ArrowMark Financial Corp. (NASDAQ:BANX) to Issue Dividend Increase – $0.45 Per Share

ArrowMark Financial Corp. (NASDAQ:BANX) declared a quarterly dividend on Monday, September 11th, Zacks reports. Stockholders of record on Friday, September 22nd will be given a dividend of 0.45 per share by the investment management company on Friday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 10.14%. The ex-dividend date is Thursday, September 21st. This is a positive change from ArrowMark Financial’s previous quarterly dividend of $0.39.

ArrowMark Financial has raised its dividend by an average of 0.9% annually over the last three years and has raised its dividend every year for the last 2 years. ArrowMark Financial has a dividend payout ratio of 79.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble.

ArrowMark Financial Trading Up 2.1 %

Shares of NASDAQ:BANX traded up $0.36 during midday trading on Wednesday, hitting $17.75. The company had a trading volume of 11,521 shares, compared to its average volume of 15,477. The stock has a market cap of $126.15 million, a price-to-earnings ratio of 32.81 and a beta of 0.53. The firm has a fifty day simple moving average of $16.65 and a 200 day simple moving average of $17.00. ArrowMark Financial has a 12 month low of $13.80 and a 12 month high of $19.37.

Institutional Trading of ArrowMark Financial

A number of institutional investors have recently modified their holdings of BANX. Cambridge Investment Research Advisors Inc. bought a new stake in shares of ArrowMark Financial in the first quarter valued at about $322,000. UBS Group AG bought a new stake in ArrowMark Financial during the second quarter worth about $36,000. Millennium Management LLC bought a new stake in ArrowMark Financial during the second quarter worth about $275,000. ArrowMark Colorado Holdings LLC raised its holdings in ArrowMark Financial by 0.6% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 505,709 shares of the investment management company’s stock worth $8,597,000 after acquiring an additional 2,847 shares in the last quarter. Finally, Morgan Stanley raised its holdings in ArrowMark Financial by 19.6% during the fourth quarter. Morgan Stanley now owns 11,865 shares of the investment management company’s stock worth $202,000 after acquiring an additional 1,945 shares in the last quarter. 26.44% of the stock is currently owned by institutional investors.

About ArrowMark Financial

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.