Carter Bankshares (NASDAQ:CARE) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Carter Bankshares, Inc. (NASDAQ:CARE)’s share price passed above its 50-day moving average during trading on Monday. The stock has a 50-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.

Analyst Upgrades and Downgrades

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

Carter Bankshares Stock Performance

The business’s fifty day moving average price is $30.81 and its 200-day moving average price is $27.17. The stock has a market cap of $684.30 million, a PE ratio of 5.31 and a beta of 0.59.

Insider Activity at Carter Bankshares

In related news, insider Bradford N. Langs sold 2,500 shares of the firm’s stock in a transaction that occurred 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 sale, the insider owned 33,242 shares in the company, valued at approximately $1,148,178.68. This trade represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert M. Bolton sold 1,500 shares of Carter Bankshares stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $34.60, for a total transaction of $51,900.00. Following the completion of the sale, the director directly owned 55,000 shares of the company’s stock, valued at approximately $1,903,000. This trade represents a 2.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Carter Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of CARE. Dimensional Fund Advisors LP boosted its stake in shares of Carter Bankshares by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,175,925 shares of the company’s stock worth $27,422,000 after buying an additional 52,195 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Carter Bankshares in the second quarter worth $2,433,000. Empowered Funds LLC grew its holdings in shares of Carter Bankshares by 10.0% in the first quarter. Empowered Funds LLC now owns 90,470 shares of the company’s stock worth $2,110,000 after acquiring an additional 8,192 shares during the period. Sei Investments Co. increased 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 valued at $1,874,000 after acquiring an additional 41,836 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Carter Bankshares by 82.5% during the first quarter. Bank of America Corp DE now owns 57,437 shares of the company’s stock valued at $1,339,000 after acquiring an additional 25,967 shares during the last quarter. 41.48% of the stock is owned by institutional investors.

About Carter Bankshares

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.