StoneCastle Financial Corp. (BANX) Upgraded by Zacks Investment Research to Buy

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 Monday. The firm currently has a $20.00 price target on the investment management company’s stock. Zacks Investment Research’s target price indicates a potential upside of 9.89% 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 restated a “buy” rating and set a $21.00 price objective on shares of StoneCastle Financial Corp. in a report on Monday. Five analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average target price of $20.63.

StoneCastle Financial Corp. (NASDAQ:BANX) traded down 3.19% during midday trading on Monday, reaching $18.20. The company had a trading volume of 27,578 shares. StoneCastle Financial Corp. has a 12 month low of $13.81 and a 12 month high of $19.36. The firm has a 50-day moving average of $18.37 and a 200-day moving average of $18.20.

Several large investors have recently modified their holdings of BANX. M3F Inc. boosted its stake in shares of 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 during the period. BB&T Securities LLC boosted its stake in shares of StoneCastle Financial Corp. by 6.7% in the second quarter. BB&T Securities LLC now owns 66,322 shares of the investment management company’s stock valued at $1,216,000 after buying an additional 4,192 shares during the period. Oxbow Advisors LLC boosted its stake in shares of 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 valued at $2,685,000 after buying an additional 1,728 shares during the period. Clear Harbor Asset Management LLC bought a new stake in shares of StoneCastle Financial Corp. during the second quarter valued at about $184,000. Finally, GSA Capital Partners LLP bought a new stake in shares of StoneCastle Financial Corp. during the second quarter valued at about $290,000. Institutional investors and hedge funds own 29.72% of the company’s stock.

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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