Shares of Carver Bancorp Inc. skyrocketed in very volatile trading toward a 10-year high, even though the New York-based bank serving African-American communities apparently has not released any news.
rose 201% in midday trading, paring an earlier gain of as much as 267%, but on track to close at the highest price since February 2011. Trading volume spiked up to 42.0 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.
The company did not immediately respond to a request for comment.
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
had rallied 22% and the S&P 500 index
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
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.
The latest official exchange reading on short interest showed that bearish bets on Carver’s stock nearly tripled in the latest two week period to a record high of 272,367 shares as of June 15, up from 108,725 shares as of May 28.
That pushed short interest as a percent of the public float of shares up to 60.2%. In comparison, short interest as a percent of float was 9.2% for fellow New York-based regional bank New York Community Bancorp Inc.
3.7% for Dime Community Bancshares Inc.
and 2.3% for Signature Bank