StoneCastle Financial (BANX) Cut to “Sell” at Zacks Investment Research

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StoneCastle Financial (NASDAQ:BANX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday, 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. “

A number of other equities analysts have also commented on the company. National Securities reiterated a “buy” rating and issued a $25.00 price objective on shares of StoneCastle Financial in a research note on Monday, March 4th. ValuEngine downgraded StoneCastle Financial from a “buy” rating to a “hold” rating in a research report on Monday, December 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. StoneCastle Financial has an average rating of “Hold” and a consensus price target of $24.50.

NASDAQ BANX traded up $0.31 during trading on Monday, hitting $21.85. 32,611 shares of the company traded hands, compared to its average volume of 19,966. StoneCastle Financial has a 12 month low of $16.75 and a 12 month high of $24.92. The firm has a market cap of $143.12 million, a P/E ratio of 13.32 and a beta of 0.47.

Hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. grew its position in StoneCastle Financial by 1,745.5% during the fourth quarter. Advisor Group Inc. now owns 3,691 shares of the investment management company’s stock worth $71,000 after buying an additional 3,491 shares in the last quarter. Private Advisor Group LLC boosted its holdings in StoneCastle Financial by 13.0% during the fourth quarter. Private Advisor Group LLC now owns 10,974 shares of the investment management company’s stock valued at $212,000 after purchasing an additional 1,259 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in StoneCastle Financial by 72.6% during the fourth quarter. Acadian Asset Management LLC now owns 14,322 shares of the investment management company’s stock valued at $276,000 after purchasing an additional 6,024 shares in the last quarter. Oak Grove Capital LLC boosted its holdings in StoneCastle Financial by 45.5% during the fourth quarter. Oak Grove Capital LLC now owns 16,000 shares of the investment management company’s stock valued at $309,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Stifel Financial Corp boosted its holdings in StoneCastle Financial by 35.1% during the fourth quarter. Stifel Financial Corp now owns 135,938 shares of the investment management company’s stock valued at $2,617,000 after purchasing an additional 35,313 shares in the last quarter. 24.74% 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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