Arrow Financial To Buy Back $5M In Common Stock
GLENS FALLS, N.Y. (AP) ¿ Regional bank Arrow Financial Corp. said Wednesday its board approved a plan to buy back up to $5 million worth of common stock over the next year.
Repurchasing stock takes a company's shares out of circulation, boosting the value of existing shares and fattening profits measured per share.
Companies usually repurchase shares when they feel their stock is undervalued.
The company also declared a quarterly cash dividend of 25 cents per share June 15 to shareholders of record June 3.Shares of Arrow Financial rose $1.73, or 6.9 percent, to $26.93 in afternoon trading.
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