Carter Bankshares (NASDAQ:CARE) Posts Earnings Results

Key Points

• Carter Bankshares reported quarterly EPS of $0.35, missing the $0.54 consensus estimate, while revenue of $46.22 million also fell short of the $47.19 million forecast.
• The stock declined 1.5% to $29.75 following the results. Carter Bankshares has a market capitalization of approximately $659 million and a price-to-earnings ratio of 5.12.
• Analyst sentiment is mixed but leans cautious: the consensus rating is “Hold”, with one Buy and four Hold ratings and an average price target of $30.75.

Carter Bankshares (NASDAQ:CARE - Get Free Report) announced its earnings results on Thursday. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.19), FiscalAI reports. Carter Bankshares had a return on equity of 7.46% and a net margin of 36.79%. The business had revenue of $46.22 million for the quarter, compared to the consensus estimate of $47.19 million.

Carter Bankshares Trading Down 1.5%

Carter Bankshares stock traded down $0.47 during trading on Thursday, hitting $29.75. The company had a trading volume of 105,156 shares, compared to its average volume of 281,546. The company's 50 day simple moving average is $30.72 and its 200-day simple moving average is $27.32. Carter Bankshares has a 1-year low of $16.78 and a 1-year high of $36.06. The stock has a market cap of $659.37 million, a price-to-earnings ratio of 5.12 and a beta of 0.59.

Analyst Ratings Changes

A number of analysts have issued reports on CARE shares. Hovde Group reissued a "market perform" rating and issued a $34.50 price objective (up from $30.00) on shares of Carter Bankshares in a report on Monday, July 27th. Wall Street Zen downgraded Carter Bankshares from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Raymond James Financial downgraded shares of Carter Bankshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 1st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Carter Bankshares in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $30.75.

About Carter Bankshares

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.

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