ArrowMark Financial (NASDAQ:BANX) Stock Jumps 0.2% – Time to Buy?

ArrowMark Financial Corp. (NASDAQ:BANX)’s stock price rose 0.2% on Thursday. The company traded as high as $19.65 and last traded at $19.58. Approximately 16,107 shares were traded 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 business’s 50 day moving average is $20.13 and its two-hundred day moving average is $19.93.

ArrowMark Financial Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BANX. Noble Wealth Management PBC boosted 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 buying an additional 16,568 shares during the period. Almitas Capital LLC bought a new position in ArrowMark Financial in the 2nd quarter worth about $994,000. Kestra Advisory Services LLC bought a new position in ArrowMark Financial in the 3rd quarter worth about $919,000. Private Advisor Group LLC raised its holdings in shares of 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 acquiring an additional 1,257 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of ArrowMark Financial in the 2nd quarter valued at about $177,000. 24.93% of the stock is currently owned by hedge funds and other institutional investors.

ArrowMark Financial Company Profile

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.