Analysts Anticipate Carter Bankshares, Inc. (NASDAQ:CARE) Will Announce Quarterly Sales of $33.43 Million

Wall Street brokerages expect Carter Bankshares, Inc. (NASDAQ:CARE) to post sales of $33.43 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Carter Bankshares’ earnings, with the lowest sales estimate coming in at $32.97 million and the highest estimate coming in at $33.88 million. The company is expected to announce its next quarterly earnings report on Thursday, November 4th.

On average, analysts expect that Carter Bankshares will report full-year sales of $134.27 million for the current financial year, with estimates ranging from $132.65 million to $135.90 million. For the next financial year, analysts anticipate that the company will post sales of $138.79 million, with estimates ranging from $135.67 million to $141.92 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Carter Bankshares.

Carter Bankshares (NASDAQ:CARE) last issued its earnings results on Thursday, July 29th. The company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.08). The business had revenue of $34.44 million during the quarter, compared to analyst estimates of $32.83 million.

Several brokerages have issued reports on CARE. Raymond James lowered Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 8th. Zacks Investment Research cut Carter Bankshares from a “hold” rating to a “sell” rating in a research report on Wednesday, September 29th.

Shares of NASDAQ:CARE traded down $0.08 during mid-day trading on Monday, hitting $14.62. 1,935 shares of the company traded hands, compared to its average volume of 69,163. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.08. Carter Bankshares has a 12-month low of $6.72 and a 12-month high of $16.28. The stock has a 50-day moving average price of $13.30 and a two-hundred day moving average price of $13.29.

Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC purchased a new stake in Carter Bankshares during the 2nd quarter valued at about $147,000. PDT Partners LLC boosted its holdings in Carter Bankshares by 20.5% during the 2nd quarter. PDT Partners LLC now owns 12,300 shares of the company’s stock valued at $154,000 after acquiring an additional 2,091 shares during the period. First Trust Advisors LP boosted its holdings in Carter Bankshares by 6.9% during the 2nd quarter. First Trust Advisors LP now owns 13,725 shares of the company’s stock valued at $172,000 after acquiring an additional 885 shares during the period. Quadrature Capital Ltd purchased a new stake in Carter Bankshares during the 1st quarter valued at about $196,000. Finally, Trexquant Investment LP purchased a new stake in Carter Bankshares during the 2nd quarter valued at about $217,000. Hedge funds and other institutional investors own 35.86% of the company’s stock.

Carter Bankshares Company Profile

Carter Bankshares, Inc operates as a bank holding company, which offers deposit accounts, online account opening, and commercial, small business, and personal loan products and services. The company was founded by Worth Harris Carter, Jr. in 1974 and is headquartered in Martinsville, VA.

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