Martingale Asset Management L P Takes Position in Arrow Financial Corporation $AROW

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

A number of other institutional investors and hedge funds also recently modified their holdings of AROW. Tower Research Capital LLC TRC increased its position 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 worth $36,000 after buying an additional 703 shares during the last quarter. State of Tennessee Department of Treasury acquired a new stake in Arrow Financial during the 4th quarter worth approximately $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 worth $270,000 after purchasing an additional 436 shares during the last quarter. MetLife Investment Management LLC boosted its stake in Arrow Financial by 9.4% in the 4th quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock valued at $289,000 after purchasing an additional 866 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in Arrow Financial in the 4th quarter valued at $316,000. 46.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wall Street Zen upgraded Arrow Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Hovde Group lifted their price objective on shares of Arrow Financial from $27.50 to $28.50 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Finally, Piper Sandler cut their price objective on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $28.25.

Arrow Financial Price Performance

NASDAQ:AROW traded down $0.05 during trading hours on Friday, hitting $29.73. The company's stock had a trading volume of 87,930 shares, compared to its average volume of 44,046. The stock has a fifty day simple moving average of $27.49 and a 200-day simple moving average of $26.33. The company has a market capitalization of $489.65 million, a P/E ratio of 16.25 and a beta of 0.82. Arrow Financial Corporation has a twelve month low of $22.72 and a twelve month high of $34.63. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

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

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were issued a $0.29 dividend. The ex-dividend date was Monday, August 11th. This is a positive change from Arrow Financial's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 3.9%. Arrow Financial's dividend payout ratio is 63.39%.

Insider Buying and Selling

In other Arrow Financial news, CFO Penko Krassimir Ivanov purchased 10,922 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was acquired at an average price of $29.46 per share, for a total transaction of $321,762.12. Following the purchase, the chief financial officer owned 19,715 shares of the company's stock, valued at $580,803.90. This trade represents a 124.21% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders bought 13,425 shares of company stock valued at $391,283. Insiders own 3.28% of the company's stock.

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.