Arrow Financial (NASDAQ:AROW) CFO Acquires $145,500.00 in Stock

Key Points

• Penko Krassimir Ivanov, CFO of Arrow Financial, purchased 5,000 shares at $29.10 each, increasing his ownership to 24,744 shares, valued at over $720,000.
• Arrow Financial's quarterly earnings surpassed expectations, reporting $0.70 EPS and generating $51.57 million in revenue, exceeding analyst estimates.
• The company announced a dividend increase to $0.29 per share, reflecting a yield of 4.0% and a payout ratio of 63.39%.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) CFO Penko Krassimir Ivanov bought 5,000 shares of the stock in a transaction on Wednesday, September 10th. The shares were acquired at an average cost of $29.10 per share, for a total transaction of $145,500.00. Following the purchase, the chief financial officer owned 24,744 shares in the company, valued at approximately $720,050.40. This represents a 25.32% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Penko Krassimir Ivanov also recently made the following trade(s):

• On Wednesday, August 27th, Penko Krassimir Ivanov acquired 10,922 shares of Arrow Financial stock. The shares were acquired at an average cost of $29.46 per share, with a total value of $321,762.12.
• On Tuesday, August 26th, Penko Krassimir Ivanov purchased 1,078 shares of Arrow Financial stock. The stock was acquired at an average cost of $29.46 per share, with a total value of $31,757.88.
• On Wednesday, August 6th, Penko Krassimir Ivanov bought 1,425 shares of Arrow Financial stock. The shares were acquired at an average price of $26.50 per share, for a total transaction of $37,762.50.

Arrow Financial Trading Up 0.6%

NASDAQ:AROW traded up $0.18 during mid-day trading on Wednesday, hitting $28.89. The company had a trading volume of 54,074 shares, compared to its average volume of 41,057. The business's fifty day moving average is $28.06 and its two-hundred day moving average is $26.56. The firm has a market cap of $475.82 million, a P/E ratio of 15.79 and a beta of 0.83. Arrow Financial Corporation has a fifty-two week low of $22.72 and a fifty-two week high of $34.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.08. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. The company had revenue of $51.57 million during the quarter, compared to analysts' expectations of $39.83 million. As a group, research analysts expect that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a $0.29 dividend. This is a boost from Arrow Financial's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, August 11th. Arrow Financial's dividend payout ratio is 63.39%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Nuveen LLC bought a new position in shares of Arrow Financial during the first quarter valued at approximately $1,530,000. Martingale Asset Management L P bought a new stake in shares of Arrow Financial in the 1st quarter worth approximately $925,000. Deutsche Bank AG increased its stake in Arrow Financial by 268.2% in the 1st quarter. Deutsche Bank AG now owns 42,407 shares of the financial services provider's stock worth $1,115,000 after purchasing an additional 30,891 shares in the last quarter. Vanguard Group Inc. grew its position in Arrow Financial by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 833,728 shares of the financial services provider's stock worth $21,919,000 after purchasing an additional 30,459 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Arrow Financial during the 4th quarter valued at about $800,000. Hedge funds and other institutional investors own 46.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Hovde Group boosted their target price on shares of Arrow Financial from $27.50 to $28.50 and gave the company a "market perform" rating in a research note on Friday, July 25th. Wall Street Zen raised shares of Arrow Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $28.25.

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.