Carter Bankshares (NASDAQ:CARE) Announces Earnings Results, Misses Expectations By $0.65 EPS

Carter Bankshares (NASDAQ:CARE) issued its quarterly earnings data on Thursday. The company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.65), FiscalAI reports. The company had revenue of $90.22 million for the quarter, compared to the consensus estimate of $55.90 million. Carter Bankshares had a net margin of 33.60% and a return on equity of 7.51%.

Carter Bankshares Stock Up 1.4%

CARE traded up $0.47 during trading on Friday, hitting $34.37. 43,217 shares of the company traded hands, compared to its average volume of 280,205. The firm has a market cap of $763.70 million, a P/E ratio of 7.06 and a beta of 0.51. The stock’s fifty day moving average is $30.44 and its 200 day moving average is $25.09. Carter Bankshares has a one year low of $16.78 and a one year high of $35.03.

Carter Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, August 10th. This represents a $0.40 annualized dividend and a yield of 1.2%. Carter Bankshares’s dividend payout ratio is presently 8.21%.

Insider Activity

In other news, insider Bradford N. Langs sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $26.47, for a total transaction of $145,585.00. Following the completion of the sale, the insider owned 27,093 shares in the company, valued at $717,151.71. This trade represents a 16.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Elizabeth L. Walsh purchased 4,575 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average cost of $26.20 per share, for a total transaction of $119,865.00. Following the acquisition, the director directly owned 58,753 shares in the company, valued at $1,539,328.60. This trade represents a 8.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.38% of the company’s stock.

Institutional Trading of Carter Bankshares

A number of large investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of Carter Bankshares by 88.1% during the 1st quarter. AQR Capital Management LLC now owns 25,175 shares of the company’s stock valued at $407,000 after buying an additional 11,794 shares during the last quarter. Empowered Funds LLC increased its holdings in Carter Bankshares by 7.3% in the 1st 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 purchased a new stake in Carter Bankshares in the 1st quarter worth about $585,000. Creative Planning bought a new stake in Carter Bankshares in the 2nd quarter valued at about $330,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Carter Bankshares by 7.0% during 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 owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.