ArrowMark Financial reports estimated NAV of $22.24 and Q3 2024 net income of $0.70 per share.
Quiver AI Summary
ArrowMark Financial Corp. announced an estimated and unaudited Net Asset Value (NAV) of $22.24 as of November 30, 2024. The company's third-quarter net income for 2024 was reported at $0.70 per share, surpassing its quarterly distribution of $0.45 per share, demonstrating consistent over-performance in distributing income to shareholders over the past five years, as noted by Chairman & CEO Sanjai Bhonsle. ArrowMark Financial operates as a non-diversified, closed-end fund, focusing on providing current income primarily through investments in regulatory capital securities of financial institutions. The announcement includes a disclaimer about the risks associated with investing in ArrowMark Financial, emphasizing that past performance does not guarantee future results.
Potential Positives
- ArrowMark Financial's estimated Net Asset Value (NAV) as of November 30, 2024, is reported at $22.24, indicating a defined financial metric for investors.
- The company reported a net income of $0.70 per share for Q3 2024, surpassing its quarterly distribution amount of $0.45 per share, suggesting strong financial health and the ability to provide consistent income to shareholders.
- The Fund has demonstrated a consistent history of over-earning its quarterly distribution rate over the past five years, reinforcing its commitment to delivering income to shareholders.
Potential Negatives
- The estimated and unaudited nature of the NAV disclosed raises concerns about the reliability and accuracy of the financial information provided to investors.
- The press release emphasizes numerous risks associated with ArrowMark Financial, which may deter potential investors and indicate underlying instability.
- Despite reporting an increase in net income, the reliance on past performance to affirm investment stability can be seen as a red flag, questioning sustainability moving forward.
FAQ
What is ArrowMark Financial's estimated NAV as of November 30, 2024?
The estimated NAV of ArrowMark Financial Corp. as of November 30, 2024, is $22.24.
How much was the net income per share for Q3 2024?
The net income for Q3 2024 was $0.70 per share, exceeding the quarterly distribution of $0.45 per share.
What is the investment objective of ArrowMark Financial?
ArrowMark Financial aims to provide shareholders with current income by investing primarily in regulatory capital securities of financial institutions.
How long has ArrowMark Financial consistently over-earned its distribution rate?
Over the past five years, ArrowMark Financial has consistently over-earned its quarterly distribution rate.
Where can investors find more information about ArrowMark Financial?
Investors can learn more about ArrowMark Financial Corp. at ir.arrowmarkfinancialcorp.com or by contacting Destra at 877.855.3434.
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. 17, 2024 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp. (NASDAQ: BANX) ("ArrowMark Financial"), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of November 30, 2024, was $22.24.
“We are very pleased to share that the net income for Q3 2024 was $0.70 per share, well in excess of the quarterly distribution amount of $0.45 per share. Over the past five years, the Fund has consistently over-earned its quarterly distribution rate. This has allowed the Fund to deliver on its objective of providing shareholders with consistent income,” said Chairman & CEO Sanjai Bhonsle.
This estimated NAV is not a comprehensive statement of our financial condition or results for the month November 30, 2024.
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. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.
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 Company with the SEC are accessible on the SEC's website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.
Contact:
BANX@destracapital.com
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