StoneCastle Financial (BANX) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of StoneCastle Financial (NASDAQ:BANX) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

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. “

A number of other research firms also recently issued reports on BANX. ValuEngine raised StoneCastle Financial from a hold rating to a buy rating in a research report on Tuesday, December 11th. National Securities reissued a buy rating and issued a $25.00 target price on shares of StoneCastle Financial in a research report on Monday, March 4th. Finally, JMP Securities reissued a buy rating and issued a $24.00 target price on shares of StoneCastle Financial in a research report on Monday, December 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $24.20.

NASDAQ:BANX opened at $21.19 on Tuesday. StoneCastle Financial has a 1 year low of $16.75 and a 1 year high of $24.92. The firm has a market capitalization of $138.73 million, a price-to-earnings ratio of 12.92 and a beta of 0.47.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 26th. Stockholders of record on Tuesday, March 19th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 7.17%. The ex-dividend date of this dividend is Monday, March 18th. StoneCastle Financial’s payout ratio is currently 92.68%.

Institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC bought a new position in shares of StoneCastle Financial in the third quarter worth $218,000. Acadian Asset Management LLC boosted its holdings in shares of StoneCastle Financial by 72.6% in the fourth quarter. Acadian Asset Management LLC now owns 14,322 shares of the investment management company’s stock worth $276,000 after acquiring an additional 6,024 shares during the period. Oak Grove Capital LLC bought a new position in shares of StoneCastle Financial in the third quarter worth $247,000. Stifel Financial Corp boosted its holdings in shares of StoneCastle Financial by 35.1% in the fourth quarter. Stifel Financial Corp now owns 135,938 shares of the investment management company’s stock worth $2,617,000 after acquiring an additional 35,313 shares during the period. Finally, Advisor Group Inc. boosted its holdings in shares of StoneCastle Financial by 1,745.5% in the fourth quarter. Advisor Group Inc. now owns 3,691 shares of the investment management company’s stock worth $71,000 after acquiring an additional 3,491 shares during the period. 24.77% of the stock is owned by hedge funds and other institutional investors.

StoneCastle Financial Company Profile

StoneCastle Financial Corp. is a closed ended balanced mutual fund launched and managed by StoneCastle Asset Management LLC. It invests in public equity markets of the United States. The fund invests in stocks of companies operating across the banking sector. It invests in dividend paying growth and value stocks of companies.

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