revenue of $90.22 million during the quarter, compared to the consensus estimate of $55.90 million.

Carter Bankshares Price Performance

Shares of NASDAQ CARE opened at $31.93 on Thursday. Carter Bankshares has a 1 year low of $16.78 and a 1 year high of $35.03. The stock has a market capitalization of $709.60 million, a P/E ratio of 6.48 and a beta of 0.51. The company’s 50-day moving average is $30.31 and its 200 day moving average is $24.98.

Insider Activity

In other news, Director Elizabeth L. Walsh acquired 4,575 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were acquired at an average cost of $26.20 per share, with a total value of $119,865.00. Following the transaction, the director owned 58,753 shares in the company, valued at $1,539,328.60. The trade was a 8.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bradford N. Langs sold 5,500 shares of Carter Bankshares stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the sale, the insider directly owned 27,093 shares in the company, valued at approximately $717,151.71. The trade was a 16.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.38% of the company’s stock.

Institutional Investors Weigh In On Carter Bankshares

Several hedge funds have recently made changes to their positions in the company. Fourthstone LLC raised its holdings in Carter Bankshares by 19.1% in the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock worth $24,307,000 after purchasing an additional 197,850 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Carter Bankshares by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company’s stock valued at $21,934,000 after buying an additional 24,621 shares in the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of Carter Bankshares by 12.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock valued at $8,561,000 after buying an additional 50,519 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Carter Bankshares by 11.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company’s stock worth $5,909,000 after buying an additional 29,924 shares during the period. Finally, Bridgeway Capital Management LLC grew its position in shares of Carter Bankshares by 5.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 160,113 shares of the company’s stock worth $2,776,000 after buying an additional 8,903 shares during the period. 41.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CARE has been the topic of a number of analyst reports. Raymond James Financial cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Hovde Group cut Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective on the stock. in a research note on Wednesday, June 3rd. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Wall Street Zen raised Carter Bankshares from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Finally, Weiss Ratings upgraded Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Carter Bankshares currently has an average rating of “Hold” and a consensus price target of $28.50.

Carter Bankshares Company Profile

Carter Bankshares, Inc is a bank holding company headquartered in Suffolk, Virginia, operating primarily through its subsidiary, Carter Bank & Trust. The company offers a full range of commercial and retail banking services, serving individuals, small and mid-sized businesses, and nonprofit organizations. Its financial products are designed to meet the needs of local customers across southeastern Virginia and northeastern North Carolina.

Carter Bank & Trust provides deposit accounts, including checking, savings and money market products, as well as certificates of deposit.