Carter Bankshares (NASDAQ:CARE) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Carter Bankshares, Inc. (NASDAQ:CARE) shares passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $30.81 and traded as high as $30.97. Carter Bankshares shares last traded at $30.88, with a volume of 174,928 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CARE. Weiss Ratings reissued a “buy (b)” rating on shares of Carter Bankshares in a research report on Friday, August 7th. Wall Street Zen cut shares of Carter Bankshares from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Hovde Group reaffirmed a “market perform” rating and issued a $34.50 target price (up from $30.00) on shares of Carter Bankshares in a research report on Monday, July 27th. Finally, Raymond James Financial lowered shares of Carter Bankshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $30.75.

Carter Bankshares Stock Down 0.3%

The stock has a 50-day moving average price of $30.72 and a 200 day moving average price of $27.32. The firm has a market capitalization of $669.68 million, a price-to-earnings ratio of 5.20 and a beta of 0.59.

Insider Buying and Selling at Carter Bankshares

In related news, Director Robert Bolton sold 1,500 shares of the business’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the transaction, the director owned 55,000 shares in the company, valued at approximately $1,903,000. The trade was a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bradford Langs sold 2,500 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $34.54, for a total value of $86,350.00. Following the completion of the transaction, the insider directly owned 33,242 shares in the company, valued at $1,148,178.68. This trade represents a 6.99% decrease in their position. The SEC filing for this sale provides additional information. 2.38% of the stock is currently owned by insiders.

Institutional Trading of Carter Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in CARE. Bank of New York Mellon Corp purchased a new position in Carter Bankshares in the 2nd quarter valued at approximately $2,433,000. Sei Investments Co. boosted its position in Carter Bankshares by 108.5% during the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after purchasing an additional 41,836 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Carter Bankshares by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock worth $27,422,000 after purchasing an additional 52,195 shares in the last quarter. Bank of America Corp DE grew its holdings in Carter Bankshares by 82.5% in the first quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after purchasing an additional 25,967 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in Carter Bankshares in the second quarter valued at $707,000. 41.48% of the stock is owned by hedge funds and other institutional investors.

Carter Bankshares Company Profile

Carter Bankshares, Inc is the bank holding company for Carter Bank & Trust, a community-focused financial institution headquartered in Martinsville, Virginia. The bank provides banking and financial services to individuals, businesses and organizations through its branch network and digital banking channels.

Carter Bank & Trust offers deposit products, residential and commercial real estate lending, consumer loans, business loans, treasury management and other financial services.