Carter Bank and Trust (NASDAQ:CARE) Sees Significant Increase in Short Interest

Carter Bank and Trust (NASDAQ:CARE) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 492,700 shares, a growth of 23.5% from the December 15th total of 398,900 shares. Based on an average trading volume of 116,600 shares, the days-to-cover ratio is presently 4.2 days. Currently, 2.2% of the company’s stock are short sold.

CARE has been the topic of a number of research analyst reports. Raymond James initiated coverage on Carter Bank and Trust in a report on Thursday, October 3rd. They set an “outperform” rating on the stock. ValuEngine raised Carter Bank and Trust from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded Carter Bank and Trust from a “buy” rating to a “hold” rating in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $20.75.

Shares of NASDAQ:CARE opened at $21.44 on Tuesday. Carter Bank and Trust has a 1 year low of $15.30 and a 1 year high of $24.25. The stock’s fifty day moving average price is $22.06 and its 200-day moving average price is $20.14.

Large investors have recently made changes to their positions in the company. Bank of Montreal Can bought a new position in shares of Carter Bank and Trust during the second quarter valued at $37,000. Tower Research Capital LLC TRC bought a new position in Carter Bank and Trust in the second quarter valued at about $45,000. JPMorgan Chase & Co. bought a new position in Carter Bank and Trust in the second quarter valued at about $122,000. Morgan Stanley lifted its holdings in Carter Bank and Trust by 16.7% in the second quarter. Morgan Stanley now owns 7,252 shares of the company’s stock valued at $144,000 after acquiring an additional 1,040 shares during the period. Finally, Metropolitan Life Insurance Co NY bought a new position in Carter Bank and Trust in the third quarter valued at about $176,000. 25.19% of the stock is currently owned by hedge funds and other institutional investors.

About Carter Bank and Trust

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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