Rhumbline Advisers lessened its holdings in Arrow Financial Corporation (NASDAQ:AROW) by 5.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,932 shares of the financial services provider’s stock after selling 855 shares during the quarter. Rhumbline Advisers owned approximately 0.11% of Arrow Financial Corporation worth $473,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Schwab Charles Investment Management Inc. grew its position in Arrow Financial Corporation by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 54,589 shares of the financial services provider’s stock valued at $1,728,000 after acquiring an additional 323 shares during the last quarter. Wedge Capital Management L L P NC grew its position 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 buying an additional 2,700 shares in the last quarter. Finally, Arrow Financial Corp grew its position 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 buying an additional 30,592 shares in the last quarter. 38.81% of the stock is currently owned by institutional investors.

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

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Arrow Financial Corporation (NASDAQ:AROW) opened at 34.60 on Thursday. The stock has a market capitalization of $481.42 million, a PE ratio of 17.73 and a beta of 0.65. Arrow Financial Corporation has a 52 week low of $29.67 and a 52 week high of $40.49. The stock has a 50 day moving average price of $32.16 and a 200 day moving average price of $31.96.

Arrow Financial Corporation (NASDAQ:AROW) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.03. Arrow Financial Corporation had a return on equity of 11.58% and a net margin of 25.28%. The business had revenue of $26.28 million during the quarter. Equities analysts forecast that Arrow Financial Corporation will post $2.09 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Wednesday, August 30th. Arrow Financial Corporation’s payout ratio is currently 49.71%.

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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