Carter Bankshares Q2 profit beats, boosted by gain from Bearing Insurance stake sale
CARE•Analyst view and recent valuation
The average analyst rating on the shares is buy, with a breakdown of 2 strong buy or buy, 2 hold, and no sell or strong sell ratings.
The median 12-month price target for Carter Bankshares is $28.50, about 13.4% below the stock's July 22 closing price of $32.92. The shares recently traded at 9 times next 12-month earnings, versus a P/E of 6 three months ago.
Quarterly profit beats expectations
Carter Bankshares Inc reported second-quarter net income and earnings per share above analyst expectations, helped by a gain from the sale of its interest in Bearing Insurance Group.
The U.S. regional bank said Q2 net income rose to $28.91 million, or $1.31 per share, compared with consensus estimates of $9.30 million in net income and $0.76 per share from four analysts.
Gain from insurance stake sale offsets repositioning loss
The company recognized a $35.9 million gain from the sale of its interest in Bearing Insurance Group, which boosted net income and EPS.
