Carter Bankshares (NASDAQ:CARE) Issues Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Carter Bankshares reported earnings of $0.41 per share, exceeding expectations by $0.10, with revenues of $37.44 million for the quarter.
• The company's stock experienced a slight decline, trading at $18.10, with a 12-month trading range from $13.60 to $20.40.
• Several hedge funds increased their stakes in Carter Bankshares, with institutional investors now owning 41.48% of the company's stock.

Carter Bankshares (NASDAQ:CARE - Get Free Report) issued its earnings results on Thursday. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.10, Zacks reports. The business had revenue of $37.44 million during the quarter, compared to analyst estimates of $37.33 million. Carter Bankshares had a return on equity of 7.76% and a net margin of 12.58%.

Carter Bankshares Stock Down 1.1%

Shares of NASDAQ:CARE traded down $0.20 during trading hours on Wednesday, hitting $17.44. The company's stock had a trading volume of 96,607 shares, compared to its average volume of 75,565. Carter Bankshares has a 52 week low of $13.60 and a 52 week high of $20.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $403.91 million, a price-to-earnings ratio of 12.82 and a beta of 0.77. The firm's fifty day moving average price is $17.20 and its 200 day moving average price is $16.66.

Insider Buying and Selling

In other news, Director Kevin S. Bloomfield sold 4,509 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $16.71, for a total value of $75,345.39. Following the completion of the transaction, the director directly owned 18,047 shares of the company's stock, valued at approximately $301,565.37. The trade was a 19.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 7,138 shares of company stock valued at $119,249 over the last ninety days. Insiders own 1.86% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CARE. Jane Street Group LLC acquired a new stake in shares of Carter Bankshares during the 1st quarter worth approximately $585,000. Empowered Funds LLC grew its position in shares of Carter Bankshares by 7.3% during the 1st quarter. Empowered Funds LLC now owns 90,725 shares of the company's stock valued at $1,468,000 after acquiring an additional 6,157 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Carter Bankshares by 88.1% during the 1st quarter. AQR Capital Management LLC now owns 25,175 shares of the company's stock valued at $407,000 after acquiring an additional 11,794 shares during the period. 41.48% of the stock is owned by institutional investors and hedge funds.

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.