Zacks Investment Research upgraded shares of StoneCastle Financial (NASDAQ:BANX) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The firm currently has $25.00 target price on the investment management company’s stock.
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. “
Shares of NASDAQ:BANX traded up $0.15 during midday trading on Wednesday, reaching $22.85. The company’s stock had a trading volume of 6,400 shares, compared to its average volume of 11,707. The stock has a fifty day moving average of $22.20 and a 200 day moving average of $21.90. The firm has a market capitalization of $148.54 million, a PE ratio of 13.93 and a beta of 0.45. StoneCastle Financial has a twelve month low of $16.75 and a twelve month high of $22.93.
Several large investors have recently bought and sold shares of BANX. Stonebridge Capital Advisors LLC purchased a new position in shares of StoneCastle Financial in the second quarter worth about $41,000. Envestnet Asset Management Inc. purchased a new position in shares of StoneCastle Financial in the third quarter worth about $214,000. Van Hulzen Asset Management LLC lifted its stake in shares of StoneCastle Financial by 3.4% in the third quarter. Van Hulzen Asset Management LLC now owns 24,300 shares of the investment management company’s stock worth $538,000 after buying an additional 800 shares in the last quarter. Brinker Capital Inc. lifted its stake in shares of StoneCastle Financial by 30.0% in the third quarter. Brinker Capital Inc. now owns 28,960 shares of the investment management company’s stock worth $642,000 after buying an additional 6,689 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of StoneCastle Financial by 2.7% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 138,106 shares of the investment management company’s stock worth $3,011,000 after buying an additional 3,646 shares in the last quarter. 26.59% of the stock is currently 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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