Zacks Investment Research upgraded shares of StoneCastle Financial (NASDAQ:BANX) from a sell rating to a hold rating in a report released on Monday, January 8th.
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. “
Several other equities research analysts also recently weighed in on BANX. Keefe, Bruyette & Woods restated a buy rating and issued a $23.00 target price on shares of StoneCastle Financial in a research note on Friday, November 10th. National Securities restated a buy rating and issued a $23.00 target price on shares of StoneCastle Financial in a research note on Monday, November 13th. Finally, Oppenheimer set a $22.00 target price on shares of StoneCastle Financial and gave the company a buy rating in a research note on Monday, November 13th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. StoneCastle Financial currently has a consensus rating of Buy and an average price target of $22.75.
StoneCastle Financial (NASDAQ:BANX) last released its quarterly earnings data on Thursday, November 9th. The investment management company reported $0.40 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.40. The business had revenue of $4.36 million for the quarter, compared to the consensus estimate of $4.40 million. analysts anticipate that StoneCastle Financial will post 1.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Friday, December 22nd were paid a $0.38 dividend. The ex-dividend date was Thursday, December 21st. This represents a $1.52 annualized dividend and a yield of 6.94%. StoneCastle Financial’s dividend payout ratio (DPR) is 86.36%.
Institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN raised its holdings in shares of StoneCastle Financial by 75.2% in the third quarter. Wells Fargo & Company MN now owns 11,147 shares of the investment management company’s stock worth $230,000 after buying an additional 4,785 shares during the last quarter. Northern Trust Corp raised its holdings in shares of StoneCastle Financial by 10.7% in the second quarter. Northern Trust Corp now owns 12,870 shares of the investment management company’s stock worth $262,000 after buying an additional 1,240 shares during the last quarter. Macquarie Group Ltd. purchased a new position in shares of StoneCastle Financial in the third quarter worth $274,000. BB&T Securities LLC raised its holdings in shares of StoneCastle Financial by 32.0% in the third quarter. BB&T Securities LLC now owns 16,100 shares of the investment management company’s stock worth $332,000 after buying an additional 3,900 shares during the last quarter. Finally, Bard Associates Inc. purchased a new position in shares of StoneCastle Financial in the second quarter worth $422,000. Institutional investors own 32.43% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: This piece was published by BBNS and is owned by of BBNS. If you are viewing this piece on another site, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be read at https://baseballnewssource.com/markets/stonecastle-financial-banx-upgraded-to-hold-at-zacks-investment-research/1821620.html.
StoneCastle Financial 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for StoneCastle Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for StoneCastle Financial and related companies with MarketBeat.com's FREE daily email newsletter.