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

Carter Bankshares (NASDAQ:CARE) posted its quarterly earnings data on Thursday. The company reported $0.40 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $42.47 million.

Carter Bankshares Stock Performance

Shares of NASDAQ:CARE traded down $0.22 during midday 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 quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average of $22.00 and a 200 day moving average of $20.23. Carter Bankshares has a twelve month low of $14.98 and a twelve month high of $24.91. The firm has a market capitalization of $535.27 million, a PE ratio of 17.50 and a beta of 0.44.

Analysts Set New Price Targets

Several analysts recently issued reports on CARE shares. Wall Street Zen raised Carter Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Freedom Capital upgraded shares of Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. Weiss Ratings raised shares of Carter Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 9th. Finally, Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Carter Bankshares presently has an average 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 added to or reduced their stakes in CARE. Fourthstone LLC lifted its holdings in shares of Carter Bankshares by 19.1% in the 4th quarter. Fourthstone LLC now owns 1,236,393 shares of the company’s stock valued at $24,307,000 after buying an additional 197,850 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Carter Bankshares by 2.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,130,055 shares of the company’s stock valued at $21,934,000 after acquiring an additional 24,621 shares during the period. Kennedy Capital Management LLC boosted its position in Carter Bankshares by 12.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 441,076 shares of the company’s stock worth $8,561,000 after purchasing an additional 50,519 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Carter Bankshares by 11.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 300,553 shares of the company’s stock worth $5,909,000 after purchasing an additional 29,924 shares during the period. Finally, Bridgeway Capital Management LLC boosted its holdings in Carter Bankshares by 5.9% during the second quarter. Bridgeway Capital Management LLC now owns 160,113 shares of the company’s stock worth $2,776,000 after buying an additional 8,903 shares in the last quarter. 41.48% of the stock is owned by institutional investors and hedge funds.

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.