Bank of New York Mellon Corp Increases Stock Position in Arrow Financial Co. (NASDAQ:AROW)

Bank of New York Mellon Corp boosted its holdings in Arrow Financial Co. (NASDAQ:AROW) by 12.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,326 shares of the financial services provider’s stock after acquiring an additional 13,829 shares during the quarter. Bank of New York Mellon Corp owned 0.77% of Arrow Financial worth $3,369,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AROW. Acadian Asset Management LLC bought a new position in shares of Arrow Financial during the first quarter valued at $157,000. BNP Paribas Financial Markets lifted its stake in Arrow Financial by 90.9% during the 1st quarter. BNP Paribas Financial Markets now owns 7,263 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 3,459 shares during the period. State Board of Administration of Florida Retirement System purchased a new stake in shares of Arrow Financial during the 1st quarter valued at about $201,000. Financial Counselors Inc. grew its stake in shares of Arrow Financial by 11.4% in the first quarter. Financial Counselors Inc. now owns 19,612 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 2,000 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Arrow Financial by 20.0% during the first quarter. Commonwealth Equity Services LLC now owns 23,697 shares of the financial services provider’s stock valued at $593,000 after purchasing an additional 3,950 shares during the last quarter. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AROW has been the subject of a number of research analyst reports. StockNews.com raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th. Hovde Group began coverage on Arrow Financial in a research note on Monday, September 9th. They issued a “market perform” rating and a $31.00 price target on the stock.

Insiders Place Their Bets

In other news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $30.09, for a total transaction of $60,180.00. Following the transaction, the director now directly owns 43,176 shares of the company’s stock, valued at approximately $1,299,165.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.55% of the company’s stock.

Arrow Financial Price Performance

NASDAQ AROW opened at $28.99 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $485.00 million, a P/E ratio of 16.86 and a beta of 0.73. The company has a 50-day moving average price of $29.06 and a 200-day moving average price of $25.88. Arrow Financial Co. has a 52 week low of $16.65 and a 52 week high of $32.92.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share for the quarter. Arrow Financial had a net margin of 14.94% and a return on equity of 8.46%. The business had revenue of $55.83 million for the quarter.

Arrow Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.73%. The ex-dividend date was Monday, August 12th. Arrow Financial’s dividend payout ratio is presently 62.81%.

Arrow Financial Company Profile

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.