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 reaffirmed a “buy” rating and issued a $21.00 price target on shares of StoneCastle Financial Corp. in a report on Tuesday, August 16th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $20.75.
Shares of StoneCastle Financial Corp. (NASDAQ:BANX) opened at 18.58 on Wednesday. The firm’s 50-day moving average price is $18.56 and its 200 day moving average price is $18.09. StoneCastle Financial Corp. has a 52-week low of $13.81 and a 52-week high of $19.36.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Tuesday, September 27th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, September 23rd. This represents a $1.48 annualized dividend and a dividend yield of 7.97%. StoneCastle Financial Corp.’s dividend payout ratio (DPR) is presently 125.42%.
Several hedge funds and other institutional investors have recently modified their holdings of BANX. Clear Harbor Asset Management LLC acquired a new position in shares of StoneCastle Financial Corp. during the second quarter valued at about $184,000. GSA Capital Partners LLP purchased a new position in StoneCastle Financial Corp. during the second quarter worth $290,000. Oppenheimer & Co. Inc. boosted 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 during the last quarter. Stifel Financial Corp boosted 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 during the last quarter. Finally, BB&T Securities LLC boosted 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 during the last quarter. 28.61% of the stock is owned by hedge funds and other 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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