Arrow Financial Corporation (AROW) Stake Raised by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC boosted its stake in Arrow Financial Corporation (NASDAQ:AROW) by 4.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,173 shares of the financial services provider’s stock after acquiring an additional 686 shares during the period. Parametric Portfolio Associates LLC owned about 0.13% of Arrow Financial Corporation worth $544,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Arrow Financial Corporation by 0.8% in the second quarter. Vanguard Group Inc. now owns 585,803 shares of the financial services provider’s stock valued at $18,540,000 after acquiring an additional 4,641 shares during the last quarter. Northern Trust Corp lifted its position in Arrow Financial Corporation by 6.1% in the second quarter. Northern Trust Corp now owns 190,947 shares of the financial services provider’s stock valued at $6,044,000 after acquiring an additional 11,021 shares during the last quarter. Teachers Advisors LLC lifted its position in Arrow Financial Corporation by 0.9% in the second quarter. Teachers Advisors LLC now owns 20,913 shares of the financial services provider’s stock valued at $662,000 after acquiring an additional 181 shares during the last quarter. Alliancebernstein L.P. lifted its position in Arrow Financial Corporation by 29.2% in the second quarter. Alliancebernstein L.P. now owns 10,627 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position in Arrow Financial Corporation 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 during the last quarter. 39.32% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman Thomas L. Hoy sold 1,300 shares of the business’s stock in a transaction on Friday, November 17th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David S. Demarco sold 4,141 shares of the business’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 completion of the sale, the senior vice president now directly owns 22,448 shares of the company’s stock, valued at $792,414.40. The disclosure for this sale can be found here. 4.63% of the stock is owned by insiders.
Shares of Arrow Financial Corporation (NASDAQ AROW) opened at $35.40 on Friday. Arrow Financial Corporation has a 1 year low of $30.70 and a 1 year high of $41.70. The firm has a market cap of $492.78, a price-to-earnings ratio of 17.74 and a beta of 0.64. 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 (NASDAQ:AROW) last announced 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). Arrow Financial Corporation had a net margin of 25.36% and a return on equity of 11.68%. The company had revenue of $26.79 million during the quarter.
Arrow Financial Corporation announced that its Board of Directors has authorized a share repurchase plan on Friday, October 27th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This is a boost from Arrow Financial Corporation’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. Arrow Financial Corporation’s payout ratio is 48.60%.
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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