StoneCastle Financial Corp. (BANX) Stock Rating Upgraded by Zacks Investment Research
StoneCastle Financial Corp. (NASDAQ:BANX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $21.00 price objective on the investment management company’s stock. Zacks Investment Research’s target price indicates a potential upside of 14.63% from the company’s previous close.
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. “
Separately, National Securities reiterated a “buy” rating and issued a $21.00 target price on shares of StoneCastle Financial Corp. in a research note on Tuesday, August 16th. Six equities research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus target price of $20.75.
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StoneCastle Financial Corp. (NASDAQ:BANX) traded down 1.72% on Tuesday, reaching $18.32. 1,798 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $18.60 and a 200 day moving average of $18.08. StoneCastle Financial Corp. has a 12 month low of $13.81 and a 12 month high of $19.36.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Tuesday, September 27th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.08%. The ex-dividend date of this dividend was Friday, September 23rd. StoneCastle Financial Corp.’s dividend payout ratio is 125.42%.
Institutional investors have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC purchased a new position in StoneCastle Financial Corp. during the second quarter worth approximately $184,000. GSA Capital Partners LLP purchased a new position in StoneCastle Financial Corp. during the second quarter worth approximately $290,000. Oppenheimer & Co. Inc. raised its position in StoneCastle Financial Corp. by 10.7% in the second quarter. Oppenheimer & Co. Inc. now owns 24,901 shares of the investment management company’s stock worth $457,000 after buying an additional 2,400 shares in the last quarter. Stifel Financial Corp raised its position in StoneCastle Financial Corp. by 16.5% in the second quarter. Stifel Financial Corp now owns 36,635 shares of the investment management company’s stock worth $672,000 after buying an additional 5,198 shares in the last quarter. Finally, BB&T Securities LLC raised its position in StoneCastle Financial Corp. by 79.7% in the first quarter. BB&T Securities LLC now owns 62,130 shares of the investment management company’s stock worth $1,075,000 after buying an additional 27,555 shares in the last quarter. 28.61% of the stock is currently owned by institutional investors.
StoneCastle Financial Corp. Company Profile
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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