Commonwealth Equity Services LLC Acquires 1,294 Shares of Arrow Financial Co. (NASDAQ:AROW)

Commonwealth Equity Services LLC increased its position in Arrow Financial Co. (NASDAQ:AROW) by 5.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,429 shares of the financial services provider’s stock after acquiring an additional 1,294 shares during the quarter. Commonwealth Equity Services LLC owned about 0.15% of Arrow Financial worth $730,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AROW. State Street Corp lifted its position in Arrow Financial by 0.3% during the third quarter. State Street Corp now owns 393,719 shares of the financial services provider’s stock valued at $11,284,000 after purchasing an additional 1,022 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Arrow Financial by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider’s stock valued at $3,640,000 after acquiring an additional 786 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in 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 acquiring an additional 1,100 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in Arrow Financial by 0.4% during the third quarter. Rockefeller Capital Management L.P. now owns 116,867 shares of the financial services provider’s stock worth $3,349,000 after acquiring an additional 454 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Arrow Financial by 42.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 78,548 shares of the financial services provider’s stock valued at $2,255,000 after purchasing an additional 23,498 shares during the period. Institutional investors own 46.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AROW. Piper Sandler dropped their price objective on Arrow Financial from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Hovde Group lowered their target price on shares of Arrow Financial from $34.50 to $32.00 and set a “market perform” rating for the company in a research note on Friday, December 27th.

Insider Activity

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $25.28, for a total transaction of $50,560.00. Following the transaction, the director now owns 35,022 shares of the company’s stock, valued at approximately $885,356.16. This trade represents a 5.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel James White bought 3,668 shares of Arrow Financial stock in a transaction dated Friday, January 31st. The stock was purchased at an average cost of $27.23 per share, with a total value of $99,879.64. Following the completion of the acquisition, the director now directly owns 4,338 shares in the company, valued at approximately $118,123.74. The trade was a 547.46 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 6,000 shares of company stock worth $156,240. Corporate insiders own 3.55% of the company’s stock.

Arrow Financial Price Performance

Arrow Financial stock opened at $26.33 on Thursday. Arrow Financial Co. has a 52-week low of $21.50 and a 52-week high of $34.63. The firm has a market capitalization of $440.18 million, a price-to-earnings ratio of 14.88 and a beta of 0.73. 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 company has a fifty day simple moving average of $26.64 and a 200-day simple moving average of $28.65.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, January 30th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.12). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. On average, equities analysts anticipate that Arrow Financial Co. will post 2.65 EPS for the current fiscal year.

Arrow Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 24th. Stockholders of record on Monday, February 10th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.25%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.25. Arrow Financial’s dividend payout ratio is currently 63.28%.

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.