Carter Bankshares (NASDAQ:CARE) Posts Earnings Results, Beats Expectations By $0.16 EPS

Carter Bankshares (NASDAQ:CARE) announced its quarterly earnings results on Thursday. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.16, Zacks reports. Carter Bankshares had a net margin of 6.07% and a return on equity of 4.17%.

Carter Bankshares Stock Performance

Shares of NASDAQ CARE traded up $0.77 during midday trading on Thursday, reaching $18.31. The company’s stock had a trading volume of 4,692 shares, compared to its average volume of 57,456. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $422.39 million, a P/E ratio of 29.33 and a beta of 1.00. The firm has a 50 day moving average price of $18.10 and a 200-day moving average price of $17.47. Carter Bankshares has a 12-month low of $10.95 and a 12-month high of $20.40.

Analysts Set New Price Targets

Separately, Hovde Group assumed coverage on Carter Bankshares in a report on Wednesday, October 2nd. They set an “outperform” rating and a $22.00 price target for the company.

Carter Bankshares Company Profile

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.