Washington Trust Advisors Inc. Sells 900 Shares of Arrow Financial Co. (NASDAQ:AROW)

Washington Trust Advisors Inc. trimmed its stake in shares of Arrow Financial Co. (NASDAQ:AROW) by 6.8% during the third quarter, HoldingsChannel reports. The fund owned 12,310 shares of the financial services provider’s stock after selling 900 shares during the period. Washington Trust Advisors Inc.’s holdings in Arrow Financial were worth $353,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AROW. Arrow Financial Corp raised its position in shares of Arrow Financial by 6.6% in the second quarter. Arrow Financial Corp now owns 1,946,595 shares of the financial services provider’s stock valued at $50,709,000 after purchasing an additional 119,715 shares during the period. Vanguard Group Inc. raised its position in shares of Arrow Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider’s stock worth $19,898,000 after acquiring an additional 10,636 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Arrow Financial by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock worth $18,241,000 after acquiring an additional 31,268 shares during the period. American Century Companies Inc. boosted its holdings in Arrow Financial by 13.7% in the second quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider’s stock valued at $6,946,000 after acquiring an additional 32,158 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Arrow Financial by 12.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock worth $3,369,000 after purchasing an additional 13,829 shares during the last quarter. 46.71% of the stock is owned by institutional investors.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $30.09, for a total value of $60,180.00. Following the completion of the sale, the director now owns 43,176 shares of the company’s stock, valued at approximately $1,299,165.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 8,000 shares of company stock valued at $229,520 in the last ninety days. 3.55% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AROW has been the topic of several research reports. StockNews.com upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a report on Tuesday, July 30th. Hovde Group initiated coverage on shares of Arrow Financial in a research report on Monday, September 9th. They set a “market perform” rating and a $31.00 target price on the stock.

Arrow Financial Price Performance

Shares of NASDAQ:AROW opened at $33.00 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07. The stock has a market cap of $552.09 million, a PE ratio of 16.84 and a beta of 0.72. The company’s fifty day moving average is $29.00 and its 200 day moving average is $27.34. Arrow Financial Co. has a 52 week low of $21.50 and a 52 week high of $33.49.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The firm had revenue of $57.58 million for the quarter. Arrow Financial had a net margin of 15.00% and a return on equity of 8.67%.

Arrow Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.39%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, October 15th. Arrow Financial’s dividend payout ratio (DPR) is presently 57.14%.

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 enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.