FY2023 EPS Estimates for Carter Bankshares, Inc. (NASDAQ:CARE) Lowered by Analyst

Carter Bankshares, Inc. (NASDAQ:CARE – Get Rating) – DA Davidson lowered their FY2023 earnings per share estimates for Carter Bankshares in a research note issued on Tuesday, May 3rd. DA Davidson analyst K. Fitzsimmons now expects that the company will post earnings per share of $1.83 for the year, down from their prior estimate of $1.88.

A number of other equities analysts have also commented on the stock. Zacks Investment Research raised shares of Carter Bankshares from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Friday, April 1st. Piper Sandler started coverage on shares of Carter Bankshares in a research report on Friday, January 21st. They set a “neutral” rating and a $17.00 price target on the stock.

Shares of CARE opened at $16.24 on Thursday. Carter Bankshares has a fifty-two week low of $10.02 and a fifty-two week high of $17.99. The firm has a market capitalization of $407.62 million, a PE ratio of 13.53 and a beta of 1.11. The company’s 50-day moving average is $16.83 and its 200-day moving average is $15.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.81 and a quick ratio of 0.81.

Institutional investors and hedge funds have recently bought and sold shares of the company. Prospera Financial Services Inc acquired a new position in Carter Bankshares during the 1st quarter worth approximately $165,000. Dorsey Wright & Associates acquired a new position in Carter Bankshares during the 1st quarter worth approximately $48,000. BlackRock Inc. increased its position in Carter Bankshares by 0.6% during the 4th quarter. BlackRock Inc. now owns 1,803,262 shares of the company’s stock worth $27,752,000 after purchasing an additional 10,691 shares in the last quarter. Wells Fargo & Company MN increased its position in Carter Bankshares by 73.7% during the 4th quarter. Wells Fargo & Company MN now owns 34,607 shares of the company’s stock worth $532,000 after purchasing an additional 14,680 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Carter Bankshares by 6.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,677 shares of the company’s stock worth $318,000 after purchasing an additional 1,248 shares in the last quarter. Institutional investors own 38.21% of the company’s stock.

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.

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