Carter Bankshares (NASDAQ:CARE) Posts Quarterly 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) announced its earnings results on Thursday. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.10, Zacks reports. Carter Bankshares had a return on equity of 7.76% and a net margin of 12.58%. The firm had revenue of $37.44 million during the quarter, compared to analyst estimates of $37.33 million.

Carter Bankshares Stock Performance

Carter Bankshares stock traded down $0.47 during midday trading on Friday, reaching $18.10. The stock had a trading volume of 91,661 shares, compared to its average volume of 79,047. Carter Bankshares has a 12 month low of $13.60 and a 12 month high of $20.40. The firm's 50-day moving average price is $17.12 and its 200 day moving average price is $16.65. The firm has a market capitalization of $419.20 million, a PE ratio of 13.31 and a beta of 0.77. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.14.

Insider Transactions at Carter Bankshares

In other Carter Bankshares news, Director Kevin S. Bloomfield sold 1,629 shares of Carter Bankshares stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.81, for a total transaction of $27,383.49. Following the completion of the transaction, the director owned 16,418 shares of the company's stock, valued at $275,986.58. The trade was a 9.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 7,138 shares of company stock valued at $119,249. Insiders own 2.18% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new position in Carter Bankshares during the 1st quarter valued at about $585,000. Empowered Funds LLC lifted its position in Carter Bankshares by 7.3% in the first quarter. Empowered Funds LLC now owns 90,725 shares of the company's stock valued at $1,468,000 after purchasing an additional 6,157 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Carter Bankshares by 88.1% in the first quarter. AQR Capital Management LLC now owns 25,175 shares of the company's stock valued at $407,000 after purchasing an additional 11,794 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company's stock.

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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