Johnson Investment Counsel Inc. bought a new stake in shares of Arrow Financial Co. (NASDAQ:AROW) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 45,270 shares of the financial services provider’s stock, valued at approximately $1,627,000.
Other hedge funds also recently bought and sold shares of the company. Clean Yield Group purchased a new position in shares of Arrow Financial during the second quarter worth about $48,000. Panagora Asset Management Inc. boosted its stake in Arrow Financial by 55.9% in the second quarter. Panagora Asset Management Inc. now owns 2,155 shares of the financial services provider’s stock worth $77,000 after buying an additional 773 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC purchased a new stake in Arrow Financial in the second quarter worth approximately $215,000. Maple Capital Management Inc. purchased a new stake in Arrow Financial in the first quarter worth approximately $207,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Arrow Financial by 75.8% in the first quarter. BNP Paribas Arbitrage SA now owns 6,437 shares of the financial services provider’s stock worth $214,000 after buying an additional 2,776 shares in the last quarter. 43.73% of the stock is owned by institutional investors and hedge funds.
Shares of AROW stock opened at $35.74 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.90 and a current ratio of 0.90. Arrow Financial Co. has a fifty-two week low of $26.07 and a fifty-two week high of $38.26. The stock has a 50 day moving average price of $35.56 and a two-hundred day moving average price of $35.71. The company has a market capitalization of $573.38 million, a P/E ratio of 11.10 and a beta of 0.69.
The business also recently disclosed a — dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 17th were given a $3.00 dividend. The ex-dividend date of this dividend was Thursday, September 16th. This represents a yield of 2.9%. Arrow Financial’s payout ratio is currently 38.26%.
Separately, Zacks Investment Research lowered Arrow Financial from a “buy” rating to a “hold” rating in a research note on Monday, September 27th.
Arrow Financial Company Profile
Arrow Financial Corp. is a bank holding company, which engages in the provision of banking and insurance services through its subsidiaries, Glens Falls National and Saratoga National. It offers deposit accounts, lending activitiess, insurance products, and loans. The company was founded on March 21, 1983 and is headquartered in Glens Falls, NY.
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