Stock analysts expect Carter Bankshares, Inc. (NASDAQ:CARE – Get a rating) will announce revenue of $34.99 million for the current fiscal quarter, Zacks reports. Three analysts provided earnings estimates for Carter Bankshares. The lowest sales estimate is $34.90 million and the highest is $35.10 million. Carter Bankshares recorded sales of $34.44 million in the same quarter last year, suggesting a positive year-over-year growth rate of 1.6%. The company is expected to announce its next earnings report on Monday, January 1.
According to Zacks, analysts expect Carter Bankshares to report sales of $141.93 million for the current fiscal year, with estimates ranging from $141.48 million to $142.40 million. For the next fiscal year, analysts expect the company to post sales of $154.49 million, with estimates ranging from $151.97 million to $156.92 million. Zacks sales calculations are an average based on a survey of analysts who follow Carter Bankshares.
Carter Bankshares (NASDAQ: CARE – Get a rating) last announced its results on Tuesday, April 26. The company reported earnings per share (EPS) of $0.36 for the quarter, beating consensus analyst estimates of $0.30 by $0.06. Carter Bankshares had a net margin of 19.85% and a return on equity of 8.00%. The company posted revenue of $33.56 million in the quarter, compared to $33.56 million expected by analysts.
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Separately, Zacks Investment Research downgraded shares of Carter Bankshares from a “strong buy” rating to a “hold” rating in a Tuesday, May 31 research report.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Two Sigma Advisers LP increased its stake in shares of Carter Bankshares by 11.1% in Q3. Two Sigma Advisers LP now owns 93,200 shares of the company valued at $1,325,000 after acquiring an additional 9,300 shares in the last quarter. Allegheny Financial Group LTD bought a new position in Carter Bankshares in the fourth quarter worth approximately $110,000. BlackRock Inc. increased its stake in shares of Carter Bankshares by 1.4% during the third quarter. BlackRock Inc. now owns 1,792,571 shares of the company valued at $25,489,000 after purchasing an additional 25,119 shares in the last quarter. Maltese Capital Management LLC increased its position in Carter Bankshares by 37.0% in the third quarter. Maltese Capital Management LLC now owns 82,200 shares of the company valued at $1,169,000 after acquiring an additional 22,200 shares during the period. Finally, Citigroup Inc. raised its position in Carter Bankshares by 105.6% during the third quarter. Citigroup Inc. now owns 2,803 shares of the company worth $40,000 after purchasing an additional 1,440 shares in the last quarter. 38.21% of the shares are currently held by hedge funds and other institutional investors.
NASDAQ:CARE shares opened at $14.17 on Friday. The company has a 50-day moving average of $15.99 and a 200-day moving average of $15.81. Carter Bankshares has a 12-month low of $10.02 and a 12-month high of $17.99. The stock has a market capitalization of $348.27 million, a PE ratio of 11.81 and a beta of 1.12.
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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