In a recent transaction, Raymond F. O'Conor, a director at Arrow Financial Corp (NASDAQ:AROW), sold 4,000 shares of the company's common stock. The shares were sold at a price of $23.6341 each, totaling over $94,536 in value.
The transaction took place on May 10, 2024, and was disclosed through a regulatory filing with the Securities and Exchange Commission. Following the sale, O'Conor's remaining holdings in Arrow Financial Corp amount to 46,419 shares of common stock.
Investors often monitor insider transactions as they can provide insights into the sentiment of company executives and directors about the firm's prospects. The sale by a director might be of interest to shareholders and potential investors as they assess the company's financial health and future performance. Arrow Financial Corp, based in Glens Falls, New York, operates as a nationally chartered commercial bank and is recognized under the standard industrial classification of national commercial banks.
The details of the transaction are publicly available through the SEC's filing system, providing transparency into the trading activities of the company's insiders. Arrow Financial Corp has not made any additional comments on the transaction.
InvestingPro Insights
Amidst the insider trading activities, Arrow Financial Corp (NASDAQ:AROW) presents a mixed financial landscape. With a solid track record of shareholder returns, the company boasts a remarkable dividend history. According to InvestingPro Tips, Arrow Financial has raised its dividend for 31 consecutive years and has maintained dividend payments for 32 consecutive years, which is a testament to its commitment to shareholder value. This consistency in dividend payments could be a reassuring signal for investors, especially in times when insider transactions are closely scrutinized.
On the flip side, the company is noted to have weak gross profit margins, which may raise concerns about its operational efficiency. However, analysts remain optimistic, predicting profitability for the current year, as reflected in another InvestingPro Tip. This projection aligns with the company's performance over the last twelve months, where it has remained profitable.
Delving into the InvestingPro Data, Arrow Financial Corp's market capitalization stands at 396.28 million USD, with a price-to-earnings (P/E) ratio of 13.79, which slightly adjusts to 13.58 when considering the last twelve months as of Q1 2024. The company's dividend yield as of the most recent data is an attractive 4.52%, which could be a draw for income-focused investors. Additionally, the stock has experienced a price total return of 29.99% over the past year, indicating a strong performance despite a year-to-date (YTD) return of -12.48%.
For those looking for more in-depth analysis and additional InvestingPro Tips, there are more available at https://www.investing.com/pro/AROW. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that could help navigate investment decisions in Arrow Financial Corp.
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