The Manufacturers Life Insurance Company lowered its holdings in Arrow Financial Co. (NASDAQ:AROW) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,166 shares of the financial services provider’s stock after selling 612 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of Arrow Financial worth $244,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. First Trust Advisors LP lifted its position in Arrow Financial by 1.3% in the 1st quarter. First Trust Advisors LP now owns 26,381 shares of the financial services provider’s stock valued at $868,000 after acquiring an additional 327 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Arrow Financial by 466.0% in the third quarter. Great West Life Assurance Co. Can now owns 8,932 shares of the financial services provider’s stock valued at $910,000 after purchasing an additional 7,354 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of Arrow Financial during the third quarter valued at approximately $209,000. Charles Schwab Investment Management Inc. grew its holdings in Arrow Financial by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 97,586 shares of the financial services provider’s stock worth $2,449,000 after buying an additional 1,917 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in Arrow Financial by 3.0% in the 3rd quarter. California State Teachers Retirement System now owns 19,846 shares of the financial services provider’s stock valued at $498,000 after buying an additional 578 shares during the last quarter. Institutional investors and hedge funds own 42.19% of the company’s stock.
Separately, Zacks Investment Research lowered shares of Arrow Financial from a “buy” rating to a “strong sell” rating in a research note on Wednesday, March 31st.
Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Wednesday, January 27th. The financial services provider reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.06. Arrow Financial had a return on equity of 12.14% and a net margin of 26.71%. The business had revenue of $35.56 million for the quarter, compared to analyst estimates of $35.20 million. On average, equities analysts anticipate that Arrow Financial Co. will post 2.58 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 15th. Investors of record on Tuesday, March 2nd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, March 1st. This represents a $1.04 annualized dividend and a yield of 3.07%. Arrow Financial’s payout ratio is currently 42.80%.
Arrow Financial Company Profile
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.
See Also: Quantitative Easing
Receive News & Ratings for Arrow Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arrow Financial and related companies with MarketBeat.com's FREE daily email newsletter.