Arrow Financial Co. (AROW) Holdings Lifted by Northern Trust Corp
Northern Trust Corp increased its position in Arrow Financial Co. (NASDAQ:AROW) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 196,830 shares of the financial services provider’s stock after purchasing an additional 4,577 shares during the quarter. Northern Trust Corp owned approximately 1.40% of Arrow Financial worth $7,164,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Tower Research Capital LLC TRC acquired a new stake in shares of Arrow Financial during the second quarter worth $119,000. Bank of America Corp DE lifted its stake in shares of Arrow Financial by 62.2% during the second quarter. Bank of America Corp DE now owns 24,122 shares of the financial services provider’s stock worth $877,000 after buying an additional 9,254 shares during the period. First Republic Investment Management Inc. lifted its stake in shares of 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 worth $3,187,000 after buying an additional 49,919 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Arrow Financial by 3.4% during the second quarter. Renaissance Technologies LLC now owns 301,760 shares of the financial services provider’s stock worth $10,984,000 after buying an additional 10,000 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Arrow Financial by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 620,378 shares of the financial services provider’s stock worth $22,582,000 after buying an additional 26,657 shares during the period. 40.51% of the stock is owned by hedge funds and other institutional investors.
Separately, BidaskClub upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a research note on Saturday, November 17th.
Arrow Financial (NASDAQ:AROW) last posted its earnings results on Monday, October 22nd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The business had revenue of $28.35 million for the quarter. Arrow Financial had a net margin of 29.28% and a return on equity of 13.45%.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $1.04 dividend on an annualized basis and a yield of 3.07%.
Arrow Financial Company 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.
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