Shares of AROW traded up $0.47 during trading hours on Thursday, reaching $35.78. 14,356 shares of the company traded hands, compared to its average volume of 15,194. The firm has a market cap of $489.30 million, a price-to-earnings ratio of 13.70 and a beta of 0.59. Arrow Financial has a 12-month low of $30.45 and a 12-month high of $39.00. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The stock’s fifty day moving average price is $32.60 and its 200 day moving average price is $33.43.
Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.62 earnings per share for the quarter, meeting the consensus estimate of $0.62. The firm had revenue of $28.60 million during the quarter. Arrow Financial had a return on equity of 13.03% and a net margin of 27.06%.
The company also recently disclosed a — dividend, which will be paid on Friday, September 27th. Investors of record on Tuesday, September 17th will be issued a $3.00 dividend. The ex-dividend date is Monday, September 16th. This represents a dividend yield of 3.2%.
In related news, Director Gary C. Dake sold 3,500 shares of Arrow Financial stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $32.38, for a total value of $113,330.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP David S. Demarco sold 990 shares of Arrow Financial stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $32.50, for a total value of $32,175.00. Following the completion of the sale, the senior vice president now owns 26,219 shares of the company’s stock, valued at $852,117.50. The disclosure for this sale can be found here. Insiders sold 12,585 shares of company stock valued at $407,774 over the last 90 days. 4.02% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its holdings in shares of Arrow Financial by 144.9% in the second quarter. Bank of Montreal Can now owns 1,778 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 1,052 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Arrow Financial by 460.3% in the first quarter. BNP Paribas Arbitrage SA now owns 2,555 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 2,099 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Arrow Financial by 8.4% in the second quarter. Russell Investments Group Ltd. now owns 5,141 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 400 shares in the last quarter. HM Payson & Co. bought a new stake in shares of Arrow Financial in the second quarter valued at about $186,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in Arrow Financial in the first quarter worth about $214,000. Hedge funds and other institutional investors own 40.70% of the company’s stock.
About Arrow Financial
Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and improvements to commercial properties, as well as commercial construction and land development loans to finance projects.
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