Carter Bankshares (NASDAQ:CARE) Issues Quarterly Earnings Results

Carter Bankshares (NASDAQ:CARE) posted its earnings results on Thursday. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08, FiscalAI reports. Carter Bankshares had a return on equity of 7.65% and a net margin of 12.37%.The business had revenue of $39.83 million during the quarter, compared to analyst estimates of $40.66 million.

Carter Bankshares Stock Performance

Shares of NASDAQ:CARE traded up $0.47 during midday trading on Thursday, hitting $20.39. The company had a trading volume of 8,082 shares, compared to its average volume of 103,503. Carter Bankshares has a 12-month low of $13.60 and a 12-month high of $21.45. The company has a fifty day moving average of $19.58 and a two-hundred day moving average of $18.89. The company has a market cap of $450.42 million, a price-to-earnings ratio of 14.99 and a beta of 0.59. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.92 and a quick ratio of 0.92.

Analysts Set New Price Targets

CARE has been the subject of several research analyst reports. Freedom Capital upgraded Carter Bankshares to a “strong-buy” rating in a report on Thursday, December 25th. Raymond James Financial set a $22.00 target price on shares of Carter Bankshares and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Zacks Research upgraded shares of Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. Wall Street Zen cut Carter Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Carter Bankshares in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Carter Bankshares has an average rating of “Moderate Buy” and an average price target of $22.00.

Institutional Trading of Carter Bankshares

Several hedge funds have recently bought and sold shares of CARE. Geneos Wealth Management Inc. raised its stake in shares of Carter Bankshares by 140.6% in the second 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 increased its holdings in 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. Raymond James Financial Inc. purchased a new stake in Carter Bankshares in the 2nd quarter worth approximately $108,000. BNP Paribas Financial Markets raised its stake in Carter Bankshares by 90.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,334 shares of the company’s stock worth $142,000 after acquiring an additional 3,476 shares during the period. Finally, Salzhauer Michael purchased a new position in Carter Bankshares during the second quarter valued at approximately $186,000. Institutional investors own 41.48% of the company’s stock.

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.