StoneCastle Financial Corp. (BANX) Lowered to “Hold” at Zacks Investment Research
StoneCastle Financial Corp. (NASDAQ:BANX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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 target price on shares of StoneCastle Financial Corp. in a research note on Tuesday, August 16th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. StoneCastle Financial Corp. has an average rating of “Buy” and an average target price 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 https://www.americanbankingnews.com/2016/10/12/stonecastle-financial-corp-banx-lowered-to-hold-at-zacks-investment-research.html
Shares of StoneCastle Financial Corp. (NASDAQ:BANX) traded up 0.44% during midday trading on Wednesday, reaching $18.40. 14,523 shares of the company were exchanged. The company’s 50-day moving average price is $18.58 and its 200 day moving average price is $18.08. StoneCastle Financial Corp. has a 52-week low of $13.81 and a 52-week 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 issued a dividend of $0.37 per share. The ex-dividend date was Friday, September 23rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.04%. StoneCastle Financial Corp.’s dividend payout ratio is currently 125.42%.
Several large investors have recently added to or reduced their stakes in BANX. BB&T Securities LLC raised its stake 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. Punch & Associates Investment Management Inc. raised its stake in StoneCastle Financial Corp. by 9.4% in the second quarter. Punch & Associates Investment Management Inc. now owns 594,088 shares of the investment management company’s stock worth $10,896,000 after buying an additional 50,985 shares in the last quarter. Oxbow Advisors LLC raised its stake in StoneCastle Financial Corp. by 1.2% in the second quarter. Oxbow Advisors LLC now owns 146,411 shares of the investment management company’s stock worth $2,685,000 after buying an additional 1,728 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in StoneCastle Financial Corp. during the second quarter worth about $290,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in StoneCastle Financial Corp. during the second quarter worth about $184,000. Institutional investors and hedge funds own 28.61% of the company’s stock.
About StoneCastle Financial Corp.
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.