Zacks Investment Research upgraded shares of StoneCastle Financial Corp (NASDAQ:BANX) from a sell rating to a hold rating in a research report report published on Tuesday, July 11th.

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 recently commented on BANX. National Securities restated a buy rating and issued a $23.00 price objective on shares of StoneCastle Financial Corp in a research report on Monday, May 8th. Oppenheimer Holdings, Inc. set a $21.00 price objective on shares of StoneCastle Financial Corp and gave the company a buy rating in a research report on Tuesday, May 9th.

StoneCastle Financial Corp (NASDAQ:BANX) traded up 0.88% during trading on Tuesday, reaching $20.58. The company’s stock had a trading volume of 8,968 shares. StoneCastle Financial Corp has a 1-year low of $17.68 and a 1-year high of $20.94. The company’s 50-day moving average is $20.25 and its 200-day moving average is $19.92.

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Institutional investors have recently added to or reduced their stakes in the company. BB&T Securities LLC purchased a new position in StoneCastle Financial Corp during the second quarter worth about $248,000. South Texas Money Management Ltd. purchased a new position in StoneCastle Financial Corp during the first quarter worth about $267,000. Baird Financial Group Inc. boosted its position in StoneCastle Financial Corp by 8.7% in the first quarter. Baird Financial Group Inc. now owns 15,939 shares of the investment management company’s stock worth $321,000 after buying an additional 1,279 shares during the period. Stifel Financial Corp boosted its position in StoneCastle Financial Corp by 12.8% in the first quarter. Stifel Financial Corp now owns 57,709 shares of the investment management company’s stock worth $1,161,000 after buying an additional 6,564 shares during the period. Finally, Greenwich Investment Management Inc. boosted its position in StoneCastle Financial Corp by 25.6% in the first quarter. Greenwich Investment Management Inc. now owns 132,321 shares of the investment management company’s stock worth $2,667,000 after buying an additional 26,930 shares during the period. Hedge funds and other institutional investors own 34.92% 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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