Short Interest in ArrowMark Financial Corp. (NASDAQ:BANX) Decreases By 18.3%

ArrowMark Financial Corp. (NASDAQ:BANX) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 21,900 shares, a drop of 18.3% from the March 15th total of 26,800 shares. Based on an average daily volume of 21,100 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.3% of the company’s shares are sold short.

Insider Activity at ArrowMark Financial

In other ArrowMark Financial news, Director John Scott Emrich sold 2,500 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $21.28, for a total value of $53,200.00. Following the completion of the transaction, the director now directly owns 6,225 shares of the company’s stock, valued at approximately $132,468. The trade was a 28.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 4,000 shares of company stock worth $84,810 in the last quarter. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On ArrowMark Financial

A number of institutional investors and hedge funds have recently modified their holdings of BANX. Trust Co. of Vermont purchased a new stake in shares of ArrowMark Financial in the fourth quarter worth $58,000. Millennium Management LLC bought a new position in ArrowMark Financial in the fourth quarter worth approximately $220,000. Principal Street Partners LLC bought a new stake in ArrowMark Financial during the 4th quarter worth approximately $261,000. Noble Wealth Management PBC purchased a new position in shares of ArrowMark Financial during the fourth quarter valued at about $348,000. Finally, Falcon Wealth Planning raised its stake in ArrowMark Financial by 15.3% during the fourth quarter. Falcon Wealth Planning now owns 18,862 shares of the investment management company’s stock valued at $396,000 after purchasing an additional 2,500 shares in the last quarter. 24.93% of the stock is currently owned by institutional investors.

ArrowMark Financial Stock Performance

BANX traded up $0.41 during trading hours on Tuesday, hitting $20.20. 2,868 shares of the company’s stock were exchanged, compared to its average volume of 21,145. ArrowMark Financial has a 1-year low of $17.91 and a 1-year high of $21.67. The stock’s 50-day moving average is $20.53 and its two-hundred day moving average is $20.70.

ArrowMark Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 20th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.91%. The ex-dividend date of this dividend was Thursday, March 20th.

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.