Shares of Arrow Financial Co. (NASDAQ:AROW) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.15 and last traded at $40.05, with a volume of 791 shares. The stock had previously closed at $40.05.
Separately, BidaskClub upgraded Arrow Financial from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th.
The company has a market capitalization of $559.24 million, a PE ratio of 17.12 and a beta of 0.59. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.77.
Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Monday, July 23rd. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.05. The company had revenue of $28.87 million during the quarter. Arrow Financial had a return on equity of 12.99% and a net margin of 28.50%.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 31st will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Thursday, August 30th. This is an increase from Arrow Financial’s previous quarterly dividend of $0.25.
In related news, SVP David S. Demarco sold 4,019 shares of the stock in a transaction that occurred on Wednesday, May 23rd. The stock was sold at an average price of $37.52, for a total transaction of $150,792.88. Following the completion of the sale, the senior vice president now owns 24,185 shares in the company, valued at approximately $907,421.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Raymond F. O’conor sold 1,000 shares of the stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $38.89, for a total value of $38,890.00. Following the sale, the director now owns 45,531 shares of the company’s stock, valued at approximately $1,770,700.59. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,519 shares of company stock valued at $246,283. 4.42% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC bought a new stake in Arrow Financial during the 2nd quarter valued at approximately $119,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Arrow Financial during the 2nd quarter valued at approximately $209,000. MetLife Investment Advisors LLC bought a new stake in Arrow Financial during the 4th quarter valued at approximately $210,000. Acadian Asset Management LLC boosted its stake in Arrow Financial by 427.1% during the 2nd quarter. Acadian Asset Management LLC now owns 10,780 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 8,735 shares during the period. Finally, Maltese Capital Management LLC bought a new stake in Arrow Financial during the 1st quarter valued at approximately $509,000. Hedge funds and other institutional investors own 42.02% of the company’s stock.
Arrow Financial Company Profile (NASDAQ:AROW)
Arrow Financial Corporation, a multi-bank holding company, provides commercial and consumer banking, and financial products and services. Its deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. The company's 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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