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

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

Carter Bankshares Price Performance

CARE stock traded down $0.22 during mid-day trading on Thursday, reaching $24.16. The company’s stock had a trading volume of 82,994 shares, compared to its average volume of 204,671. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The company’s 50 day moving average is $22.00 and its two-hundred day moving average is $20.23. Carter Bankshares has a fifty-two week low of $14.98 and a fifty-two week high of $24.91. The stock has a market cap of $535.27 million, a PE ratio of 17.50 and a beta of 0.44.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Carter Bankshares from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a research note on Thursday, December 25th. Zacks Research raised Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings raised Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Carter Bankshares currently has a consensus rating of “Buy” and an average price target of $22.00.

Institutional Investors Weigh In On Carter Bankshares

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. boosted its stake in 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 last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Carter Bankshares by 140.6% during 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 period. Tower Research Capital LLC TRC raised its holdings in shares of 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 position in shares of Carter Bankshares during the 2nd quarter valued at about $108,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Carter Bankshares by 90.1% in the third 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 period. Institutional investors and hedge funds own 41.48% of the company’s stock.

About Carter Bankshares

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.