Carter Bankshares (NASDAQ:CARE) Announces Earnings Results

Key Points

• Carter Bankshares reported earnings of $0.26 per share for the quarter, missing analysts' expectations of $0.39 by $0.13.
• The company's stock traded down 5.8% to $17.85 following the earnings announcement, with a market cap of $404.66 million.
• Wall Street analysts have set a price target of $22.00 for Carter Bankshares, with an average rating of "Moderate Buy".

Carter Bankshares (NASDAQ:CARE - Get Free Report) released its earnings results on Thursday. The company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.13), Zacks reports. Carter Bankshares had a return on equity of 7.68% and a net margin of 12.58%.

Carter Bankshares Trading Down 5.8%

Shares of Carter Bankshares stock traded down $1.09 during trading hours on Thursday, hitting $17.85. The company's stock had a trading volume of 83,169 shares, compared to its average volume of 76,756. The stock has a market cap of $404.66 million, a price-to-earnings ratio of 13.14 and a beta of 0.83. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.89 and a current ratio of 0.89. Carter Bankshares has a twelve month low of $13.60 and a twelve month high of $20.53. The firm has a fifty day moving average of $19.31 and a 200-day moving average of $17.47.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CARE. Raymond James Financial set a $22.00 price objective on Carter Bankshares and gave the stock an "outperform" rating in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Carter Bankshares in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.00.

Insider Activity

In other Carter Bankshares news, Director Catharine L. Midkiff sold 2,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $17.76, for a total value of $35,520.00. Following the transaction, the director owned 16,054 shares of the company's stock, valued at $285,119.04. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.18% of the company's stock.

Hedge Funds Weigh In On Carter Bankshares

Several large investors have recently made changes to their positions in the stock. Curi Capital LLC boosted its position in shares of Carter Bankshares by 388.0% during the 2nd quarter. Curi Capital LLC now owns 93,295 shares of the company's stock worth $1,618,000 after purchasing an additional 74,178 shares during the period. Mendon Capital Advisors Corp boosted its position in shares of Carter Bankshares by 106.0% during 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 period. Group One Trading LLC boosted its position in shares of Carter Bankshares by 403.4% during the second quarter. Group One Trading LLC now owns 52,661 shares of the company's stock worth $913,000 after buying an additional 42,200 shares during the period. Jane Street Group LLC acquired a new stake in shares of Carter Bankshares in the first quarter valued at $585,000. Finally, Creative Planning purchased a new stake in shares of Carter Bankshares in the 2nd quarter valued at $330,000. 41.48% of the stock is currently owned by institutional investors and hedge funds.

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.

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