Zacks Investment Research upgraded shares of StoneCastle Financial Corp. (NASDAQ:BANX) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $21.00 price objective 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. “

Separately, National Securities reaffirmed a buy rating and set a $21.00 target price on shares of StoneCastle Financial Corp. in a research report on Tuesday, August 16th. Six research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of Buy and a consensus price target of $20.75.

Analyst Recommendations for StoneCastle Financial Corp. (NASDAQ:BANX)

StoneCastle Financial Corp. (NASDAQ:BANX) opened at 19.0499 on Tuesday. The firm has a 50-day moving average price of $18.58 and a 200 day moving average price of $18.08. StoneCastle Financial Corp. has a one year low of $13.81 and a one year high of $19.36.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Tuesday, September 27th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, September 23rd. This represents a $1.48 annualized dividend and a dividend yield of 8.08%. StoneCastle Financial Corp.’s payout ratio is currently 125.42%.

Several large investors have recently bought and sold shares of BANX. M3F Inc. increased its stake in StoneCastle Financial Corp. by 57.3% in the second quarter. M3F Inc. now owns 100,000 shares of the investment management company’s stock valued at $1,834,000 after buying an additional 36,409 shares during the last quarter. BB&T Securities LLC increased its position in StoneCastle Financial Corp. by 6.7% in the second quarter. BB&T Securities LLC now owns 66,322 shares of the investment management company’s stock worth $1,216,000 after buying an additional 4,192 shares in the last quarter. Clear Harbor Asset Management LLC acquired a new position in StoneCastle Financial Corp. during the second quarter worth about $184,000. GSA Capital Partners LLP acquired a new position in StoneCastle Financial Corp. during the second quarter worth about $290,000. Finally, Stifel Financial Corp increased its position in StoneCastle Financial Corp. by 16.5% in the second quarter. Stifel Financial Corp now owns 36,635 shares of the investment management company’s stock worth $672,000 after buying an additional 5,198 shares in the last quarter. Institutional investors and hedge funds own 28.61% of the company’s stock.

About StoneCastle Financial Corp.

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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