BidaskClub cut shares of Arrow Financial (NASDAQ:AROW) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

Shares of Arrow Financial (NASDAQ AROW) opened at $34.10 on Wednesday. Arrow Financial has a fifty-two week low of $30.70 and a fifty-two week high of $39.55. The company has a market cap of $469.11, a price-to-earnings ratio of 16.88 and a beta of 0.66. 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 (NASDAQ:AROW) last announced its 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 net margin of 25.36% and a return on equity of 11.68%. The business had revenue of $26.79 million for the quarter.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Thursday, November 30th. This is a boost from Arrow Financial’s previous quarterly dividend of $0.24. Arrow Financial’s payout ratio is 50.10%.

Arrow Financial declared that its board has initiated a stock repurchase program on Friday, October 27th that authorizes the company to repurchase $5.00 million in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other news, Chairman Thomas L. Hoy sold 1,300 shares of Arrow Financial stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $35.16, for a total value of $45,708.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP David S. Demarco sold 4,141 shares of Arrow Financial stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $35.30, for a total value of $146,177.30. Following the completion of the transaction, the senior vice president now directly owns 22,448 shares of the company’s stock, valued at approximately $792,414.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,941 shares of company stock valued at $209,435. 4.63% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of AROW. Schwab Charles Investment Management Inc. raised its position in shares of Arrow Financial by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 54,589 shares of the financial services provider’s stock worth $1,728,000 after purchasing an additional 323 shares during the last quarter. Bank of New York Mellon Corp raised its position in Arrow Financial by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 88,592 shares of the financial services provider’s stock worth $2,804,000 after buying an additional 1,084 shares during the last quarter. Prudential Financial Inc. raised its position in Arrow Financial by 0.9% in the 2nd quarter. Prudential Financial Inc. now owns 37,330 shares of the financial services provider’s stock worth $1,181,000 after buying an additional 330 shares during the last quarter. Bradley Foster & Sargent Inc. CT purchased a new position in Arrow Financial in the 2nd quarter worth about $269,000. Finally, Schroder Investment Management Group raised its position in Arrow Financial by 49.5% in the 2nd quarter. Schroder Investment Management Group now owns 3,608 shares of the financial services provider’s stock worth $115,000 after buying an additional 1,194 shares during the last quarter. 39.97% of the stock is owned by hedge funds and other 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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