Carter Bankshares (NASDAQ:CARE) Announces Earnings Results, Misses Estimates By $0.19 EPS

Carter Bankshares (NASDAQ:CARE) released its quarterly earnings data on Thursday. The company reported $0.35 earnings per share (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 during the quarter, compared to analysts’ expectations of $47.19 million.

Carter Bankshares Price Performance

NASDAQ:CARE traded down $0.43 during trading hours on Thursday, reaching $29.79. 116,565 shares of the company traded hands, compared to its average volume of 281,635. The firm’s 50-day moving average is $30.72 and its 200-day moving average is $27.32. The stock has a market cap of $660.06 million, a P/E ratio of 5.12 and a beta of 0.59. Carter Bankshares has a 1-year low of $16.78 and a 1-year high of $36.06.

Analyst Ratings Changes

CARE has been the subject of several recent analyst reports. Raymond James Financial cut shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. Wall Street Zen lowered shares of Carter Bankshares from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carter Bankshares in a report on Friday, August 7th. Finally, Hovde Group reiterated a “market perform” rating and set a $34.50 price target (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.75.

Carter Bankshares Company Profile

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.