Zacks Investment Research lowered shares of StoneCastle Financial (NASDAQ:BANX) from a hold rating to a sell rating in a research note published on Tuesday.
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. “
Several other research analysts have also weighed in on BANX. Oppenheimer set a $22.00 price objective on StoneCastle Financial and gave the stock a buy rating in a research report on Friday, March 2nd. National Securities upped their price target on StoneCastle Financial from $23.00 to $24.00 and gave the stock a buy rating in a research note on Monday, March 5th. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $23.00 price target on shares of StoneCastle Financial in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $23.00.
StoneCastle Financial (NASDAQ:BANX) last issued its quarterly earnings data on Thursday, March 1st. The investment management company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.01. The business had revenue of $4.24 million during the quarter, compared to analysts’ expectations of $4.36 million. analysts expect that StoneCastle Financial will post 1.67 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in BANX. Wells Fargo & Company MN lifted its stake in StoneCastle Financial by 75.2% during the third quarter. Wells Fargo & Company MN now owns 11,147 shares of the investment management company’s stock worth $230,000 after purchasing an additional 4,785 shares in the last quarter. Northern Trust Corp lifted its stake in StoneCastle Financial by 10.7% during the second quarter. Northern Trust Corp now owns 12,870 shares of the investment management company’s stock worth $262,000 after purchasing an additional 1,240 shares in the last quarter. Macquarie Group Ltd. acquired a new position in StoneCastle Financial during the third quarter worth $274,000. BB&T Securities LLC lifted its stake in StoneCastle Financial by 32.0% during the third quarter. BB&T Securities LLC now owns 16,100 shares of the investment management company’s stock worth $332,000 after purchasing an additional 3,900 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in StoneCastle Financial by 18.5% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 96,281 shares of the investment management company’s stock worth $1,987,000 after purchasing an additional 15,044 shares in the last quarter. Institutional investors own 30.49% of the company’s stock.
WARNING: “StoneCastle Financial (BANX) Stock Rating Lowered by Zacks Investment Research” was posted by Ticker Report and is the sole property of of Ticker Report. If you are accessing this piece on another domain, it was illegally copied and reposted in violation of U.S. & international copyright legislation. The legal version of this piece can be viewed at https://www.tickerreport.com/banking-finance/3253803/stonecastle-financial-banx-stock-rating-lowered-by-zacks-investment-research.html.
About StoneCastle Financial
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for StoneCastle Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for StoneCastle Financial and related companies with MarketBeat.com's FREE daily email newsletter.