Arrow Financial (NASDAQ:AROW) CFO Penko Krassimir Ivanov Purchases 5,000 Shares

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 company's stock in a transaction dated Wednesday, September 10th. The stock was purchased at an average cost of $29.10 per share, for a total transaction of $145,500.00. Following the completion of the transaction, the chief financial officer owned 24,744 shares of the company's stock, valued at $720,050.40. This represents a 25.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

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

Arrow Financial Stock Down 0.6%

NASDAQ:AROW traded down $0.17 during trading hours on Friday, hitting $29.22. 23,339 shares of the company's stock traded hands, compared to its average volume of 42,190. The stock's fifty day moving average price is $27.96 and its two-hundred day moving average price is $26.50. The firm has a market cap of $481.14 million, a P/E ratio of 15.96 and a beta of 0.83. 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 Corporation has a twelve month low of $22.72 and a twelve month high of $34.63.

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

Arrow Financial Increases Dividend

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

Institutional Investors Weigh In On Arrow Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its holdings in Arrow Financial by 130.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 703 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Arrow Financial by 67.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider's stock worth $43,000 after buying an additional 648 shares during the period. Tower Research Capital LLC TRC grew its stake in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider's stock valued at $63,000 after buying an additional 1,802 shares during the last quarter. Raymond James Financial Inc. bought a new position in Arrow Financial in the 2nd quarter worth $198,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider's stock worth $258,000 after acquiring an additional 390 shares during the last quarter. 46.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.