Thomas L. Hoy Sells 1,300 Shares of Arrow Financial Corporation (AROW) Stock
Arrow Financial Corporation (NASDAQ:AROW) Chairman Thomas L. Hoy sold 1,300 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $35.16, for a total value of $45,708.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Arrow Financial Corporation (NASDAQ:AROW) traded down $0.60 during trading on Thursday, hitting $35.40. The stock had a trading volume of 15,100 shares, compared to its average volume of 19,981. Arrow Financial Corporation has a 1-year low of $30.70 and a 1-year high of $41.70. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $501.13, a price-to-earnings ratio of 18.04 and a beta of 0.64.
Arrow Financial Corporation (NASDAQ:AROW) last posted its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). Arrow Financial Corporation had a return on equity of 11.68% and a net margin of 25.36%. The company had revenue of $26.79 million for the quarter.
Arrow Financial Corporation declared that its board has approved a stock repurchase plan on Friday, October 27th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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Large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. purchased a new position in Arrow Financial Corporation in the third quarter valued at $113,000. Schroder Investment Management Group increased its holdings in Arrow Financial Corporation by 49.5% in the second quarter. Schroder Investment Management Group now owns 3,608 shares of the financial services provider’s stock valued at $115,000 after buying an additional 1,194 shares during the last quarter. Maple Capital Management Inc. purchased a new position in Arrow Financial Corporation in the third quarter valued at $216,000. Goldman Sachs Group Inc. purchased a new position in Arrow Financial Corporation in the second quarter valued at $216,000. Finally, Bradley Foster & Sargent Inc. CT purchased a new position in Arrow Financial Corporation in the second quarter valued at $269,000. 39.32% of the stock is currently owned by hedge funds and other institutional investors.
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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