Zacks Investment Research cut shares of StoneCastle Financial (NASDAQ:BANX) from a hold rating to a sell rating in a report issued 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 have also commented on BANX. ValuEngine lowered shares of StoneCastle Financial from a buy rating to a hold rating in a research report on Tuesday, August 7th. Oppenheimer set a $24.00 price target on shares of StoneCastle Financial and gave the company a buy rating in a research report on Friday, August 10th. Finally, National Securities lifted their price target on shares of StoneCastle Financial from $24.00 to $25.00 and gave the company a buy rating in a research report on Monday, August 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. StoneCastle Financial presently has an average rating of Hold and an average target price of $24.25.
NASDAQ:BANX opened at $20.50 on Tuesday. StoneCastle Financial has a 12 month low of $19.04 and a 12 month high of $24.92. The company has a market capitalization of $132.86 million, a PE ratio of 12.89 and a beta of 0.35.
A number of hedge funds have recently made changes to their positions in BANX. Northwestern Mutual Wealth Management Co. bought a new position in StoneCastle Financial during the second quarter worth $114,000. Acadian Asset Management LLC increased its position in StoneCastle Financial by 240.1% during the third quarter. Acadian Asset Management LLC now owns 8,298 shares of the investment management company’s stock worth $186,000 after acquiring an additional 5,858 shares during the period. Private Advisor Group LLC bought a new position in StoneCastle Financial during the third quarter worth $218,000. Oak Grove Capital LLC bought a new position in StoneCastle Financial during the third quarter worth $247,000. Finally, Oxbow Advisors LLC increased its position in StoneCastle Financial by 1.9% during the third quarter. Oxbow Advisors LLC now owns 271,104 shares of the investment management company’s stock worth $6,078,000 after acquiring an additional 4,980 shares during the period. 25.75% of the stock is currently owned by institutional investors and hedge funds.
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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