Carter Bank and Trust (NASDAQ:CARE) Reaches New 52-Week High at $21.47

Carter Bank and Trust (NASDAQ:CARE) hit a new 52-week high on Thursday . The stock traded as high as $21.47 and last traded at $20.97, with a volume of 34966 shares. The stock had previously closed at $20.82.

A number of research firms recently weighed in on CARE. Raymond James assumed coverage on shares of Carter Bank and Trust in a research report on Thursday, October 3rd. They issued an “outperform” rating on the stock. Zacks Investment Research downgraded shares of Carter Bank and Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, October 8th. ValuEngine upgraded shares of Carter Bank and Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, BTIG Research raised shares of Carter Bank and Trust from a “neutral” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $19.50.

The stock’s 50 day moving average price is $20.26 and its two-hundred day moving average price is $19.65.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Carter Bank and Trust during the second quarter worth about $25,232,000. State Street Corp raised its position in Carter Bank and Trust by 42.4% in the third quarter. State Street Corp now owns 437,304 shares of the company’s stock valued at $8,261,000 after purchasing an additional 130,251 shares during the period. Vanguard Group Inc. acquired a new position in shares of Carter Bank and Trust during the second quarter worth about $7,946,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Carter Bank and Trust during the second quarter worth about $2,600,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Carter Bank and Trust in the second quarter worth about $1,476,000. 25.19% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bank and Trust (NASDAQ:CARE)

Carter Bank & Trust provides a range of retail and commercial banking products and services in Virginia and North Carolina. It accepts checking, savings, retirement, and money market accounts, as well as longer-term certificates of deposit. The company also offers loans, such as secured and unsecured commercial loans; secured and unsecured consumer loans for financing automobiles, home improvements, education, and personal investments; real estate construction and acquisition loans; and fixed and variable rate mortgage loans.

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