StoneCastle Financial Corp. (BANX) Upgraded to Buy at Zacks Investment Research
StoneCastle Financial Corp. (NASDAQ:BANX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $21.00 price objective on the investment management company’s stock. Zacks Investment Research’s price objective indicates a potential upside of 14.63% from the company’s current price.
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 reissued a “buy” rating and set a $21.00 price objective on shares of StoneCastle Financial Corp. in a research report on Tuesday, August 16th. Six investment analysts have rated the stock with a buy rating, StoneCastle Financial Corp. has an average rating of “Buy” and an average price target of $20.75.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/11/stonecastle-financial-corp-banx-upgraded-to-buy-at-zacks-investment-research.html
Shares of StoneCastle Financial Corp. (NASDAQ:BANX) traded down 1.72% during trading on Tuesday, hitting $18.32. 1,798 shares of the company traded hands. StoneCastle Financial Corp. has a 52-week low of $13.81 and a 52-week high of $19.36. The company has a 50-day moving average of $18.60 and a 200-day moving average of $18.08.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Tuesday, September 27th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 8.08%. The ex-dividend date of this dividend was Friday, September 23rd. StoneCastle Financial Corp.’s dividend payout ratio is currently 125.42%.
A number of institutional investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp increased 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 valued at $672,000 after buying an additional 5,198 shares in the last quarter. M3F Inc. increased its position in StoneCastle Financial Corp. by 57.3% in the second quarter. M3F Inc. now owns 100,000 shares of the investment management company’s stock valued at $1,834,000 after buying an additional 36,409 shares in the last quarter. Oppenheimer & Co. Inc. increased 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 valued at $457,000 after buying an additional 2,400 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in StoneCastle Financial Corp. during the second quarter valued at $184,000. Finally, GSA Capital Partners LLP purchased a new position in StoneCastle Financial Corp. during the second quarter valued at $290,000. 28.61% of the stock is 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for StoneCastle Financial Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for StoneCastle Financial Corp. and related companies with MarketBeat.com's FREE daily email newsletter.