ArrowMark Financial Corp. (NASDAQ:BANX) Sees Significant Drop in Short Interest

Key Points

• Short interest in ArrowMark Financial fell 61% to 27,590 shares as of September 30, representing 0.4% of shares outstanding and a short-interest ratio of 0.6 days.
• The stock opened at $19.64, below its 50-day moving average of $20.57 but near its 200-day average of $19.97; its 12-month trading range is $18.45 to $22.50.
• ArrowMark declared a $0.10-per-share special dividend payable December 31 to shareholders of record December 24. Institutional investors own approximately 24.93% of the company.

ArrowMark Financial Corp. (NASDAQ:BANX - Get Free Report) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 27,590 shares, a drop of 61.0% from the September 15th total of 70,761 shares. Based on an average daily volume of 48,124 shares, the short-interest ratio is presently 0.6 days. Currently, 0.4% of the company's stock are short sold.

ArrowMark Financial Price Performance

ArrowMark Financial stock opened at $19.64 on Monday. The stock has a fifty day simple moving average of $20.57 and a two-hundred day simple moving average of $19.97. ArrowMark Financial has a 12 month low of $18.45 and a 12 month high of $22.50.

ArrowMark Financial Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 24th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, December 24th.

Institutional Investors Weigh In On ArrowMark Financial

Large investors have recently bought and sold shares of the business. Noble Wealth Management PBC lifted its stake in ArrowMark Financial by 15.5% during the 3rd quarter. Noble Wealth Management PBC now owns 123,765 shares of the investment management company's stock valued at $2,458,000 after acquiring an additional 16,568 shares during the period. Almitas Capital LLC purchased a new stake in shares of ArrowMark Financial during the 2nd quarter valued at about $994,000. Everstar Asset Management LLC grew its stake in shares of ArrowMark Financial by 2.5% in the first quarter. Everstar Asset Management LLC now owns 47,345 shares of the investment management company's stock worth $902,000 after acquiring an additional 1,153 shares during the period. Private Advisor Group LLC grew its stake in shares of ArrowMark Financial by 11.4% in the first quarter. Private Advisor Group LLC now owns 12,268 shares of the investment management company's stock worth $234,000 after acquiring an additional 1,257 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of ArrowMark Financial in the second quarter worth approximately $177,000. 24.93% of the stock is currently owned by institutional investors.

About ArrowMark Financial

ArrowMark Financial Corp. NASDAQ: BANX is a closed-end investment company that has elected to be regulated as a business development company. The company seeks to generate income and, to a lesser extent, capital appreciation by investing in the financial services sector.

ArrowMark Financial primarily invests in debt and equity securities issued by financial institutions, specialty finance companies and other businesses connected to the financial services industry. Its investment activities may include providing capital to banks, insurance companies, asset managers, mortgage-related businesses and other specialty finance firms through a range of privately negotiated and publicly traded securities.

The company was formerly known as StoneCastle Financial Corp.

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