StoneCastle Financial (NASDAQ:BANX) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of StoneCastle Financial (NASDAQ:BANX) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. Zacks Investment Research 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 on Wednesday, hitting $22.85. The company’s stock had a trading volume of 6,400 shares, compared to its average volume of 11,707. StoneCastle Financial has a 1 year low of $16.75 and a 1 year high of $22.93. The company has a 50-day simple moving average of $22.20 and a 200 day simple moving average of $21.90. The company has a market capitalization of $148.54 million, a PE ratio of 13.93 and a beta of 0.45.

StoneCastle Financial (NASDAQ:BANX) last released its quarterly earnings data on Wednesday, October 30th. The investment management company reported $0.38 earnings per share for the quarter, hitting the consensus estimate of $0.38. The business had revenue of $3.96 million during the quarter, compared to analysts’ expectations of $3.98 million. Sell-side analysts anticipate that StoneCastle Financial will post 1.53 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BANX. Envestnet Asset Management Inc. purchased a new stake in StoneCastle Financial in the 3rd quarter worth approximately $214,000. Brinker Capital Inc. lifted its stake in shares of StoneCastle Financial by 30.0% in the 3rd quarter. Brinker Capital Inc. now owns 28,960 shares of the investment management company’s stock valued at $642,000 after purchasing an additional 6,689 shares during the period. Oxbow Advisors LLC lifted its stake in shares of StoneCastle Financial by 1.4% in the 3rd quarter. Oxbow Advisors LLC now owns 288,351 shares of the investment management company’s stock valued at $6,390,000 after purchasing an additional 3,959 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of StoneCastle Financial by 2.7% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 138,106 shares of the investment management company’s stock valued at $3,011,000 after purchasing an additional 3,646 shares during the period. Finally, Stonebridge Capital Advisors LLC purchased a new position in shares of StoneCastle Financial in the 2nd quarter valued at approximately $41,000. Institutional investors and hedge funds own 26.59% 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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