Arrow Financial Corp Increases Stake in Arrow Financial Co. Holdings

Arrow Financial Corp has reported a 1.2% increase in its holdings of Arrow Financial Co. (NASDAQ:AROW) during the third quarter, according to its latest filing with the Securities and Exchange Commission. This brings Arrow Financial Corp's total ownership to 1,969,793 shares after acquiring an additional 23,198 shares in the quarter. Notably, Arrow Financial now represents about 5.2% of Arrow Financial Corp's total investments, ranking as its third-largest holding. As of the most recent SEC filing, Arrow Financial Corp's stake in Arrow Financial is valued at approximately $56,454,000, accounting for around 11.77% of the latter's overall worth.

Several other institutional investors have also recently adjusted their positions in Arrow Financial. BNP Paribas Financial Markets increased its ownership by an impressive 90.9% in the first quarter, now holding 7,263 shares valued at $182,000 after acquiring an additional 3,459 shares. Empowered Funds LLC raised its stake by 7.7% during the same period, owning a total of 26,764 shares valued at $670,000 after adding 1,925 shares. ClariVest Asset Management LLC boosted its holdings in Arrow Financial by 19.7%, owning 36,230 shares worth $906,000 following an increase of 5,952 shares. Meanwhile, the State Board of Administration of Florida Retirement System made a new investment in Arrow Financial valued at about $201,000 in the first quarter. Additionally, Vanguard Group Inc. expanded its position by 1.4%, holding 795,274 shares valued at approximately $19,898,000 after acquiring 10,636 additional shares. Overall, institutional investors and hedge funds own 46.71% of the company's stock.

Insider Transactions

In recent news regarding insider trading, Director Raymond F. O'Conor sold 2,000 shares of Arrow Financial on October 1st at an average price of $28.04, resulting in a total transaction value of $56,080. After this sale, he retains ownership of 41,176 shares valued at about $1,154,575.04, reflecting no change in ownership percentage. This transaction was disclosed in a filing with the SEC. During the last quarter, insiders sold a total of 8,000 shares worth $229,520, and insiders collectively own 3.55% of the company's stock.

Stock Performance

On Friday, shares of AROW opened at $33.00. The company's market cap stands at $552.09 million, with a price-to-earnings (PE) ratio of 16.84 and a beta of 0.72. Its 50-day moving average is $29.00, while the two-hundred-day moving average is $27.34. Arrow Financial Co. has a current ratio and quick ratio of 0.92, with a low debt-to-equity ratio of 0.07. Over the past year, the stock has had a low of $21.50 and a peak of $33.49.

Arrow Financial recently announced its quarterly earnings results on October 31st, reporting earnings of $0.53 per share, which met analyst expectations. The company achieved a return on equity of 8.67% and a net profit margin of 15.00%, with total revenue reaching $57.58 million for the quarter.

Dividend Increase

Additionally, Arrow Financial declared a quarterly dividend recently, which was paid on October 29th. Shareholders who were on record as of October 15th received a dividend of $0.28 per share, up from the previous $0.27. This brings the annualized dividend to $1.12, translating to a dividend yield of 3.39%. The company's dividend payout ratio is currently at 57.14%.

Analyst Perspectives

Analysts have provided various opinions regarding Arrow Financial's stock. Hovde Group initiated coverage with a “market perform” rating and set a price target of $31.00. Furthermore, StockNews.com upgraded Arrow Financial shares from a “sell” to a “hold” rating earlier in the year.

About Arrow Financial

Arrow Financial Corporation operates as a bank holding company that provides commercial and consumer banking services, along with a variety of financial products. Their deposit offerings include demand deposits, interest-bearing checking accounts, savings, and time deposits. Additionally, the company engages in lending activities such as commercial loans, real estate loans, and financing for construction and development projects.

Investment, Stock, Earnings