35,196 Shares in Arrow Financial Corporation $AROW Bought by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P has acquired 35,196 shares of Arrow Financial Corporation, worth approximately $925,000, increasing their stake to 0.21% as of the latest filing.
• Arrow Financial recently reported an earnings per share (EPS) of $0.70 for the last quarter, surpassing expectations and demonstrating a net margin of 13.28% with revenue of $51.57 million.
• The company has announced an increase in its quarterly dividend to $0.29 per share, reflecting a 3.9% dividend yield for shareholders, with the payment date set for August 25th.

Martingale Asset Management L P purchased a new position in Arrow Financial Corporation (NASDAQ:AROW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 35,196 shares of the financial services provider's stock, valued at approximately $925,000. Martingale Asset Management L P owned about 0.21% of Arrow Financial at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC lifted its holdings in shares of Arrow Financial by 130.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock worth $36,000 after purchasing an additional 703 shares during the last quarter. State of Tennessee Department of Treasury bought a new stake in Arrow Financial during the 4th quarter valued at $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Arrow Financial by 4.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 436 shares in the last quarter. MetLife Investment Management LLC raised its stake in Arrow Financial by 9.4% during the 4th quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock valued at $289,000 after acquiring an additional 866 shares in the last quarter. Finally, Angel Oak Capital Advisors LLC bought a new stake in Arrow Financial during the 1st quarter valued at $289,000. Institutional investors own 46.71% of the company's stock.

Arrow Financial Price Performance

Shares of AROW stock traded up $0.36 during mid-day trading on Thursday, hitting $29.78. 70,490 shares of the stock traded hands, compared to its average volume of 42,330. Arrow Financial Corporation has a twelve month low of $22.72 and a twelve month high of $34.63. The firm has a market cap of $490.45 million, a price-to-earnings ratio of 16.27 and a beta of 0.82. The company's 50-day simple moving average is $27.30 and its 200-day simple moving average is $26.30. 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 (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.08. Arrow Financial had a return on equity of 8.64% and a net margin of 13.28%.The company had revenue of $51.57 million for the quarter, compared to analysts' expectations of $39.83 million. As a group, equities research analysts expect that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were given a dividend of $0.29 per share. This is a boost from Arrow Financial's previous quarterly dividend of $0.28. The ex-dividend date was Monday, August 11th. This represents a $1.16 annualized dividend and a dividend yield of 3.9%. Arrow Financial's payout ratio is 63.39%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Hovde Group lifted their target price on 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 Arrow Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Piper Sandler cut their target price on Arrow Financial from $30.00 to $28.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Arrow Financial presently has a consensus rating of "Hold" and a consensus target price of $28.25.

Insider Activity

In other news, CFO Penko Krassimir Ivanov purchased 10,922 shares of the stock in a transaction dated Wednesday, August 27th. The shares were bought at an average cost of $29.46 per share, for a total transaction of $321,762.12. Following the transaction, the chief financial officer owned 19,715 shares in the company, valued at $580,803.90. This trade represents a 124.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders acquired 13,425 shares of company stock worth $391,283. 3.28% of the stock is currently owned by company insiders.

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.