Carter Bankshares (NASDAQ:CARE) Issues Quarterly Earnings Results

Carter Bankshares (NASDAQ:CARE) released its quarterly earnings results on Thursday. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.08, FiscalAI reports. The business had revenue of $39.83 million for the quarter, compared to analyst estimates of $40.66 million. Carter Bankshares had a net margin of 12.37% and a return on equity of 7.65%.

Carter Bankshares Price Performance

NASDAQ:CARE traded up $0.59 during trading hours on Thursday, reaching $20.51. The company had a trading volume of 21,259 shares, compared to its average volume of 104,331. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average of $19.58 and a two-hundred day moving average of $18.89. Carter Bankshares has a one year low of $13.60 and a one year high of $21.45. The firm has a market capitalization of $452.96 million, a PE ratio of 15.07 and a beta of 0.59.

Institutional Trading of Carter Bankshares

Several hedge funds have recently bought and sold shares of CARE. AQR Capital Management LLC lifted its holdings in Carter Bankshares by 88.1% during the 1st quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock worth $407,000 after purchasing an additional 11,794 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Carter Bankshares by 7.3% in the first quarter. Empowered Funds LLC now owns 90,725 shares of the company’s stock worth $1,468,000 after acquiring an additional 6,157 shares during the last quarter. Jane Street Group LLC bought a new stake in Carter Bankshares during the 1st quarter worth $585,000. Creative Planning acquired a new position in Carter Bankshares in the 2nd quarter worth about $330,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Carter Bankshares by 7.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 46,795 shares of the company’s stock valued at $811,000 after purchasing an additional 3,066 shares during the last quarter. 41.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Carter Bankshares in a research report on Monday, December 29th. Raymond James Financial set a $22.00 price objective on Carter Bankshares and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Wall Street Zen lowered shares of Carter Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. Freedom Capital raised shares of Carter Bankshares to a “strong-buy” rating in a research report on Thursday, December 25th. Finally, Zacks Research upgraded Carter Bankshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.00.

About Carter Bankshares

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.