ArrowMark Financial (NASDAQ:BANX) Stock Price Crosses Above 50-Day Moving Average – Here’s What Happened

ArrowMark Financial Corp. (NASDAQ:BANX)’s stock price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $19.66 and traded as high as $20.08. ArrowMark Financial shares last traded at $20.07, with a volume of 29,399 shares traded.

ArrowMark Financial Stock Up 0.5%

The stock’s fifty day simple moving average is $19.66 and its two-hundred day simple moving average is $20.06.

ArrowMark Financial Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd were given a dividend of $0.15 per share. This represents a c) dividend on an annualized basis and a yield of 9.0%. The ex-dividend date of this dividend was Tuesday, June 23rd.

Hedge Funds Weigh In On ArrowMark Financial

A number of large investors have recently modified their holdings of BANX. Private Advisor Group LLC purchased a new stake in shares of ArrowMark Financial during the 3rd quarter worth about $205,000. Marshall Wace LLP purchased a new position in ArrowMark Financial in the second quarter valued at approximately $386,000. Osaic Holdings Inc. raised its holdings in ArrowMark Financial by 26.5% in the second quarter. Osaic Holdings Inc. now owns 22,721 shares of the investment management company’s stock valued at $476,000 after buying an additional 4,762 shares during the period. Everstar Asset Management LLC raised its holdings in 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 valued at $902,000 after buying an additional 1,153 shares during the period. Finally, Closed End Fund Advisors Inc. acquired a new position in ArrowMark Financial during the fourth quarter valued at approximately $1,513,000. 24.93% of the stock is currently owned by hedge funds and other institutional investors.

ArrowMark Financial Company Profile

ArrowMark Financial Corporation (NASDAQ: BANX) is an asset management firm that provides investment advisory services and portfolio management solutions to institutional and individual clients. Headquartered in Minneapolis, with additional offices in Stamford, Connecticut, the company offers tailored separate-account management alongside a suite of sponsored investment products. Its advisory platform spans a broad range of equity, fixed‐income and multi‐asset strategies designed to meet diverse risk and return objectives.

Through its managed accounts business, ArrowMark delivers customized portfolio solutions covering traditional and alternative asset classes.