Empowered Funds LLC Sells 5,589 Shares of Arrow Financial Co. (NASDAQ:AROW)

Empowered Funds LLC lessened its holdings in Arrow Financial Co. (NASDAQ:AROW) by 19.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,155 shares of the financial services provider’s stock after selling 5,589 shares during the period. Empowered Funds LLC owned 0.14% of Arrow Financial worth $664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new position in shares of Arrow Financial in the first quarter valued at approximately $157,000. SG Americas Securities LLC acquired a new position in Arrow Financial in the 3rd quarter valued at $164,000. State Board of Administration of Florida Retirement System bought a new position in Arrow Financial during the 1st quarter worth $201,000. IFG Advisory LLC acquired a new stake in shares of Arrow Financial during the second quarter worth $207,000. Finally, Atria Investments Inc boosted its position in shares of Arrow Financial by 32.6% in the third quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 4,148 shares during the period. Institutional investors and hedge funds own 46.71% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Arrow Financial

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total value of $56,080.00. Following the transaction, the director now directly owns 41,176 shares in the company, valued at $1,154,575.04. The trade was a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 6,000 shares of company stock valued at $173,260 over the last 90 days. Insiders own 3.55% of the company’s stock.

Arrow Financial Stock Up 2.3 %

Shares of NASDAQ:AROW opened at $33.45 on Friday. The business has a fifty day simple moving average of $29.88 and a 200 day simple moving average of $28.08. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a market cap of $559.95 million, a P/E ratio of 17.07 and a beta of 0.72. Arrow Financial Co. has a 12-month low of $21.50 and a 12-month high of $34.63.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.53. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%. The firm had revenue of $57.58 million for the quarter.

Arrow Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were given a $0.28 dividend. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.12 annualized dividend and a yield of 3.35%. Arrow Financial’s dividend payout ratio (DPR) is presently 57.14%.

About Arrow Financial

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.