StoneCastle Financial Corp’s (NASDAQ:BANX) Buy Rating Reiterated at National Securities
StoneCastle Financial Corp (NASDAQ:BANX)‘s stock had its “buy” rating restated by stock analysts at National Securities in a note issued to investors on Tuesday. They currently have a $23.00 target price on the investment management company’s stock. National Securities’ price objective points to a potential upside of 13.08% from the stock’s current price.
The analysts wrote, “• BANX posted NII/share of $0.39, a couple cents shy of our $0.41/share estimate but adequately covering the quarterly dividend of $0.37/share. During 2Q17 the company received an A+ rating by Kroll and accordingly lowered the cost of its credit facility to L + 235 bps from L + 285 bps previously and the requirements to maintain $3.5 million of restricted cash was lifted, freeing up more capital to be invested with lower funding costs.
• StoneCastle’s NAV/share saw another quarterly improvement of 0.7% sequentially to $21.47 from $21.32 largely as a result of unrealized appreciation of $920,000 for the quarter pertaining to positive marks on the credit securitization and preferred stock. Asset quality remains very strong with Chicago Shore continuing to be the only non-accrual with a cost of $6.6 million or 3.5% of the portfolio.
• We are revising our 2017 NII/share estimate to $1.60 from $1.61 and our 2018 NII/share estimate to $1.70 from $1.71. “
BANX has been the topic of a number of other reports. Oppenheimer Holdings, Inc. set a $21.00 price target on shares of StoneCastle Financial Corp and gave the stock a “buy” rating in a report on Tuesday, May 9th. Zacks Investment Research downgraded shares of StoneCastle Financial Corp from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. JMP Securities raised shares of StoneCastle Financial Corp from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a report on Monday. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $22.50 price target on shares of StoneCastle Financial Corp in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $22.10.
Shares of StoneCastle Financial Corp (BANX) opened at 20.34 on Tuesday. The firm has a 50-day moving average of $20.35 and a 200 day moving average of $19.99. StoneCastle Financial Corp has a 52 week low of $17.68 and a 52 week high of $20.95.
StoneCastle Financial Corp (NASDAQ:BANX) last released its quarterly earnings data on Wednesday, August 9th. The investment management company reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $4.26 million for the quarter, compared to analyst estimates of $4.44 million. On average, equities research analysts expect that StoneCastle Financial Corp will post $1.70 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of BANX. Punch & Associates Investment Management Inc. boosted its position in shares of StoneCastle Financial Corp by 18.8% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 522,448 shares of the investment management company’s stock worth $8,516,000 after buying an additional 82,766 shares during the last quarter. Oxbow Advisors LLC boosted its position in shares of StoneCastle Financial Corp by 48.1% in the fourth quarter. Oxbow Advisors LLC now owns 144,866 shares of the investment management company’s stock worth $2,361,000 after buying an additional 47,034 shares during the last quarter. BB&T Securities LLC boosted its position in shares of 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 during the last quarter. GSA Capital Partners LLP acquired a new position in shares of StoneCastle Financial Corp during the second quarter worth approximately $290,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of StoneCastle Financial Corp during the second quarter worth approximately $184,000. Institutional investors and hedge funds own 34.94% 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.
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