ArrowMark Financial (NASDAQ:BANX) Share Price Passes Above 50 Day Moving Average - Should You Sell?

Key Points

• ArrowMark Financial Corp. (NASDAQ:BANX) recently crossed above its 50-day moving average of $20.74, trading as high as $21.04 during recent sessions.
• The company announced a quarterly dividend of $0.45 per share, representing an annual yield of 8.7% for investors.
• Institutional investors have shown increased interest, with significant stake increases from firms like Oppenheimer & Co. Inc. and Catalina Capital Group LLC.

ArrowMark Financial Corp. (NASDAQ:BANX - Get Free Report) shares passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $20.74 and traded as high as $21.04. ArrowMark Financial shares last traded at $20.72, with a volume of 15,414 shares traded.

ArrowMark Financial Stock Down 0.8%

The business has a fifty day moving average of $20.73 and a two-hundred day moving average of $20.51.

ArrowMark Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $1.80 dividend on an annualized basis and a yield of 8.8%.

Institutional Investors Weigh In On ArrowMark Financial

A number of institutional investors and hedge funds have recently bought and sold shares of BANX. Millennium Management LLC purchased a new stake in ArrowMark Financial in the 4th quarter valued at approximately $220,000. Principal Street Partners LLC purchased a new stake in ArrowMark Financial in the 4th quarter valued at approximately $261,000. Catalina Capital Group LLC lifted its stake in ArrowMark Financial by 51.9% in the 2nd quarter. Catalina Capital Group LLC now owns 15,678 shares of the investment management company's stock valued at $328,000 after buying an additional 5,354 shares in the last quarter. Marshall Wace LLP purchased a new stake in ArrowMark Financial in the 2nd quarter valued at approximately $386,000. Finally, Oppenheimer & Co. Inc. lifted 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 valued at $523,000 after buying an additional 899 shares in the last quarter. Hedge funds and other institutional investors own 24.93% of the company's stock.

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.