Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) – Equities research analysts at DA Davidson reduced their Q1 2023 EPS estimates for Carter Bankshares in a research note issued to investors on Wednesday, April 5th. DA Davidson analyst K. Fitzsimmons now forecasts that the company will post earnings of $0.60 per share for the quarter, down from their prior estimate of $0.63. The consensus estimate for Carter Bankshares’ current full-year earnings is $2.30 per share. DA Davidson also issued estimates for Carter Bankshares’ FY2023 earnings at $2.23 EPS and FY2024 earnings at $2.08 EPS.
Separately, Raymond James began coverage on shares of Carter Bankshares in a report on Thursday. They issued a “market perform” rating on the stock.
Carter Bankshares Stock Performance
Carter Bankshares (NASDAQ:CARE – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $47.07 million for the quarter, compared to analyst estimates of $44.15 million. Carter Bankshares had a net margin of 27.55% and a return on equity of 14.70%.
Hedge Funds Weigh In On Carter Bankshares
Several large investors have recently made changes to their positions in CARE. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Carter Bankshares in the 1st quarter worth approximately $194,000. Bank of New York Mellon Corp lifted its holdings in shares of Carter Bankshares by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 90,825 shares of the company’s stock worth $1,578,000 after acquiring an additional 1,932 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Carter Bankshares by 54.7% in the 1st quarter. MetLife Investment Management LLC now owns 14,077 shares of the company’s stock worth $245,000 after acquiring an additional 4,975 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Carter Bankshares by 68.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 185,083 shares of the company’s stock worth $3,215,000 after buying an additional 75,519 shares during the period. Finally, Vanguard Group Inc. increased its stake in Carter Bankshares by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 1,256,209 shares of the company’s stock worth $21,821,000 after buying an additional 3,268 shares during the period. 37.29% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Carter Bankshares
In other Carter Bankshares news, EVP Jane Ann Davis sold 2,137 shares of the business’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $17.41, for a total value of $37,205.17. Following the transaction, the executive vice president now directly owns 5,791 shares in the company, valued at approximately $100,821.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.96% of the stock is currently owned by company insiders.
About Carter Bankshares
Carter Bankshares, Inc is a holding company, which engages in the provision of retail and commercial financial products and services and insurance products. The company was founded by Worth Harris Carter, Jr. in 1974 and is headquartered in Martinsville, VA.
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