Carter Bankshares (NASDAQ:CARE) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

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 traded.

Analysts Set New Price Targets

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

Carter Bankshares Stock Up 1.0%

The stock has a market cap of $684.30 million, a PE ratio of 5.31 and a beta of 0.59. The company has a fifty day moving average price of $30.81 and a 200 day moving average price of $27.17.

Insider Buying and Selling at Carter Bankshares

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

Hedge Funds Weigh In On Carter Bankshares

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake 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 valued at $27,422,000 after buying an additional 52,195 shares during the last quarter. Empowered Funds LLC grew its stake 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 last quarter. Sei Investments Co. grew its stake in shares of Carter Bankshares by 108.5% in the first quarter. Sei Investments Co. now owns 80,379 shares of the company’s stock worth $1,874,000 after acquiring an additional 41,836 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Carter Bankshares in the second quarter worth $2,433,000. Finally, Bank of America Corp DE increased its holdings in shares of 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 in the last quarter. 41.48% of the stock is currently 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.