StoneCastle Financial Corp. (BANX) Downgraded to Hold at Zacks Investment Research
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 issued a $21.00 price objective on shares of StoneCastle Financial Corp. in a report on Tuesday, August 16th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $20.75.
StoneCastle Financial Corp. (NASDAQ:BANX) remained flat at $18.40 on Wednesday. StoneCastle Financial Corp. has a 12 month low of $13.81 and a 12 month high of $19.36. The company has a 50-day moving average price of $18.57 and a 200-day moving average price of $18.08.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Tuesday, September 27th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 8.04%. The ex-dividend date was Friday, September 23rd. StoneCastle Financial Corp.’s payout ratio is 125.42%.
Hedge funds have recently added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC acquired a new stake in StoneCastle Financial Corp. during the second quarter valued at approximately $184,000. GSA Capital Partners LLP acquired a new stake in StoneCastle Financial Corp. during the second quarter valued at approximately $290,000. Oppenheimer & Co. Inc. increased its stake 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 during the period. Stifel Financial Corp increased its stake 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 during the period. Finally, BB&T Securities LLC increased 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. Hedge funds and other institutional investors 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.
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