Arrow Financial Corp Increases Stake in Arrow Financial Co.

Arrow Financial Corp has raised its holdings in Arrow Financial Co. (NASDAQ:AROW - Free Report) by 1.2% during the third quarter, as reported in the latest filing with the Securities and Exchange Commission. Following the acquisition of an additional 23,198 shares, the fund now possesses a total of 1,969,793 shares in the financial services provider.

Arrow Financial now constitutes approximately 5.2% of Arrow Financial Corp's total holdings, making it the third largest investment in their portfolio. As per the most recent filing, Arrow Financial Corp owns about 11.77% of Arrow Financial, valued at approximately $56,454,000.

Other institutional investors have also engaged in trading Arrow Financial shares. For instance, BNP Paribas Financial Markets increased its stake in the company by 90.9% during the first quarter, acquiring 3,459 additional shares to reach a total of 7,263 shares worth $182,000. Empowered Funds LLC and ClariVest Asset Management LLC also raised their holdings by 7.7% and 19.7%, respectively, during the same period. Vanguard Group Inc. also reported a slight increase of 1.4% in its position with an ownership of 795,274 shares valued at around $19,898,000. Overall, institutional investors and hedge funds control 46.71% of the stock.

Insider Transactions

In insider news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock on October 1st, receiving $28.04 for each share, resulting in a total transaction value of $56,080. After this sale, O’conor’s ownership reduced to 41,176 shares, valued at roughly $1,154,575. Additionally, 8,000 shares were sold by insiders in the last quarter, which added up to $229,520 in value, with insiders now holding 3.55% of the company’s stock.

Stock Performance

On Friday, shares of Arrow Financial opened at $33.00, reflecting a market capitalization of $552.09 million. The company presently holds a PE ratio of 16.84 and a beta of 0.72. Its moving averages are recorded at $29.00 for the 50-day and $27.34 for the 200-day. With current and quick ratios both at 0.92 and a low debt-to-equity ratio of 0.07, Arrow Financial’s stock has fluctuated between a 12-month low of $21.50 and a high of $33.49.

Arrow Financial Co. recently reported its quarterly earnings results on October 31st, which revealed an earnings per share (EPS) of $0.53, aligning with the consensus estimate. The company achieved a return on equity of 8.67% and a net margin of 15.00% with revenues amounting to $57.58 million during the quarter.

Dividend Increase

The company also announced an increase in its quarterly dividend, which was paid out on October 29th. Shareholders of record on October 15th received a dividend of $0.28 per share, up from $0.27 in the prior quarter. This adjustment indicates an annualized dividend of $1.12 and a dividend yield of 3.39%, while maintaining a payout ratio of 57.14%.

Analyst Ratings and Price Targets

Recent evaluations from analysts regarding AROW shares include the Hovde Group, which initiated coverage with a “market perform” rating and a price target of $31.00. StockNews.com upgraded the rating from a “sell” to a “hold” on July 30th.

About Arrow Financial

Arrow Financial Corporation operates as a bank holding company, providing a range of banking, financial products, and services. Its offerings include various deposit and lending products, catering to both commercial and consumer markets.

Finance, Stocks, Investment