Carter Bankshares (NASDAQ:CARE) Releases Earnings Results, Misses Estimates By $0.13 EPS

Carter Bankshares (NASDAQ:CARE) announced its earnings results on Thursday. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.13), Zacks reports. The company had revenue of $39.25 million during the quarter, compared to analysts’ expectations of $39.20 million. Carter Bankshares had a return on equity of 7.72% and a net margin of 12.37%.

Carter Bankshares Price Performance

CARE opened at $18.46 on Friday. The business has a fifty day moving average of $19.30 and a 200 day moving average of $17.52. Carter Bankshares has a 52-week low of $13.60 and a 52-week high of $20.53. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.28. The stock has a market cap of $418.49 million, a P/E ratio of 13.57 and a beta of 0.83.

Insider Buying and Selling at Carter Bankshares

In other Carter Bankshares news, Director Catharine L. Midkiff sold 2,000 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $17.76, for a total value of $35,520.00. Following the completion of the sale, the director directly owned 16,054 shares in the company, valued at approximately $285,119.04. This represents a 11.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.18% 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. Geneos Wealth Management Inc. lifted its holdings in shares of 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 buying an additional 1,534 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Carter Bankshares by 113.6% in 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 in the last quarter. Salzhauer Michael bought a new position in shares of Carter Bankshares in the 2nd quarter worth $186,000. Group One Trading LLC raised its position in shares of Carter Bankshares by 403.4% in the 2nd quarter. Group One Trading LLC now owns 52,661 shares of the company’s stock worth $913,000 after acquiring an additional 42,200 shares in the last quarter. Finally, Engineers Gate Manager LP raised its position in shares of Carter Bankshares by 16.8% in the 2nd quarter. Engineers Gate Manager LP now owns 15,095 shares of the company’s stock worth $262,000 after acquiring an additional 2,172 shares in the last quarter. 41.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CARE shares. Weiss Ratings upgraded Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Raymond James Financial set a $22.00 price objective on Carter Bankshares and gave the company an “outperform” rating in a report on Tuesday, October 7th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.00.

About Carter Bankshares

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services in the United States. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as certificates of deposits.