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

Carter Bankshares (NASDAQ:CARE) issued its earnings results on Thursday. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91), FiscalAI reports. The firm had revenue of $90.22 million during the quarter, compared to analyst estimates of $55.90 million. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.

Carter Bankshares Stock Up 0.8%

CARE stock traded up $0.25 during trading on Thursday, reaching $33.17. 109,150 shares of the company’s stock were exchanged, compared to its average volume of 279,615. Carter Bankshares has a 1-year low of $16.78 and a 1-year high of $35.03. The firm has a market cap of $737.06 million, a PE ratio of 6.79 and a beta of 0.51. The company’s fifty day moving average price is $30.31 and its 200-day moving average price is $24.98.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CARE. Raymond James Financial downgraded shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. Wall Street Zen raised Carter Bankshares from a “hold” rating to a “buy” rating in a report on Monday, July 13th. Hovde Group lowered Carter Bankshares from an “outperform” rating to a “market perform” rating and set a $30.00 price objective for the company. in a research report on Wednesday, June 3rd. Freedom Capital downgraded Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, Weiss Ratings raised Carter Bankshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Carter Bankshares has a consensus rating of “Hold” and an average price target of $28.50.

Insider Transactions at Carter Bankshares

In related news, insider Bradford N. Langs sold 5,500 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total value of $145,585.00. Following the completion of the sale, the insider owned 27,093 shares of the company’s stock, valued at $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the transaction, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. This represents a 8.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARE. Fourthstone LLC lifted its stake in Carter Bankshares by 19.1% during the fourth quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after purchasing an additional 197,850 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Carter Bankshares during the fourth quarter worth approximately $1,770,000. Curi Capital LLC grew its position in Carter Bankshares by 388.0% in the second quarter. Curi Capital LLC now owns 93,295 shares of the company’s stock worth $1,618,000 after buying an additional 74,178 shares during the last quarter. Mendon Capital Advisors Corp grew its position in Carter Bankshares by 106.0% in the second quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company’s stock worth $2,469,000 after buying an additional 73,275 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Carter Bankshares by 457.6% in the third quarter. First Trust Advisors LP now owns 82,410 shares of the company’s stock valued at $1,600,000 after buying an additional 67,630 shares in the last quarter. 41.48% of the stock is owned by institutional investors.

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.