In a recent transaction, Raymond F. O'Conor, a director at Arrow Financial (NASDAQ:AROW) Corporation (NASDAQ:AROW), sold 2,000 shares of the company's common stock. The sale, which took place on October 1, 2024, was executed at a price of $28.04 per share, resulting in a total value of $56,080.
The transaction was conducted under a 10B5-1 Plan, a trading plan which allows insiders of publicly-traded corporations to set up a trading plan for selling stocks they own. O'Conor had established this plan on May 14, 2024, in accordance with Rule 10B5-1 of the Securities Exchange Act of 1934.
Following the sale, O'Conor's ownership in Arrow Financial Corp has been adjusted to 41,176 shares of common stock. The sale was reported to be an open market transaction, indicating that it was not part of a private sale or transfer.
Investors often monitor insider sales as they can provide insights into an insider's perspective on the value of the company's stock. While such sales can occur for a variety of personal or financial reasons, they are a regular part of stock ownership and trading for corporate executives and directors.
Arrow Financial Corporation, headquartered in Glens Falls, New York, is a national commercial banking institution that operates under the standard industrial classification of National Commercial Banks. The sale by O'Conor is the latest in a series of insider transactions that shareholders and potential investors may consider as they assess their positions in the company.
In other recent news, Arrow Financial Corporation reported a substantial increase in net income for the second quarter of 2024, reaching $8.6 million, up from $6.0 million in the same period last year. The corporation's Board of Directors also declared a quarterly cash dividend of $0.27 per share, marking the 45th consecutive quarter of cash dividends from Arrow. In addition to these financial developments, Arrow's CEO, David S. DeMarco, highlighted the strategic expansion of their insurance business through the acquisition of A&B Agency, Inc. assets.
The company also gained regulatory approval for the merger of their banking subsidiaries into Arrow Bank National Association and for a branch acquisition in Whitehall, New York. These recent developments have seen a $57.6 million growth in gross loans and an improvement in the net interest margin to 2.67%.
In other leadership changes, Arrow Financial Corporation appointed Tenée R. Casaccio as the new Chair of its Board of Directors, following the retirement of William L. Owens, Esq. Casaccio, who has served on Arrow's Board since 2014, is the first woman to lead the Arrow Board. These recent developments indicate a shift towards more diverse leadership within Arrow Financial Corporation.
InvestingPro Insights
To provide additional context to Raymond F. O'Conor's recent stock sale, let's examine some key financial metrics and insights for Arrow Financial Corporation (NASDAQ:AROW).
According to InvestingPro data, Arrow Financial has a market capitalization of $471.86 million and a P/E ratio of 15, suggesting a relatively modest valuation compared to some peers in the banking sector. The company's dividend yield stands at 3.88%, which may be attractive to income-focused investors.
One of the notable InvestingPro Tips highlights that Arrow Financial "has raised its dividend for 31 consecutive years." This impressive track record of dividend growth aligns with the company's commitment to returning value to shareholders, which could be reassuring to investors despite the recent insider sale.
Another relevant InvestingPro Tip indicates that Arrow Financial has been "profitable over the last twelve months." This profitability, combined with the company's dividend history, suggests a stable financial foundation, which may help contextualize O'Conor's stock sale as part of normal portfolio management rather than a reflection on the company's prospects.
It's worth noting that Arrow Financial's revenue for the last twelve months as of Q2 2024 was $133.55 million, with an operating income margin of 31.49%. These figures demonstrate the company's ability to generate profits from its operations, which is crucial for sustaining its dividend payments and overall financial health.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's mentioned here. In fact, there are 7 more InvestingPro Tips available for Arrow Financial, which could provide further depth to the investment thesis for this regional bank.
In a recent transaction, Raymond F. O'Conor, a director at Arrow Financial Corporation (NASDAQ:AROW), sold 2,000 shares of the company's common stock. The sale, which took place on October 1, 2024, was executed at a price of $28.04 per share, resulting in a total value of $56,080.
The transaction was conducted under a 10B5-1 Plan, a trading plan which allows insiders of publicly-traded corporations to set up a trading plan for selling stocks they own. O'Conor had established this plan on May 14, 2024, in accordance with Rule 10B5-1 of the Securities Exchange Act of 1934.
Following the sale, O'Conor's ownership in Arrow Financial Corp has been adjusted to 41,176 shares of common stock. The sale was reported to be an open market transaction, indicating that it was not part of a private sale or transfer.
Investors often monitor insider sales as they can provide insights into an insider's perspective on the value of the company's stock. While such sales can occur for a variety of personal or financial reasons, they are a regular part of stock ownership and trading for corporate executives and directors.
Arrow Financial Corporation, headquartered in Glens Falls, New York, is a national commercial banking institution that operates under the standard industrial classification of National Commercial Banks. The sale by O'Conor is the latest in a series of insider transactions that shareholders and potential investors may consider as they assess their positions in the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.