Analysts expect Carter Bankshares, Inc. (NASDAQ:CARE – Get a rating) will post revenue of $33.56 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts provided earnings estimates for Carter Bankshares, with the lowest sales estimate of $32.97 million and the highest estimate of $33.99 million. Carter Bankshares reported sales of $35.48 million in the same quarter last year, suggesting a negative 5.4% year-over-year growth rate. The company is due to release its next earnings report on Monday, January 1.
On average, analysts expect Carter Bankshares to report sales of $140.25 million for the current fiscal year, with estimates ranging from $137.76 million to $141.81 million. For the next fiscal year, analysts expect the company to record sales of $151.51 million, with estimates ranging from $150.39 million to $152.82 million. Zacks Investment Research’s sell-side calculations are an average based on a survey of sell-side research firms that track Carter Bankshares.
Carter Bankshares (NASDAQ: CARE – Get a rating) last released its quarterly earnings data on Thursday, January 27. The company reported earnings per share (EPS) of $0.21 for the quarter, missing the Zacks consensus estimate of $0.34 per ($0.13). Carter Bankshares had a net margin of 19.41% and a return on equity of 7.89%. The company posted revenue of $33.83 million for the quarter, compared to $34.39 million expected by analysts.
Several brokerages have weighed in on CARE. Piper Sandler began coverage of Carter Bankshares in a report on Friday, January 21. They issued a “neutral” rating and a target price of $17.00 for the company. Zacks Investment Research upgraded Carter Bankshares from a “hold” rating to a “buy” rating and set a target price of $19.00 for the company in a Friday, April 1, report.
CARE shares opened at $17.26 on Friday. Carter Bankshares has a 12-month low of $10.02 and a 12-month high of $17.80. The stock has a market capitalization of $437.68 million, a price-earnings ratio of 14.38 and a beta of 1.16. The stock has a fifty-day simple moving average of $16.37 and a two-hundred-day simple moving average of $15.55. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt ratio of 0.02.
Several hedge funds and other institutional investors have recently changed their stock holdings. BlackRock Inc. increased its stake in shares of Carter Bankshares by 0.6% during the 4th quarter. BlackRock Inc. now owns 1,803,262 shares of the company worth $27,752,000 after purchasing an additional 10,691 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Carter Bankshares by 73.7% during the 4th quarter. Wells Fargo & Company MN now owns 34,607 shares of the company worth $532,000 after purchasing an additional 14,680 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Carter Bankshares by 6.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,677 shares of the company worth $318,000 after buying 1,248 additional shares in the last quarter. Deutsche Bank AG increased its stake in shares of Carter Bankshares by 5.4% during the 4th quarter. Deutsche Bank AG now owns 16,321 shares in the company worth $251,000 after buying 837 more shares in the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Carter Bankshares by 111.0% during the 4th quarter. MetLife Investment Management LLC now owns 9,102 shares of the company worth $140,000 after buying 4,789 additional shares in the last quarter. Hedge funds and other institutional investors own 35.34% of the company’s shares.
Carter Bankshares Company Profile (Get a rating)
Carter Bankshares, Inc operates as a bank holding company for Carter Bank & Trust which provides various banking products and services. It accepts a variety of deposit products, including checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers commercial loans including secured and unsecured loans; consumer loans, such as secured and unsecured loans for automobile financing, home improvement, education, overdraft protection and personal investments, and residential mortgages; loans for the construction and acquisition of real estate; home equity lines of credit; and credit cards, as well as issues and holds fixed and variable rate mortgages.
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