Arrow Financial Corporation (AROW) Position Lessened by Nationwide Fund Advisors
Nationwide Fund Advisors cut its holdings in Arrow Financial Corporation (NASDAQ:AROW) by 75.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,236 shares of the financial services provider’s stock after selling 22,000 shares during the quarter. Nationwide Fund Advisors owned approximately 0.05% of Arrow Financial Corporation worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of AROW. Arrow Financial Corp grew its stake in shares of Arrow Financial Corporation by 2.2% in the second quarter. Arrow Financial Corp now owns 1,398,646 shares of the financial services provider’s stock worth $44,267,000 after purchasing an additional 30,592 shares during the last quarter. Bradley Foster & Sargent Inc. CT bought a new stake in shares of Arrow Financial Corporation in the second quarter worth about $269,000. Wedge Capital Management L L P NC grew its stake in shares of Arrow Financial Corporation by 8.2% in the second quarter. Wedge Capital Management L L P NC now owns 35,820 shares of the financial services provider’s stock worth $1,134,000 after purchasing an additional 2,700 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of 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 worth $336,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of 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 worth $115,000 after purchasing an additional 1,194 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors.
In other Arrow Financial Corporation 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 value of $146,177.30. Following the completion of the sale, the senior vice president now directly owns 22,448 shares in the company, valued at $792,414.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.63% of the company’s stock.
Separately, BidaskClub raised Arrow Financial Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th.
Shares of Arrow Financial Corporation (NASDAQ AROW) opened at $34.25 on Tuesday. 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 has a 1-year low of $30.70 and a 1-year high of $41.70. The company has a market cap of $473.99, a PE ratio of 17.06 and a beta of 0.64.
Arrow Financial Corporation (NASDAQ:AROW) last issued its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.01). Arrow Financial Corporation had a return on equity of 11.68% and a net margin of 25.36%. The company had revenue of $26.79 million during the quarter.
Arrow Financial Corporation announced that its Board of Directors has approved a stock buyback 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from Arrow Financial Corporation’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 2.92%. Arrow Financial Corporation’s dividend payout ratio (DPR) is 48.60%.
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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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