Northern Trust Corp boosted its holdings in shares of Arrow Financial Co. (NASDAQ:AROW) by 2.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 196,830 shares of the financial services provider’s stock after buying an additional 4,577 shares during the period. Northern Trust Corp’s holdings in Arrow Financial were worth $7,164,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of AROW. First Republic Investment Management Inc. raised its position in Arrow Financial by 132.6% during the second quarter. First Republic Investment Management Inc. now owns 87,558 shares of the financial services provider’s stock valued at $3,187,000 after buying an additional 49,919 shares during the period. Dimensional Fund Advisors LP increased its position in Arrow Financial by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 620,378 shares of the financial services provider’s stock worth $22,582,000 after purchasing an additional 26,657 shares during the last quarter. BlackRock Inc. increased its position in Arrow Financial by 2.4% in the 2nd quarter. BlackRock Inc. now owns 995,643 shares of the financial services provider’s stock worth $36,242,000 after purchasing an additional 23,234 shares during the last quarter. Renaissance Technologies LLC increased its position in Arrow Financial by 3.4% in the 2nd quarter. Renaissance Technologies LLC now owns 301,760 shares of the financial services provider’s stock worth $10,984,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in Arrow Financial by 15.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 74,023 shares of the financial services provider’s stock worth $2,695,000 after purchasing an additional 9,828 shares during the last quarter. 39.37% of the stock is currently owned by hedge funds and other institutional investors.
Separately, BidaskClub raised Arrow Financial from a “sell” rating to a “hold” rating in a research report on Saturday, October 13th.
Shares of AROW stock opened at $34.44 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.74. Arrow Financial Co. has a fifty-two week low of $30.81 and a fifty-two week high of $40.15. The stock has a market capitalization of $506.42 million, a price-to-earnings ratio of 14.68 and a beta of 0.62.
Arrow Financial (NASDAQ:AROW) last issued its earnings results on Monday, October 22nd. The financial services provider reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.01). Arrow Financial had a return on equity of 13.45% and a net margin of 29.28%. The firm had revenue of $28.35 million during the quarter.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Thursday, November 29th.
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Arrow Financial Profile
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.
Further Reading: Risk Tolerance and Your Investment Decisions
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