Arrow Financial Corporation (NASDAQ:AROW) Director Raymond F. O’conor sold 500 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $35.10, for a total value of $17,550.00. Following the completion of the transaction, the director now directly owns 49,814 shares in the company, valued at $1,748,471.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Arrow Financial Corporation (NASDAQ:AROW) traded down $0.45 during midday trading on Friday, reaching $34.95. The company had a trading volume of 11,200 shares, compared to its average volume of 19,627. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.44. Arrow Financial Corporation has a one year low of $30.70 and a one year high of $41.70. The stock has a market cap of $492.78, a PE ratio of 17.74 and a beta of 0.65.
Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.53 EPS for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). Arrow Financial had a return on equity of 11.68% and a net margin of 25.36%. The business had revenue of $26.79 million during the quarter.
Arrow Financial declared that its board has approved a share buyback program on Friday, October 27th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.25 dividend. The ex-dividend date is Thursday, November 30th. This is a boost from Arrow Financial’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 2.86%. Arrow Financial’s payout ratio is currently 50.10%.
A number of hedge funds and other institutional investors have recently bought and sold shares of AROW. Schwab Charles Investment Management Inc. lifted its position in shares of Arrow Financial by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 54,589 shares of the financial services provider’s stock valued at $1,728,000 after acquiring an additional 323 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Arrow Financial by 8.2% in the second 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 buying an additional 2,700 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Arrow Financial by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 88,592 shares of the financial services provider’s stock valued at $2,804,000 after buying an additional 1,084 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Arrow Financial by 0.9% in the second quarter. Prudential Financial Inc. now owns 37,330 shares of the financial services provider’s stock valued at $1,181,000 after buying an additional 330 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT acquired a new stake in shares of Arrow Financial in the second quarter valued at $269,000. 39.97% of the stock is currently owned by institutional investors.
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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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