Zacks: Analysts Expect Carter Bankshares, Inc. (NASDAQ:CARE) Will Announce Earnings of $0.36 Per Share

Wall Street brokerages expect Carter Bankshares, Inc. (NASDAQ:CAREGet Rating) to post earnings of $0.36 per share for the current quarter, according to Zacks. Three analysts have issued estimates for Carter Bankshares’ earnings, with the lowest EPS estimate coming in at $0.34 and the highest estimate coming in at $0.39. Carter Bankshares reported earnings per share of $0.21 in the same quarter last year, which suggests a positive year-over-year growth rate of 71.4%. The business is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Carter Bankshares will report full year earnings of $1.54 per share for the current financial year, with EPS estimates ranging from $1.51 to $1.60. For the next fiscal year, analysts expect that the company will post earnings of $1.69 per share, with EPS estimates ranging from $1.50 to $1.83. Zacks’ EPS averages are a mean average based on a survey of research firms that cover Carter Bankshares.

Carter Bankshares (NASDAQ:CAREGet Rating) last announced its quarterly earnings results on Tuesday, April 26th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.30 by $0.06. The company had revenue of $33.56 million for the quarter, compared to analyst estimates of $33.56 million. Carter Bankshares had a net margin of 19.85% and a return on equity of 8.00%.

Separately, Zacks Investment Research cut Carter Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 31st.

Shares of NASDAQ:CARE opened at $15.07 on Wednesday. The stock has a market capitalization of $370.42 million, a PE ratio of 12.56 and a beta of 1.12. Carter Bankshares has a 1 year low of $10.02 and a 1 year high of $17.99. The firm has a fifty day moving average price of $16.04 and a 200 day moving average price of $15.81.

A number of institutional investors have recently added to or reduced their stakes in CARE. First Trust Advisors LP grew its holdings in Carter Bankshares by 7.3% in the 4th quarter. First Trust Advisors LP now owns 12,280 shares of the company’s stock valued at $189,000 after buying an additional 835 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Carter Bankshares by 5.4% in the fourth quarter. Deutsche Bank AG now owns 16,321 shares of the company’s stock worth $251,000 after acquiring an additional 837 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Carter Bankshares by 6.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 20,677 shares of the company’s stock worth $318,000 after acquiring an additional 1,248 shares during the last quarter. Citigroup Inc. increased its position in Carter Bankshares by 105.6% during the third quarter. Citigroup Inc. now owns 2,803 shares of the company’s stock worth $40,000 after acquiring an additional 1,440 shares during the period. Finally, Royal Bank of Canada raised its stake in Carter Bankshares by 53.5% during the 3rd quarter. Royal Bank of Canada now owns 4,354 shares of the company’s stock valued at $62,000 after purchasing an additional 1,517 shares during the last quarter. 38.21% of the stock is owned by hedge funds and other institutional investors.

About Carter Bankshares (Get Rating)

Carter Bankshares, Inc operates as the bank holding company for Carter Bank & Trust that provides various banking products and services. It accepts various deposit products, including checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposits. The company also offers commercial loans comprising secured and unsecured loans; consumer loans, such as secured and unsecured loans for financing automobiles, home improvements, education, overdraft protection, and personal investments, as well as residential mortgages; real estate construction and acquisition loans; home equity lines of credit; and credit cards, as well as originates and holds fixed and variable rate mortgage loans.

See Also

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Earnings History and Estimates for Carter Bankshares (NASDAQ:CARE)

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