Dimensional Fund Advisors LP Has $18.63 Million Position in Arrow Financial Co. (AROW)
Dimensional Fund Advisors LP raised its stake in shares of Arrow Financial Co. (NASDAQ:AROW) by 9.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 542,323 shares of the financial services provider’s stock after buying an additional 48,209 shares during the period. Dimensional Fund Advisors LP’s holdings in Arrow Financial were worth $18,629,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in AROW. Russell Investments Group Ltd. acquired a new position in Arrow Financial during the 3rd quarter valued at about $113,000. Schroder Investment Management Group increased its stake in Arrow Financial by 49.5% during the 2nd quarter. Schroder Investment Management Group now owns 3,608 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,194 shares during the period. Goldman Sachs Group Inc. acquired a new position in Arrow Financial during the 2nd quarter valued at about $216,000. Maple Capital Management Inc. acquired a new position in Arrow Financial during the 3rd quarter valued at about $216,000. Finally, Alliancebernstein L.P. increased its stake in Arrow Financial by 29.2% during the 2nd quarter. Alliancebernstein L.P. now owns 10,627 shares of the financial services provider’s stock valued at $336,000 after buying an additional 2,400 shares during the period. 39.95% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP David S. Demarco sold 4,141 shares of the firm’s stock in a transaction dated 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 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 SEC, which is accessible through the SEC website. Also, Chairman Thomas L. Hoy sold 1,300 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $35.16, for a total transaction of $45,708.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,441 shares of company stock valued at $226,610. Insiders own 4.63% of the company’s stock.
Arrow Financial Co. (NASDAQ:AROW) opened at $34.40 on Wednesday. The company has a market cap of $476.77, a PE ratio of 17.23 and a beta of 0.66. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.83 and a current ratio of 0.83. Arrow Financial Co. has a 52 week low of $30.70 and a 52 week high of $38.60.
Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ 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.
Arrow Financial declared that its Board of Directors has approved a stock repurchase program on Friday, October 27th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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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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