ArrowMark Financial (NASDAQ:BANX) Stock Crosses Below Two Hundred Day Moving Average – Here’s Why

Shares of ArrowMark Financial Corp. (NASDAQ:BANX) crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $20.02 and traded as low as $19.77. ArrowMark Financial shares last traded at $19.84, with a volume of 14,462 shares trading hands.

ArrowMark Financial Trading Down 1.3%

The firm’s 50 day moving average is $20.47 and its two-hundred day moving average is $20.02.

ArrowMark Financial Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be paid a $0.15 dividend. The ex-dividend date is Friday, October 23rd. This represents a $1.80 annualized dividend and a dividend yield of 9.1%.

Institutional Trading of ArrowMark Financial

Several hedge funds have recently modified their holdings of BANX. Almitas Capital LLC purchased a new position in ArrowMark Financial in the second quarter valued at $994,000. Noble Wealth Management PBC increased its holdings 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 worth $2,458,000 after purchasing an additional 16,568 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in ArrowMark Financial during the 2nd quarter worth about $177,000. Trust Co. of Vermont purchased a new stake in ArrowMark Financial during the 2nd quarter worth about $34,000. Finally, Private Advisor Group LLC raised its position in ArrowMark Financial by 11.4% in the 1st quarter. Private Advisor Group LLC now owns 12,268 shares of the investment management company’s stock valued at $234,000 after purchasing an additional 1,257 shares in the last quarter. 24.93% of the stock is currently owned by institutional investors and hedge funds.

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.