StoneCastle Financial Corp (NASDAQ:BANX) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of StoneCastle Financial Corp (NASDAQ:BANX) from a sell rating to a hold rating in a report issued on Tuesday, July 11th.

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 have also recently weighed in on BANX. National Securities reiterated a buy rating and set a $23.00 target price on shares of StoneCastle Financial Corp in a research note on Monday, May 8th. Oppenheimer Holdings, Inc. set a $21.00 target price on StoneCastle Financial Corp and gave the company a buy rating in a research note on Tuesday, May 9th.

Shares of StoneCastle Financial Corp (NASDAQ:BANX) remained flat at $20.58 during trading on Tuesday. 18,249 shares of the stock traded hands. StoneCastle Financial Corp has a 12 month low of $17.68 and a 12 month high of $20.95. The company has a 50 day moving average price of $20.27 and a 200-day moving average price of $19.93.

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A number of large investors have recently modified their holdings of the company. Fenimore Asset Management Inc. raised its stake in shares of StoneCastle Financial Corp by 0.4% in the first quarter. Fenimore Asset Management Inc. now owns 247,497 shares of the investment management company’s stock valued at $4,989,000 after buying an additional 1,073 shares in the last quarter. Oxbow Advisors LLC raised its position in shares of StoneCastle Financial Corp by 25.7% in the first quarter. Oxbow Advisors LLC now owns 241,882 shares of the investment management company’s stock worth $4,876,000 after buying an additional 49,466 shares during the period. Baird Financial Group Inc. raised its position in shares of StoneCastle Financial Corp by 8.7% in the first quarter. Baird Financial Group Inc. now owns 15,939 shares of the investment management company’s stock worth $321,000 after buying an additional 1,279 shares during the period. South Texas Money Management Ltd. acquired a new position in shares of StoneCastle Financial Corp during the first quarter worth approximately $267,000. Finally, Stifel Financial Corp raised its position in shares of StoneCastle Financial Corp by 12.8% in the first quarter. Stifel Financial Corp now owns 57,709 shares of the investment management company’s stock worth $1,161,000 after buying an additional 6,564 shares during the period. 34.92% of the stock is currently 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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