ArrowMark Financial (NASDAQ:BANX) Stock Price Crosses Below 200 Day Moving Average - Time to Sell?

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 trading hands.

ArrowMark Financial Stock Down 0.8%

The company's fifty day moving average is $20.63 and its 200 day moving average is $20.56.

ArrowMark Financial Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BANX. 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 acquiring an additional 899 shares during the last quarter. Millennium Management LLC bought a new position in shares of ArrowMark Financial in the fourth quarter worth approximately $220,000. Round Rock Advisors LLC raised its stake in 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 valued at $3,451,000 after purchasing an additional 121,233 shares in the last quarter. Principal Street Partners LLC purchased a new position in ArrowMark Financial in the 4th quarter worth approximately $261,000. Finally, Raymond James Financial Inc. bought a new position in shares of ArrowMark Financial in the 4th quarter worth $3,957,000. 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.