Carter Bankshares (NASDAQ:CARE) Releases Quarterly Earnings Results

Key Points

• Carter Bankshares reported quarterly earnings of $0.53 per share, well below the consensus estimate of $1.44. However, revenue came in at $90.22 million, topping expectations of $55.90 million.
• The stock was down about 3% after the report, trading at $31.93. It carries a market cap of $709.6 million, a low beta of 0.51, and has traded between $16.78 and $35.03 over the past 12 months.
• Analyst sentiment is mixed but cautious: the stock has a consensus rating of Hold with an average price target of $28.50. Recent insider activity included both a sale by one executive and a purchase by a director.

Carter Bankshares (NASDAQ:CARE - Get Free Report) posted its earnings results on Thursday. The company reported $0.53 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.91), FiscalAI reports. Carter Bankshares had a return on equity of 7.51% and a net margin of 33.60%.The firm had revenue of $90.22 million for the quarter, compared to the consensus estimate of $55.90 million.

Carter Bankshares Trading Down 3.0%

NASDAQ:CARE opened at $31.93 on Thursday. The stock has a market capitalization of $709.60 million, a PE ratio of 6.48 and a beta of 0.51. The firm's 50 day moving average is $30.31 and its 200 day moving average is $24.98. Carter Bankshares has a 12 month low of $16.78 and a 12 month high of $35.03.

Insider Activity at Carter Bankshares

In other Carter Bankshares news, insider Bradford N. Langs sold 5,500 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the transaction, the insider directly owned 27,093 shares of the company's stock, valued at approximately $717,151.71. This represents a 16.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizabeth L. Walsh bought 4,575 shares of the stock in a transaction on Wednesday, May 6th. The stock was purchased at an average price of $26.20 per share, for a total transaction of $119,865.00. Following the completion of the purchase, the director owned 58,753 shares of the company's stock, valued at approximately $1,539,328.60. This trade represents a 8.44% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Carter Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARE. Fourthstone LLC lifted its stake in shares of Carter Bankshares by 19.1% during 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 in the last quarter. Squarepoint Ops LLC purchased a new position in Carter Bankshares in the 4th quarter valued at approximately $1,770,000. Curi Capital LLC grew its position in shares of Carter Bankshares by 388.0% in the second quarter. Curi Capital LLC now owns 93,295 shares of the company's stock valued at $1,618,000 after purchasing an additional 74,178 shares in the last quarter. Mendon Capital Advisors Corp grew its holdings in Carter Bankshares by 106.0% during the 2nd quarter. Mendon Capital Advisors Corp now owns 142,392 shares of the company's stock valued at $2,469,000 after buying an additional 73,275 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Carter Bankshares by 457.6% during the third quarter. First Trust Advisors LP now owns 82,410 shares of the company's stock valued at $1,600,000 after acquiring an additional 67,630 shares in the last quarter. Institutional investors own 41.48% of the company's stock.

Wall Street Analyst Weigh In

CARE has been the subject of a number of research analyst reports. Weiss Ratings raised Carter Bankshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Wall Street Zen raised Carter Bankshares from a "hold" rating to a "buy" rating in a research report on Monday, July 13th. Raymond James Financial downgraded Carter Bankshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Freedom Capital cut Carter Bankshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Finally, Hovde Group cut Carter Bankshares from an "outperform" rating to a "market perform" rating and set a $30.00 target price on the stock. in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $28.50.

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.

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