Dimensional Fund Advisors LP boosted its stake in Arrow Financial Corporation (NASDAQ:AROW) by 5.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 494,114 shares of the financial services provider’s stock after buying an additional 26,749 shares during the quarter. Dimensional Fund Advisors LP owned approximately 3.66% of Arrow Financial Corporation worth $15,639,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in AROW. Arrow Financial Corp lifted its position in Arrow Financial Corporation by 2.2% in the 2nd quarter. Arrow Financial Corp now owns 1,398,646 shares of the financial services provider’s stock worth $44,267,000 after buying an additional 30,592 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Arrow Financial Corporation by 6.1% during the 2nd quarter. Northern Trust Corp now owns 190,947 shares of the financial services provider’s stock valued at $6,044,000 after purchasing an additional 11,021 shares in the last quarter. Bradley Foster & Sargent Inc. CT bought a new position in shares of Arrow Financial Corporation during the 2nd quarter valued at $269,000. Vanguard Group Inc. raised its holdings in shares of Arrow Financial Corporation by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 585,803 shares of the financial services provider’s stock valued at $18,540,000 after purchasing an additional 4,641 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Arrow Financial Corporation by 8.2% during the 2nd quarter. Wedge Capital Management L L P NC now owns 35,820 shares of the financial services provider’s stock valued at $1,134,000 after purchasing an additional 2,700 shares in the last quarter. Institutional investors own 39.23% of the company’s stock.
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Arrow Financial Corporation (NASDAQ AROW) opened at $34.05 on Friday. The firm has a market cap of $473.98, a price-to-earnings ratio of 17.06 and a beta of 0.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.85 and a current ratio of 0.83. Arrow Financial Corporation has a twelve month low of $30.70 and a twelve month high of $41.70.
Arrow Financial Corporation (NASDAQ:AROW) last released its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.53 earnings per share 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 Corporation had a net margin of 25.36% and a return on equity of 11.68%.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.94%. This is an increase from Arrow Financial Corporation’s previous quarterly dividend of $0.24. Arrow Financial Corporation’s dividend payout ratio (DPR) is currently 48.60%.
Arrow Financial Corporation declared that its board has authorized a share repurchase plan on Friday, October 27th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, SVP David S. Demarco sold 4,141 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $35.30, for a total transaction of $146,177.30. Following the transaction, the senior vice president now owns 22,448 shares in the company, valued at approximately $792,414.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.63% of the stock is currently owned by company insiders.
Separately, BidaskClub upgraded shares of Arrow Financial Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th.
Arrow Financial Corporation Company Profile
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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