Arrow Financial Corporation (AROW) Stake Increased by Northern Trust Corp

Northern Trust Corp lifted its position in shares of Arrow Financial Corporation (NASDAQ:AROW) by 6.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 190,947 shares of the financial services provider’s stock after acquiring an additional 11,021 shares during the period. Northern Trust Corp owned approximately 1.41% of Arrow Financial Corporation worth $6,044,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings of AROW. Arrow Financial Corp lifted its holdings in shares of Arrow Financial Corporation by 2.2% during the 2nd quarter. Arrow Financial Corp now owns 1,398,646 shares of the financial services provider’s stock worth $44,267,000 after acquiring an additional 30,592 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Arrow Financial Corporation by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 54,589 shares of the financial services provider’s stock worth $1,728,000 after acquiring an additional 323 shares during the period. Wedge Capital Management L L P NC lifted its holdings in shares of Arrow Financial Corporation by 8.2% during the 2nd 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 acquiring an additional 2,700 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Arrow Financial Corporation by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 88,592 shares of the financial services provider’s stock worth $2,804,000 after acquiring an additional 1,084 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in shares of Arrow Financial Corporation by 0.9% during the 2nd quarter. Prudential Financial Inc. now owns 37,330 shares of the financial services provider’s stock worth $1,181,000 after acquiring an additional 330 shares during the period. 38.96% of the stock is owned by institutional investors.

Arrow Financial Corporation (NASDAQ:AROW) opened at $34.80 on Wednesday. The stock has a market cap of $476.77, a P/E ratio of 17.16 and a beta of 0.64. Arrow Financial Corporation has a 12-month low of $30.70 and a 12-month high of $41.70. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.44.

Arrow Financial Corporation (NASDAQ:AROW) last released its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). The company had revenue of $26.79 million for the quarter. Arrow Financial Corporation had a return on equity of 11.68% and a net margin of 25.36%.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.87%. This is a boost from Arrow Financial Corporation’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Thursday, November 30th. Arrow Financial Corporation’s dividend payout ratio is currently 48.60%.

Arrow Financial Corporation declared that its board has initiated a share buyback program on Friday, October 27th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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Separately, BidaskClub upgraded shares of Arrow Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th.

In related news, SVP David S. Demarco sold 4,141 shares of the company’s 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.63% of the stock is owned by corporate insiders.

About Arrow Financial Corporation

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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Institutional Ownership by Quarter for Arrow Financial Corporation (NASDAQ:AROW)

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