ArrowMark Financial (NASDAQ:BANX) Stock Price Crosses Below 200 Day Moving Average – Here’s What Happened

Shares of ArrowMark Financial Corp. (NASDAQ:BANX) passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $19.96 and traded as low as $19.96. ArrowMark Financial shares last traded at $19.96, with a volume of 27,485 shares.

ArrowMark Financial Stock Performance

The company’s 50 day moving average is $20.58 and its 200 day moving average is $19.96.

ArrowMark Financial Dividend Announcement

The business also recently disclosed a special dividend, which will be paid on Thursday, December 31st. Stockholders 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

Hedge funds have recently made changes to their positions in the stock. Noble Wealth Management PBC increased its stake in ArrowMark Financial by 15.5% during the third 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. Integrated Wealth Concepts LLC bought a new stake in shares of ArrowMark Financial in the 2nd quarter worth approximately $177,000. Almitas Capital LLC bought a new stake in shares of ArrowMark Financial in the 2nd quarter worth approximately $994,000. Trust Co. of Vermont acquired a new stake in shares of ArrowMark Financial during the 2nd quarter worth approximately $34,000. Finally, Private Advisor Group LLC grew its holdings in shares of ArrowMark Financial by 11.4% during the 1st quarter. Private Advisor Group LLC now owns 12,268 shares of the investment management company’s stock worth $234,000 after purchasing an additional 1,257 shares in the last quarter. Institutional investors own 24.93% of the company’s stock.

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.