Charles Schwab Investment Management Inc. Sells 8,028 Shares of Arrow Financial Co. (NASDAQ:AROW)

Charles Schwab Investment Management Inc. reduced its position in shares of Arrow Financial Co. (NASDAQ:AROW) by 6.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 125,993 shares of the financial services provider’s stock after selling 8,028 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Arrow Financial were worth $3,611,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in shares of Arrow Financial by 12.0% during the second quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock valued at $3,369,000 after acquiring an additional 13,829 shares during the last quarter. Arrow Financial Corp increased its holdings in Arrow Financial by 6.6% during the 2nd 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. IFG Advisory LLC purchased a new position in Arrow Financial during the 2nd quarter valued at about $207,000. Rhumbline Advisers raised its position in Arrow Financial by 6.4% during the 2nd quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock valued at $642,000 after purchasing an additional 1,485 shares during the last quarter. Finally, Private Advisor Group LLC lifted its holdings in Arrow Financial by 74.1% in the 2nd quarter. Private Advisor Group LLC now owns 19,934 shares of the financial services provider’s stock worth $519,000 after buying an additional 8,483 shares during the period. 46.71% of the stock is currently owned by institutional investors.

Arrow Financial Stock Down 1.2 %

Shares of Arrow Financial stock opened at $31.13 on Friday. The company’s fifty day simple moving average is $31.00 and its two-hundred day simple moving average is $28.91. Arrow Financial Co. has a 12-month low of $21.50 and a 12-month high of $34.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a market cap of $521.12 million, a P/E ratio of 15.88 and a beta of 0.75.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings results on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%. The company had revenue of $57.58 million for the quarter.

Arrow Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend was Tuesday, October 15th. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio (DPR) is presently 57.14%.

Wall Street Analyst Weigh In

Separately, Hovde Group began coverage on Arrow Financial in a research note on Monday, September 9th. They set a “market perform” rating and a $31.00 target price on the stock.

Insider Activity at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $28.50, for a total transaction of $57,000.00. Following the completion of the transaction, the director now directly owns 39,496 shares of the company’s stock, valued at $1,125,636. This trade represents a 4.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 6,000 shares of company stock worth $178,460 over the last ninety days. 3.55% of the stock is owned by corporate insiders.

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.