ArrowMark Financial announces a $0.20 special distribution and $0.45 regular distribution per share for Q4 2024.
Quiver AI Summary
ArrowMark Financial Corp. has announced a special cash distribution of $0.20 per share, alongside a regular cash distribution of $0.45 per share for the fourth quarter of 2024, totaling $0.65 per share. These distributions, derived from excess income, will be paid on January 3, 2025, to shareholders who are on record as of December 26, 2024. Sanjai Bhonsle, Chairman and CEO, expressed satisfaction with this announcement, highlighting the company's ability to consistently exceed its declared quarterly distribution rate. ArrowMark Financial, a non-diversified closed-end fund focused on providing current income through investments primarily in regulatory capital securities, is managed by ArrowMark Asset Management, LLC.
Potential Positives
- Declaration of a special cash distribution of $0.20 per share, signaling strong financial performance and excess income generation.
- Announcement of a regular cash distribution of $0.45 per share for fourth quarter 2024, demonstrating commitment to returning value to shareholders.
- Total distribution of $0.65 per share showcases the company's ability to over-earn its declared quarterly distribution rate.
- Positive statement from Chairman & CEO Sanjai Bhonsle highlights the company’s focus on consistent risk-adjusted returns and capital preservation.
Potential Negatives
- The announcement of the special cash distribution may signal that the company's ability to sustainably generate income could be in question, as it indicates a reliance on excess income for additional payouts.
- The inclusion of a lengthy disclaimer detailing various risks inherent to the company could lead to increased investor concern regarding the stability and performance of their investment.
- The fact that shares may trade at a discount from net asset value presents a potential valuation issue, which may deter investors looking for stable investments.
FAQ
What special distribution has ArrowMark Financial Corp. declared for Q4 2024?
ArrowMark Financial has declared a special cash distribution of $0.20 per share for Q4 2024.
When will the total distribution of $0.65 per share be payable?
The total distribution of $0.65 per share will be payable on January 3, 2025.
Who is the CEO of ArrowMark Financial Corp.?
The Chairman & CEO of ArrowMark Financial Corp. is Sanjai Bhonsle.
What is the investment objective of ArrowMark Financial Corp.?
The investment objective is to provide shareholders with current income primarily by investing in regulatory capital securities.
What risks should investors consider regarding ArrowMark Financial?
Investors should consider various risks including investment risks, market risks, and credit risks before investing in ArrowMark Financial.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BANX Insider Trading Activity
$BANX insiders have traded $BANX stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $BANX stock by insiders over the last 6 months:
- PATRICK JOSEPH FARRELL (Chief Financial Officer) purchased 650 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BANX Hedge Fund Activity
We have seen 10 institutional investors add shares of $BANX stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- RAYMOND JAMES FINANCIAL SERVICES ADVISORS, INC. removed 47,703 shares (-19.5%) from their portfolio in Q3 2024
- ARROWMARK COLORADO HOLDINGS LLC removed 44,723 shares (-18.6%) from their portfolio in Q3 2024
- STIFEL FINANCIAL CORP removed 25,682 shares (-13.8%) from their portfolio in Q3 2024
- GREENWICH INVESTMENT MANAGEMENT, INC. removed 18,975 shares (-6.0%) from their portfolio in Q2 2024
- PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. removed 15,815 shares (-100.0%) from their portfolio in Q3 2024
- PATHWAY FINANCIAL ADVISERS, LLC added 14,768 shares (+1969.1%) to their portfolio in Q3 2024
- MAGNUS FINANCIAL GROUP LLC removed 12,372 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
DENVER, Dec. 04, 2024 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp. (Nasdaq: BANX) ("ArrowMark Financial" or the "Company"), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a special cash distribution of $0.20 per share generated from excess income, and a regular cash distribution of $0.45 per share for the fourth quarter 2024. The total distribution of $0.65 per share will be payable on January 3, 2025 to shareholders of record on December 26, 2024.
“We are very pleased to announce the special distribution for Q4 2024 along with the distribution rate of $0.45. We believe this distribution reflects the Fund’s ability to consistently over-earn its declared quarterly distribution rate. ArrowMark Financial is committed to providing consistent risk-adjusted returns while maintaining focus on capital preservation and income generation for our shareholders,” said Chairman & CEO Sanjai Bhonsle.
About ArrowMark Financial Corp.
ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. The Fund pursues its objective by investing primarily in regulatory capital securities of financial institutions. ArrowMark Financial is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com or contact the Fund’s secondary market service agent at 877-855-3434.
Disclaimer and Risk Factors:
There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial's investment objective, risks, charges and expenses. Past performance does not guarantee future results.
The Annual Report, Semi-Annual Report and other regulatory filings of the Fund with the SEC are accessible on the SEC's website at www.sec.gov and on the Fund’s website at ir.arrowmarkfinancialcorp.com.
Contact:
Destra Capital Advisors LLC (877) 855-3434
Destra Capital Advisors LLC provides secondary market services for the Fund by agreement.
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