ArrowMark Financial (NASDAQ:BANX) Stock Passes Above Fifty Day Moving Average of $18.53

ArrowMark Financial Corp. (NASDAQ:BANX)’s stock price passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $18.53 and traded as high as $18.75. ArrowMark Financial shares last traded at $18.50, with a volume of 39,274 shares.

ArrowMark Financial Stock Up 2.3 %

The company’s 50 day moving average price is $18.55 and its two-hundred day moving average price is $17.91.

ArrowMark Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 21st will be paid a dividend of $0.45 per share. This is a boost from ArrowMark Financial’s previous quarterly dividend of $0.42. The ex-dividend date is Wednesday, March 20th. This represents a $1.80 dividend on an annualized basis and a yield of 9.45%.

Institutional Investors Weigh In On ArrowMark Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BANX. UBS Group AG bought a new stake in shares of ArrowMark Financial during the second quarter valued at approximately $36,000. Wells Fargo & Company MN lifted its holdings in shares of ArrowMark Financial by 50.3% in the second quarter. Wells Fargo & Company MN now owns 2,388 shares of the investment management company’s stock worth $40,000 after buying an additional 799 shares in the last quarter. Morgan Stanley lifted its holdings in shares of ArrowMark Financial by 19.6% in the fourth quarter. Morgan Stanley now owns 11,865 shares of the investment management company’s stock worth $202,000 after buying an additional 1,945 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of ArrowMark Financial in the fourth quarter worth $227,000. Finally, Millennium Management LLC purchased a new position in shares of ArrowMark Financial in the second quarter worth $275,000. Institutional investors own 24.93% of the company’s stock.

ArrowMark Financial Company Profile

ArrowMark Financial Corp. is a closed-end balanced mutual fund launched and managed by ArrowMark Asset Management, LLC. It invests in public equity and fixed income markets of global region. For its equity portion, the fund invests in stocks of companies operating across financials, banks sectors. It invests in growth and value stocks of companies across diversified market capitalization.