State Street Corp Acquires 1,022 Shares of Arrow Financial Co. (NASDAQ:AROW)

State Street Corp increased its stake in Arrow Financial Co. (NASDAQ:AROW) by 0.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 393,719 shares of the financial services provider’s stock after purchasing an additional 1,022 shares during the quarter. State Street Corp owned approximately 2.35% of Arrow Financial worth $11,284,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AROW. Arrow Financial Corp raised its stake in shares of Arrow Financial by 1.2% in the third quarter. Arrow Financial Corp now owns 1,969,793 shares of the financial services provider’s stock worth $56,454,000 after buying an additional 23,198 shares during the period. Dimensional Fund Advisors LP raised its stake in Arrow Financial by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock worth $18,241,000 after acquiring an additional 31,268 shares during the period. American Century Companies Inc. lifted its holdings in Arrow Financial by 13.7% during the second quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider’s stock valued at $6,946,000 after purchasing an additional 32,158 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Arrow Financial by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock worth $3,369,000 after purchasing an additional 13,829 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of Arrow Financial by 0.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 118,630 shares of the financial services provider’s stock worth $3,400,000 after purchasing an additional 1,100 shares in the last quarter. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total value of $56,080.00. Following the sale, the director now owns 41,176 shares in the company, valued at approximately $1,154,575.04. The trade was a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 6,000 shares of company stock valued at $178,460. Insiders own 3.55% of the company’s stock.

Analysts Set New Price Targets

AROW has been the subject of several recent analyst reports. Piper Sandler began coverage on shares of Arrow Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $32.00 target price for the company. Hovde Group assumed coverage on Arrow Financial in a research note on Monday, September 9th. They issued a “market perform” rating and a $31.00 price objective for the company.

Arrow Financial Trading Up 0.4 %

Arrow Financial stock opened at $28.82 on Thursday. Arrow Financial Co. has a 1 year low of $21.50 and a 1 year high of $34.63. The firm’s 50 day moving average price is $31.16 and its 200-day moving average price is $29.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $482.42 million, a P/E ratio of 14.70 and a beta of 0.75.

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

Arrow Financial Increases Dividend

The company also recently announced 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 an increase from Arrow Financial’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date was Tuesday, October 15th. Arrow Financial’s payout ratio is currently 57.14%.

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.