Rhumbline Advisers decreased its holdings in Arrow Financial Co. (NASDAQ:AROW) by 20.1% during the 4th quarter, HoldingsChannel reports. The fund owned 12,332 shares of the financial services provider’s stock after selling 3,093 shares during the quarter. Rhumbline Advisers’ holdings in Arrow Financial were worth $419,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in AROW. Bank of New York Mellon Corp lifted its position in Arrow Financial by 2.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 90,607 shares of the financial services provider’s stock valued at $3,112,000 after acquiring an additional 2,015 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Arrow Financial in the 3rd quarter valued at about $113,000. Wells Fargo & Company MN lifted its position in Arrow Financial by 14.2% in the 3rd quarter. Wells Fargo & Company MN now owns 54,202 shares of the financial services provider’s stock valued at $1,862,000 after acquiring an additional 6,760 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Arrow Financial by 8.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 59,281 shares of the financial services provider’s stock valued at $2,037,000 after acquiring an additional 4,692 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Arrow Financial by 9.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 542,323 shares of the financial services provider’s stock valued at $18,629,000 after acquiring an additional 48,209 shares in the last quarter. 40.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ AROW opened at $33.50 on Friday. Arrow Financial Co. has a fifty-two week low of $30.70 and a fifty-two week high of $38.60. The stock has a market capitalization of $477.66, a P/E ratio of 16.95 and a beta of 0.57. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.72.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.99%.
AROW has been the topic of several recent research reports. BidaskClub raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a research report on Saturday, March 24th. Sandler O’Neill set a $37.00 price target on shares of Arrow Financial and gave the company a “hold” rating in a research report on Wednesday, January 3rd.
About Arrow Financial
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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