ArrowMark Financial (NASDAQ:BANX) Stock Price Passes Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• ArrowMark Financial's stock price fell below its 200-day moving average of $20.57, trading as low as $20.51.
• The company announced a quarterly dividend of $0.45, representing an annualized dividend yield of 8.8%.
• Several institutional investors recently increased their stakes in ArrowMark Financial, with a notable increase of 283.9% by Round Rock Advisors LLC in the first quarter.

Shares of ArrowMark Financial Corp. (NASDAQ:BANX - Get Free Report) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.57 and traded as low as $20.51. ArrowMark Financial shares last traded at $20.57, with a volume of 9,975 shares.

ArrowMark Financial Trading Down 0.2%

The business's fifty day moving average is $20.65 and its 200 day moving average is $20.55.

ArrowMark Financial Dividend Announcement

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

Institutional Trading of ArrowMark Financial

Several institutional investors and hedge funds have recently modified their holdings of BANX. Oppenheimer & Co. Inc. lifted its stake in shares of ArrowMark Financial by 3.8% during the first 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 during the period. Catalina Capital Group LLC lifted its stake 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 valued at $328,000 after buying an additional 5,354 shares during the period. Stifel Financial Corp lifted its stake in shares of ArrowMark Financial by 4.2% during the fourth quarter. Stifel Financial Corp now owns 167,707 shares of the investment management company's stock valued at $3,519,000 after buying an additional 6,683 shares during the period. Millennium Management LLC purchased a new position in shares of ArrowMark Financial during the fourth quarter valued at approximately $220,000. Finally, Principal Street Partners LLC purchased a new position in shares of ArrowMark Financial during the fourth quarter valued at approximately $261,000. 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.