Zacks Investment Research upgraded shares of StoneCastle Financial (NASDAQ:BANX) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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 StoneCastle Financial stock opened at $22.10 on Tuesday. The stock has a market cap of $144.43 million, a price-to-earnings ratio of 14.03 and a beta of 0.42. The stock has a 50 day moving average price of $21.74 and a 200-day moving average price of $21.69. StoneCastle Financial has a one year low of $16.75 and a one year high of $22.64.

StoneCastle Financial (NASDAQ:BANX) last announced its earnings results on Thursday, August 8th. The investment management company reported $0.38 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.38. The company had revenue of $4.04 million during the quarter, compared to analysts’ expectations of $4.11 million. Equities analysts expect that StoneCastle Financial will post 1.52 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 23rd will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 6.88%. The ex-dividend date of this dividend is Friday, September 20th. StoneCastle Financial’s dividend payout ratio (DPR) is 92.68%.

Several institutional investors have recently made changes to their positions in BANX. Greenwich Investment Management Inc. boosted its holdings in StoneCastle Financial by 0.5% during the 2nd quarter. Greenwich Investment Management Inc. now owns 169,168 shares of the investment management company’s stock valued at $3,689,000 after acquiring an additional 882 shares during the period. Punch & Associates Investment Management Inc. boosted its holdings in StoneCastle Financial by 1.7% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 422,637 shares of the investment management company’s stock valued at $9,055,000 after acquiring an additional 7,001 shares during the period. Hilton Capital Management LLC purchased a new position in StoneCastle Financial during the 1st quarter valued at $1,175,000. Oxbow Advisors LLC boosted its holdings in StoneCastle Financial by 1.1% during the 2nd quarter. Oxbow Advisors LLC now owns 284,392 shares of the investment management company’s stock valued at $6,201,000 after acquiring an additional 3,185 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. boosted its holdings in StoneCastle Financial by 2.7% during 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 acquiring an additional 3,646 shares during the period. Hedge funds and other institutional investors own 26.34% 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.

Read More: What is a growth and income fund?

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