StoneCastle Financial (BANX) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of StoneCastle Financial (NASDAQ:BANX) from a sell rating to a hold rating in a report published on Monday.

According to Zacks, “StoneCastle Financial Corp. is a closed-end investment company. It invests in community banks located throughout the United States. The Company’s primary investment objective is to provide stockholders with current income, and to a lesser extent, capital appreciation, through preferred equity, subordinated debt and common equity investments predominantly in U.S. domiciled community banks. StoneCastle Financial Corp. is based in United States. “

A number of other research analysts also recently weighed in on the company. National Securities reissued a buy rating and issued a $23.00 price target on shares of StoneCastle Financial in a research note on Monday, November 13th. Oppenheimer set a $22.00 price target on StoneCastle Financial and gave the company a buy rating in a research note on Monday, November 13th. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $23.00 price target on shares of StoneCastle Financial in a research note on Friday, November 10th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. StoneCastle Financial presently has an average rating of Buy and an average target price of $22.75.

StoneCastle Financial (NASDAQ BANX) traded up $0.33 during mid-day trading on Monday, hitting $21.49. The stock had a trading volume of 64,800 shares, compared to its average volume of 64,457. The firm has a market cap of $140.59, a P/E ratio of 11.97 and a beta of 0.20. StoneCastle Financial has a one year low of $19.01 and a one year high of $21.68.

StoneCastle Financial (NASDAQ:BANX) last posted its quarterly earnings results on Thursday, November 9th. The investment management company reported $0.40 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.40. The company had revenue of $4.36 million during the quarter, compared to analyst estimates of $4.40 million. equities analysts forecast that StoneCastle Financial will post 1.58 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Investors of record on Friday, December 22nd were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 7.07%. The ex-dividend date was Thursday, December 21st.

A number of institutional investors have recently modified their holdings of BANX. Stifel Financial Corp raised its stake in StoneCastle Financial by 62.8% during the 2nd quarter. Stifel Financial Corp now owns 93,954 shares of the investment management company’s stock worth $1,914,000 after buying an additional 36,245 shares during the period. Bard Associates Inc. acquired a new stake in StoneCastle Financial during the 2nd quarter worth $422,000. Ladenburg Thalmann Financial Services Inc. raised its stake in StoneCastle Financial by 18.5% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 96,281 shares of the investment management company’s stock worth $1,987,000 after buying an additional 15,044 shares during the period. Macquarie Group Ltd. acquired a new stake in StoneCastle Financial during the 3rd quarter worth $274,000. Finally, Wells Fargo & Company MN raised its stake in StoneCastle Financial by 75.2% during the 3rd quarter. Wells Fargo & Company MN now owns 11,147 shares of the investment management company’s stock worth $230,000 after buying an additional 4,785 shares during the period. 32.43% of the stock is currently owned by institutional investors and hedge funds.

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About StoneCastle Financial

StoneCastle Financial Corp. is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to provide stockholders with current income, and to a lesser extent capital appreciation. The Company generally invests in the senior debt, subordinated debt, preferred shares and common stock of community banks.

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