StoneCastle Financial (NASDAQ:BANX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm currently has a $25.00 target price on the investment management company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.79% from the stock’s previous close.
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 research analysts also recently issued reports on BANX. ValuEngine upgraded shares of StoneCastle Financial from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Oppenheimer set a $24.00 price target on shares of StoneCastle Financial and gave the stock a “buy” rating in a research report on Friday, August 10th. Finally, National Securities upped their price target on shares of StoneCastle Financial from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $24.00.
Shares of BANX traded down $0.03 during trading hours on Monday, hitting $21.97. The stock had a trading volume of 10,056 shares, compared to its average volume of 18,168. StoneCastle Financial has a 52 week low of $20.00 and a 52 week high of $24.92. The firm has a market cap of $146.78 million, a price-to-earnings ratio of 13.82 and a beta of 0.18.
StoneCastle Financial (NASDAQ:BANX) last posted its earnings results on Thursday, August 9th. The investment management company reported $0.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.41. The firm had revenue of $4.38 million during the quarter, compared to the consensus estimate of $4.25 million. As a group, sell-side analysts predict that StoneCastle Financial will post 1.63 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. United Capital Financial Advisers LLC lifted its position in StoneCastle Financial by 2.9% during the 1st quarter. United Capital Financial Advisers LLC now owns 209,641 shares of the investment management company’s stock valued at $4,560,000 after purchasing an additional 6,000 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its position in StoneCastle Financial by 13.6% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 115,770 shares of the investment management company’s stock valued at $2,518,000 after purchasing an additional 13,894 shares during the period. BB&T Securities LLC lifted its position in StoneCastle Financial by 21.5% during the 1st quarter. BB&T Securities LLC now owns 19,558 shares of the investment management company’s stock valued at $425,000 after purchasing an additional 3,458 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in StoneCastle Financial during the 2nd quarter valued at about $114,000. Institutional investors and hedge funds own 22.92% of the company’s stock.
About StoneCastle Financial
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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