StoneCastle Financial Corp (NASDAQ:BANX) announced a quarterly dividend on Wednesday, September 11th, Zacks reports. Shareholders of record on Monday, September 23rd will be paid a dividend of 0.38 per share by the investment management company on Friday, September 27th. This represents a $1.52 annualized dividend and a yield of 7.03%. The ex-dividend date of this dividend is Friday, September 20th.
StoneCastle Financial has decreased its dividend payment by an average of 2.9% per year over the last three years. StoneCastle Financial has a dividend payout ratio of 93.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect StoneCastle Financial to earn $1.54 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 98.7%.
Shares of NASDAQ BANX opened at $21.63 on Friday. The company has a market cap of $141.91 million, a P/E ratio of 13.19 and a beta of 0.42. StoneCastle Financial has a 1 year low of $16.75 and a 1 year high of $23.00. The firm has a 50-day simple moving average of $21.74 and a two-hundred day simple moving average of $21.67.
Separately, Zacks Investment Research raised shares of StoneCastle Financial from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $24.50.
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.
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