ArrowMark Financial (NASDAQ:BANX) Stock Jumps 0.2% – What’s Next?

ArrowMark Financial Corp. (NASDAQ:BANX)’s share price traded up 0.2% during mid-day trading on Thursday. The stock traded as high as $19.65 and last traded at $19.58. 16,107 shares changed hands during trading, a decline of 29% from the average session volume of 22,838 shares. The stock had previously closed at $19.54.

ArrowMark Financial Stock Up 0.2%

The stock’s 50 day simple moving average is $20.13 and its 200 day simple moving average is $19.93.

ArrowMark Financial Announces Dividend

The company also recently announced a monthly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 23rd were paid a $0.15 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 9.2%. The ex-dividend date of this dividend was Friday, October 23rd.

Hedge Funds Weigh In On ArrowMark Financial

Several institutional investors have recently modified their holdings of BANX. Almitas Capital LLC bought a new stake in ArrowMark Financial in the 2nd quarter worth approximately $994,000. Kestra Advisory Services LLC bought a new position in ArrowMark Financial during the third quarter valued at approximately $919,000. Noble Wealth Management PBC grew its position 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 last quarter. Integrated Wealth Concepts LLC bought a new position in ArrowMark Financial during the second quarter valued at approximately $177,000. Finally, Trust Co. of Vermont purchased a new position in shares of ArrowMark Financial during the second quarter worth approximately $34,000. 24.93% of the stock is currently owned by institutional investors.

About ArrowMark Financial

ArrowMark Financial Corporation is a closed-end investment company that invests primarily in regulatory capital securities issued by U.S. community and regional banks. Its portfolio may include subordinated debt, preferred stock and other securities designed to help financial institutions meet regulatory capital requirements. The company seeks to generate income and preserve capital through investments across the U.S. banking sector. It is externally managed by ArrowMark Asset Management, LLC. Previously known as StoneCastle Financial Corp., the company adopted the ArrowMark Financial name in 2021.