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

Carter Bankshares (NASDAQ:CARE) issued its quarterly earnings results on Thursday. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.19), FiscalAI reports. The business had revenue of $46.22 million during the quarter, compared to analysts’ expectations of $46.96 million. Carter Bankshares had a net margin of 37.19% and a return on equity of 7.55%.

Carter Bankshares Stock Performance

Carter Bankshares stock opened at $29.00 on Friday. Carter Bankshares has a 52 week low of $16.78 and a 52 week high of $36.06. The firm has a market capitalization of $642.64 million, a price-to-earnings ratio of 17.69 and a beta of 0.59. The company has a 50 day moving average price of $30.65 and a 200 day moving average price of $27.42.

Carter Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Monday, November 9th will be given a $0.10 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.4%. Carter Bankshares’s dividend payout ratio (DPR) is 6.76%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of Carter Bankshares from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings restated a “buy (b)” rating on shares of Carter Bankshares in a research note on Friday, August 7th. Finally, Hovde Group reaffirmed a “market perform” rating and set a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.