ArrowMark Financial (NASDAQ:BANX) Shares Pass Above Fifty Day Moving Average - Here's What Happened

Key Points

• ArrowMark Financial's stock price crossed above its 50-day moving average of $21.05, reaching a high of $22.34 during trading.
• The company announced a special dividend of $0.40 per share, with a dividend yield of 810.0%, to be paid on December 10th.
• Institutional investors own 24.93% of ArrowMark Financial's stock, with several making significant purchases in recent quarters.

Shares of ArrowMark Financial Corp. (NASDAQ:BANX - ) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $21.05 and traded as high as $22.34. ArrowMark Financial shares last traded at $22.01, with a volume of 31,032 shares.

ArrowMark Financial Stock Up 0.2%

The stock has a 50-day moving average of $21.05 and a 200 day moving average of $20.59.

ArrowMark Financial Announces Dividend

The business also recently announced a special dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.40 per share. This represents a dividend yield of 810.0%. The ex-dividend date is Wednesday, December 3rd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BANX. Millennium Management LLC acquired a new position in ArrowMark Financial during the fourth quarter valued at approximately $220,000. Catalina Capital Group LLC boosted its position in shares of ArrowMark Financial by 51.9% during the second quarter. Catalina Capital Group LLC now owns 15,678 shares of the investment management company's stock worth $328,000 after purchasing an additional 5,354 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of ArrowMark Financial in the 2nd quarter valued at $386,000. Osaic Holdings Inc. increased its position in shares of ArrowMark Financial by 26.5% in the 2nd quarter. Osaic Holdings Inc. now owns 22,721 shares of the investment management company's stock valued at $476,000 after buying an additional 4,762 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in ArrowMark Financial by 3.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 24,828 shares of the investment management company's stock worth $523,000 after buying an additional 899 shares during the period. Institutional investors own 24.93% of the company's stock.

About ArrowMark Financial

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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