First Trust Advisors LP Increases Position in Arrow Financial Corporation (AROW)
First Trust Advisors LP boosted its position in shares of Arrow Financial Corporation (NASDAQ:AROW) by 35.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,731 shares of the financial services provider’s stock after buying an additional 7,567 shares during the period. First Trust Advisors LP owned approximately 0.21% of Arrow Financial worth $987,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Arrow Financial Corp boosted its stake in Arrow Financial by 2.9% during the third quarter. Arrow Financial Corp now owns 1,439,384 shares of the financial services provider’s stock valued at $49,443,000 after buying an additional 40,738 shares during the last quarter. Walthausen & Co. LLC bought a new position in Arrow Financial during the second quarter valued at approximately $554,000. State Street Corp boosted its stake in Arrow Financial by 8.7% during the second quarter. State Street Corp now owns 233,508 shares of the financial services provider’s stock valued at $7,389,000 after buying an additional 18,675 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in Arrow Financial during the second quarter valued at approximately $216,000. Finally, Dimensional Fund Advisors LP boosted its stake in Arrow Financial by 5.7% during the second quarter. Dimensional Fund Advisors LP now owns 494,114 shares of the financial services provider’s stock valued at $15,639,000 after buying an additional 26,749 shares during the last quarter. 39.66% of the stock is owned by institutional investors.
In other news, SVP David S. Demarco sold 4,141 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 22,448 shares of the company’s stock, valued at approximately $792,414.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Thomas L. Hoy sold 1,300 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $35.16, for a total value of $45,708.00. The disclosure for this sale can be found here. 4.63% of the stock is owned by company insiders.
Arrow Financial Corporation (NASDAQ AROW) opened at $36.70 on Tuesday. Arrow Financial Corporation has a one year low of $30.70 and a one year high of $41.70. The company has a market capitalization of $507.40, a P/E ratio of 18.26 and a beta of 0.65. 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 (NASDAQ:AROW) last announced its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). Arrow Financial had a net margin of 25.36% and a return on equity of 11.68%. The firm had revenue of $26.79 million for the quarter.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.72%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.24. The ex-dividend date is Thursday, November 30th. Arrow Financial’s dividend payout ratio (DPR) is presently 50.10%.
Arrow Financial announced that its board has initiated a stock 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 often a sign that the company’s board of directors believes its shares are undervalued.
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Arrow Financial 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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