Arrow Financial Corporation (NASDAQ:AROW) Chairman Thomas L. Hoy sold 1,300 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $35.16, for a total value of $45,708.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Arrow Financial Corporation (NASDAQ AROW) traded down $0.25 during mid-day trading on Wednesday, reaching $36.10. The company’s stock had a trading volume of 9,756 shares, compared to its average volume of 19,826. The stock has a market capitalization of $510.88, a P/E ratio of 18.39 and a beta of 0.65. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.44. Arrow Financial Corporation has a 52 week low of $30.70 and a 52 week high of $41.70.
Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). The business had revenue of $26.79 million for the quarter. Arrow Financial had a return on equity of 11.68% and a net margin of 25.36%.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Thursday, November 30th. This is an increase from Arrow Financial’s previous quarterly dividend of $0.24. Arrow Financial’s dividend payout ratio (DPR) is 50.10%.
Arrow Financial declared that its board has authorized a stock repurchase plan on Friday, October 27th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new position in shares of Arrow Financial in the third quarter valued at approximately $113,000. Schroder Investment Management Group lifted its position in shares of Arrow Financial by 49.5% in the second quarter. Schroder Investment Management Group now owns 3,608 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 1,194 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in shares of Arrow Financial in the second quarter valued at approximately $216,000. Maple Capital Management Inc. purchased a new position in shares of Arrow Financial in the third quarter valued at approximately $216,000. Finally, Bradley Foster & Sargent Inc. CT purchased a new position in shares of Arrow Financial in the second quarter valued at approximately $269,000. Institutional investors and hedge funds own 39.66% of the company’s stock.
About Arrow Financial
Arrow Financial Corporation (Arrow) is a bank holding company. The Company’s banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and Saratoga National Bank and Trust Company (Saratoga National). It operates in community banking industry segment. The Company’s business consists primarily of the ownership, supervision and control of its two banks.
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