ArrowMark Financial (NASDAQ:BANX) Share Price Crosses Below 200-Day Moving Average - Here's What Happened

ArrowMark Financial Corp. (NASDAQ:BANX - Get Free Report) shares crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.61 and traded as low as $20.45. ArrowMark Financial shares last traded at $20.86, with a volume of 20,768 shares trading hands.

ArrowMark Financial Stock Up 1.4%

The business's 50-day moving average is $20.17 and its two-hundred day moving average is $20.61.

ArrowMark Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 23rd will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $1.80 dividend on an annualized basis and a yield of 8.63%.

Institutional Investors Weigh In On ArrowMark Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in shares of ArrowMark Financial in the fourth quarter valued at about $3,957,000. Round Rock Advisors LLC lifted its position in ArrowMark Financial by 283.9% during the 1st quarter. Round Rock Advisors LLC now owns 163,933 shares of the investment management company's stock worth $3,451,000 after acquiring an additional 121,233 shares during the period. Noble Wealth Management PBC grew its stake in shares of ArrowMark Financial by 202.0% in the 1st quarter. Noble Wealth Management PBC now owns 50,121 shares of the investment management company's stock valued at $1,055,000 after purchasing an additional 33,522 shares during the last quarter. Principal Street Partners LLC acquired a new position in shares of ArrowMark Financial in the fourth quarter valued at approximately $261,000. Finally, Millennium Management LLC purchased a new stake in shares of ArrowMark Financial during the fourth quarter worth approximately $220,000. 24.93% of the stock is owned by hedge funds and other institutional investors.

ArrowMark Financial Company Profile

ArrowMark Financial Corp. is a closed-end balanced mutual fund launched and managed by ArrowMark Asset Management, LLC. It invests in public equity and fixed income markets of global region. For its equity portion, the fund invests in stocks of companies operating across financials, banks sectors. It invests in growth and value stocks of companies across diversified market capitalization.

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