Russell Investments Group Ltd. Purchases New Holdings in Arrow Financial Corporation (AROW)
Russell Investments Group Ltd. purchased a new position in shares of Arrow Financial Corporation (NASDAQ:AROW) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,299 shares of the financial services provider’s stock, valued at approximately $113,000.
Other hedge funds also recently bought and sold shares of the company. Schroder Investment Management Group lifted its stake in Arrow Financial 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. Maple Capital Management Inc. acquired a new stake in Arrow Financial in the third quarter valued at approximately $216,000. Goldman Sachs Group Inc. acquired a new stake in Arrow Financial in the second quarter valued at approximately $216,000. Alliancebernstein L.P. lifted its stake in Arrow Financial 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, Parametric Portfolio Associates LLC lifted its stake in Arrow Financial by 4.2% in the second quarter. Parametric Portfolio Associates LLC now owns 17,173 shares of the financial services provider’s stock valued at $544,000 after acquiring an additional 686 shares during the last quarter. Institutional investors and hedge funds own 39.97% of the company’s stock.
In other news, Chairman Thomas L. Hoy sold 1,300 shares of Arrow Financial 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP David S. Demarco sold 4,141 shares of Arrow Financial stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 22,448 shares in the company, valued at approximately $792,414.40. The disclosure for this sale can be found here. In the last three months, insiders sold 5,941 shares of company stock worth $209,435. Insiders own 4.63% of the company’s stock.
Arrow Financial Corporation (NASDAQ AROW) opened at $33.60 on Wednesday. Arrow Financial Corporation has a 52-week low of $30.70 and a 52-week high of $39.05. The company has a market cap of $467.54, a P/E ratio of 16.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.83 and a quick ratio of 0.83.
Arrow Financial (NASDAQ:AROW) last released its quarterly 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 firm had revenue of $26.79 million during the quarter.
Arrow Financial declared that its Board of Directors has initiated a share buyback program on Friday, October 27th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were given a $0.25 dividend. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.24. The ex-dividend date was Thursday, November 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.98%. Arrow Financial’s dividend payout ratio (DPR) is currently 50.25%.
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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