Carter Bankshares (NASDAQ:CARE) Issues Earnings Results, Misses Expectations By $0.09 EPS

Carter Bankshares (NASDAQ:CARE) posted its earnings results on Thursday. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09), FiscalAI reports. The company had revenue of $106.91 million during the quarter, compared to analysts’ expectations of $42.47 million. Carter Bankshares had a net margin of 12.32% and a return on equity of 7.64%.

Carter Bankshares Stock Performance

CARE stock traded down $0.23 during trading on Thursday, reaching $24.14. The company had a trading volume of 101,514 shares, compared to its average volume of 205,014. The firm has a 50-day simple moving average of $22.00 and a 200-day simple moving average of $20.23. The company has a market cap of $534.94 million, a price-to-earnings ratio of 17.47 and a beta of 0.44. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.93. Carter Bankshares has a twelve month low of $14.98 and a twelve month high of $24.91.

Wall Street Analysts Forecast Growth

CARE has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Wall Street Zen upgraded shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Weiss Ratings raised shares of Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Finally, Freedom Capital raised shares of Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Carter Bankshares currently has a consensus rating of “Buy” and an average target price of $22.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CARE. Federated Hermes Inc. lifted its stake in shares of Carter Bankshares by 98.3% during the fourth quarter. Federated Hermes Inc. now owns 1,626 shares of the company’s stock worth $32,000 after buying an additional 806 shares during the period. Geneos Wealth Management Inc. raised its stake in Carter Bankshares by 140.6% in the 2nd quarter. Geneos Wealth Management Inc. now owns 2,625 shares of the company’s stock worth $46,000 after acquiring an additional 1,534 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Carter Bankshares by 113.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $65,000 after acquiring an additional 2,008 shares during the period. Raymond James Financial Inc. acquired a new stake in Carter Bankshares during the 2nd quarter worth about $108,000. Finally, BNP Paribas Financial Markets grew its stake in Carter Bankshares by 90.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,334 shares of the company’s stock valued at $142,000 after purchasing an additional 3,476 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

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.