Carter Bankshares (NASDAQ:CARE) Releases Quarterly Earnings Results

Carter Bankshares (NASDAQ:CARE) released its quarterly earnings results on Thursday. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.19), FiscalAI reports. Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%. The company had revenue of $46.22 million for the quarter, compared to analysts’ expectations of $47.19 million.

Carter Bankshares Price Performance

Shares of NASDAQ CARE opened at $29.89 on Friday. Carter Bankshares has a 12-month low of $16.78 and a 12-month high of $36.06. The company has a market capitalization of $662.36 million, a PE ratio of 5.14 and a beta of 0.59. The firm’s 50-day moving average is $30.70 and its two-hundred day moving average is $27.37.

Carter Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Monday, November 9th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, November 9th. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. Carter Bankshares’s payout ratio is presently 6.88%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CARE. Hovde Group reaffirmed a “market perform” rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded Carter Bankshares from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $30.75.

About Carter Bankshares

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.