08/07/2021
Shares of Carver Bancorp Inc. skyrocketed in very volatile trading toward a more than 10-year high, even though the New York-based bank serving African-American communities apparently has not released any news.
The stock CARV, 114.22% rose 236% in afternoon trading, paring an earlier gain of as much as 267%, but on track to close at the highest price since January 2011. Trading volume spiked up to 69.2 million shares, compared with the full-day average over the past 30 days of about 1.1 million shares.
Since Thursday’s opening bell, Carver’s stock has been halted 9 times for volatility, all so far between 9:36 a.m. Eastern and 11:16 a.m. “As a matter of policy, Carver Bancorp Inc. does not comment on daily fluctuations in its stock price,” a company spokesperson told MarketWatch.
Prior to Thursday’s rally, the stock had run up 63% year to date through Wednesday, while the SPDR S&P Regional Banking exchange-traded fund KRE, -1.84% had rallied 22% and the S&P 500 index SPX, -0.93% had climbed 16%.
The last news released by the company was on June 17, when the bank holding company and Bank of America Corp. announced that they had closed on a senior secured social impact revolving credit facility with BlackRock Inc.’s BLK, -2.81% Alternative Solutions Group. Carver said that marked the first it had participated in a subscription line facility.
The last filing with the Securities and Exchange Commission was the company’s 10-K annual report on June 29.
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