Washington Trust Advisors Inc. Sells 700 Shares of Arrow Financial Co. (NASDAQ:AROW)

Washington Trust Advisors Inc. lowered its stake in shares of Arrow Financial Co. (NASDAQ:AROW) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,510 shares of the financial services provider’s stock after selling 700 shares during the period. Washington Trust Advisors Inc. owned approximately 0.08% of Arrow Financial worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AROW. BlackRock Inc. boosted its position in Arrow Financial by 10.0% during the second quarter. BlackRock Inc. now owns 1,316,558 shares of the financial services provider’s stock worth $26,515,000 after purchasing an additional 120,210 shares during the period. Vanguard Group Inc. boosted its stake in shares of Arrow Financial by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 823,459 shares of the financial services provider’s stock valued at $14,015,000 after purchasing an additional 36,197 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Arrow Financial by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 729,386 shares of the financial services provider’s stock worth $18,169,000 after buying an additional 18,944 shares during the last quarter. State Street Corp grew its position in Arrow Financial by 3.3% during the 2nd quarter. State Street Corp now owns 421,533 shares of the financial services provider’s stock worth $8,490,000 after acquiring an additional 13,389 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Arrow Financial by 2.2% in the first quarter. Renaissance Technologies LLC now owns 345,615 shares of the financial services provider’s stock valued at $11,205,000 after buying an additional 7,500 shares during the period. 46.71% of the stock is currently owned by institutional investors.

Arrow Financial Stock Performance

NASDAQ:AROW traded down $0.04 during trading hours on Thursday, reaching $24.84. The stock had a trading volume of 6,868 shares, compared to its average volume of 42,744. The stock has a market cap of $411.10 million, a P/E ratio of 14.02 and a beta of 0.69. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50 day simple moving average of $24.70 and a 200 day simple moving average of $23.54. Arrow Financial Co. has a 12-month low of $16.65 and a 12-month high of $29.66.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, February 1st. The financial services provider reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The firm had revenue of $33.10 million for the quarter, compared to the consensus estimate of $35.01 million. Arrow Financial had a return on equity of 8.21% and a net margin of 15.69%. On average, research analysts forecast that Arrow Financial Co. will post 2.33 EPS for the current fiscal year.

Arrow Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Monday, February 12th were given a dividend of $0.27 per share. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 9th. This represents a $1.08 dividend on an annualized basis and a yield of 4.35%. Arrow Financial’s dividend payout ratio is presently 60.87%.

Analyst Upgrades and Downgrades

Separately, Hovde Group started coverage on shares of Arrow Financial in a research note on Tuesday, January 9th. They set a “market perform” rating on the stock.

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