Separately, Zacks Investment Research downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd.
NASDAQ:AROW opened at $27.27 on Tuesday. Arrow Financial has a one year low of $20.78 and a one year high of $38.31. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $409.38 million, a price-to-earnings ratio of 11.04 and a beta of 0.62. The firm’s fifty day moving average is $28.29 and its two-hundred day moving average is $28.00.
In other news, Chairman Thomas L. Hoy purchased 3,000 shares of the business’s stock in a transaction on Friday, July 31st. The shares were bought at an average price of $27.41 per share, with a total value of $82,230.00. Following the completion of the transaction, the chairman now directly owns 194,157 shares in the company, valued at approximately $5,321,843.37. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.00% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new position in shares of Arrow Financial in the second quarter valued at approximately $938,000. Vanguard Group Inc. boosted its position in Arrow Financial by 2.5% during the second quarter. Vanguard Group Inc. now owns 735,237 shares of the financial services provider’s stock worth $21,859,000 after purchasing an additional 18,266 shares during the period. Bank of America Corp DE boosted its position in Arrow Financial by 55.1% during the second quarter. Bank of America Corp DE now owns 45,625 shares of the financial services provider’s stock worth $1,357,000 after purchasing an additional 16,216 shares during the period. HighTower Advisors LLC bought a new stake in shares of Arrow Financial in the first quarter valued at approximately $413,000. Finally, Wells Fargo & Company MN boosted its position in shares of Arrow Financial by 17.0% in the first quarter. Wells Fargo & Company MN now owns 77,395 shares of the financial services provider’s stock valued at $2,157,000 after acquiring an additional 11,231 shares during the period. 43.18% of the stock is currently owned by institutional investors.
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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