American Century Companies Inc. Acquires 18,034 Shares of Arrow Financial Corporation $AROW

Key Points

• American Century Companies Inc. increased its holdings in Arrow Financial Corporation by 5.9%, acquiring an additional 18,034 shares during the first quarter, bringing its total ownership to approximately 322,998 shares valued at $8.49 million.
• Arrow Financial recently reported earnings of $0.70 EPS, exceeding analysts' expectations of $0.62, with a revenue of $51.57 million for the quarter.
• The company announced a quarterly dividend increase to $0.29 per share, which represents a dividend yield of 3.9% and indicates a positive shift in its financial distribution to shareholders.

American Century Companies Inc. lifted its holdings in shares of Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 5.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 322,998 shares of the financial services provider's stock after purchasing an additional 18,034 shares during the quarter. American Century Companies Inc. owned 1.94% of Arrow Financial worth $8,492,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in shares of 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 purchasing an additional 703 shares during the period. State of Tennessee Department of Treasury acquired a new stake in shares of Arrow Financial during the fourth quarter worth about $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Arrow Financial by 4.9% during the fourth 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 period. MetLife Investment Management LLC raised its position in shares of Arrow Financial by 9.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock worth $289,000 after purchasing an additional 866 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Arrow Financial during the fourth quarter worth about $316,000. Institutional investors and hedge funds own 46.71% of the company's stock.

Arrow Financial Stock Down 0.2%

Shares of NASDAQ:AROW traded down $0.05 during mid-day trading on Monday, reaching $29.73. 87,930 shares of the stock were exchanged, compared to its average volume of 45,645. 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 market cap of $489.65 million, a P/E ratio of 16.25 and a beta of 0.83. Arrow Financial Corporation has a one year low of $22.72 and a one year high of $34.63. The stock's 50 day simple moving average is $27.56 and its 200-day simple moving average is $26.35.

Arrow Financial (NASDAQ:AROW - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates 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%. As a group, equities research analysts predict that Arrow Financial Corporation will post 2.65 EPS for the current 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 paid a $0.29 dividend. 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%. The ex-dividend date was Monday, August 11th. Arrow Financial's dividend payout ratio is 63.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Hovde Group raised their price target 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. Piper Sandler dropped their price target on Arrow Financial from $30.00 to $28.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Finally, Wall Street Zen upgraded Arrow Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $28.25.

Insiders Place Their Bets

In related news, CFO Penko Krassimir Ivanov purchased 10,922 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was purchased at an average cost of $29.46 per share, for a total transaction of $321,762.12. Following the completion of the purchase, the chief financial officer directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 13,425 shares of company stock valued at $391,283 in the last ninety days. 3.28% of the stock is owned by company insiders.

About Arrow Financial

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.