Carter Bankshares Q2 EPS Smashes Estimates at $1.31 on Insurance Sale Gain
CARE sits 95% above its 52-week low of $16.78.
Summary
Carter Bankshares delivered a massive Q2 beat, reporting EPS of $1.31 versus the $0.76 consensus, driven by a $35.9 million gain from the Bearing Insurance Group sale. Net income of $28.91 million trounced the $9.30 million estimate. Core operations also improved, with net interest income up 23.5% year-over-year to $39.95 million on higher asset yields and lower funding costs. The quarter included a $12.5 million pre-tax loss from a securities portfolio repositioning, which management expects will boost future earnings. This follows the May 1 announcement of the insurance unit sale completion and the Q1 loan resolution. The stock trades at $32.66, well above the median analyst target of $28.50, reflecting the market's positive reassessment of the bank's turnaround.
At the time of this announcement, CARE was trading at $32.66 on NASDAQ in the Finance sector, with a market capitalization of approximately $731.5M. The 52-week trading range was $16.78 to $35.03. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.