ArrowMark Financial (NASDAQ:BANX) Stock Passes Above Fifty Day Moving Average - Time to Sell?

Key Points

• ArrowMark Financial's stock (NASDAQ:BANX) recently crossed above its 50-day moving average of $21.26, trading as high as $21.94 before closing at $21.59.
• The company announced a special dividend of $0.40 per share, set to be paid on December 10th, representing a significant dividend yield of 810.0%.
• Several hedge funds raised their stakes in ArrowMark Financial, with notable increases including a 283.9% boost by Round Rock Advisors in the first quarter.

Shares of ArrowMark Financial Corp. (NASDAQ:BANX - ) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $21.26 and traded as high as $21.94. ArrowMark Financial shares last traded at $21.59, with a volume of 8,630 shares trading hands.

ArrowMark Financial Stock Down 0.1%

The business's fifty day moving average is $21.26 and its 200 day moving average is $20.65.

ArrowMark Financial Announces Dividend

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

Institutional Investors Weigh In On ArrowMark Financial

Hedge funds have recently modified their holdings of the stock. Oppenheimer & Co. Inc. increased its stake in ArrowMark Financial by 3.8% in the 1st quarter. Oppenheimer & Co. Inc. now owns 24,828 shares of the investment management company's stock worth $523,000 after purchasing an additional 899 shares in the last quarter. Round Rock Advisors LLC boosted its holdings in shares of ArrowMark Financial by 283.9% in the first quarter. Round Rock Advisors LLC now owns 163,933 shares of the investment management company's stock worth $3,451,000 after buying an additional 121,233 shares during the period. Catalina Capital Group LLC increased its position in shares of ArrowMark Financial by 51.9% in the second quarter. Catalina Capital Group LLC now owns 15,678 shares of the investment management company's stock worth $328,000 after acquiring an additional 5,354 shares in the last quarter. Everstar Asset Management LLC raised its holdings in shares of ArrowMark Financial by 68.7% during the second quarter. Everstar Asset Management LLC now owns 40,422 shares of the investment management company's stock valued at $846,000 after acquiring an additional 16,457 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of ArrowMark Financial in the 2nd quarter valued at approximately $386,000. 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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