Vanguard Group Inc. Boosts Stock Position in Arrow Financial Corporation $AROW

Key Points

• Vanguard Group Inc. increased its ownership in Arrow Financial Corporation, owning approximately 5.00% of the company after acquiring more shares during the first quarter.
• Arrow Financial recently raised its quarterly dividend from $0.28 to $0.29, reflecting a yield of 3.9% with a payout ratio of 63.39%.
• The company reported earnings of $0.70 per share for the last quarter, exceeding analyst expectations, with revenue of $51.57 million compared to estimates of $39.83 million.

Vanguard Group Inc. raised its position in shares of Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 3.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 833,728 shares of the financial services provider's stock after purchasing an additional 30,459 shares during the quarter. Vanguard Group Inc. owned 5.00% of Arrow Financial worth $21,919,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of Arrow Financial by 1.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 736,569 shares of the financial services provider's stock valued at $21,147,000 after acquiring an additional 12,798 shares during the last quarter. Northern Trust Corp increased its stake in Arrow Financial by 1.6% in the fourth quarter. Northern Trust Corp now owns 148,921 shares of the financial services provider's stock worth $4,276,000 after purchasing an additional 2,296 shares during the period. Johnson Investment Counsel Inc. increased its stake in Arrow Financial by 48.1% in the first quarter. Johnson Investment Counsel Inc. now owns 59,102 shares of the financial services provider's stock worth $1,554,000 after purchasing an additional 19,200 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Arrow Financial during the fourth quarter valued at $1,072,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Arrow Financial by 8.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,347 shares of the financial services provider's stock valued at $843,000 after buying an additional 2,350 shares during the period. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Stock Up 0.5%

NASDAQ AROW traded up $0.15 during trading on Thursday, hitting $29.49. The company's stock had a trading volume of 626 shares, compared to its average volume of 42,320. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $485.70 million, a PE ratio of 16.11 and a beta of 0.83. The business's 50 day simple moving average is $27.69 and its 200-day simple moving average is $26.39. Arrow Financial Corporation has a fifty-two week low of $22.72 and a fifty-two week high of $34.63.

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. The business 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, equities analysts anticipate that Arrow Financial Corporation will post 2.65 EPS for the current fiscal year.

Arrow Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were paid 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 annualized dividend and a dividend yield of 3.9%. Arrow Financial's dividend payout ratio (DPR) is 63.39%.

Wall Street Analysts Forecast Growth

AROW has been the topic of several research reports. Wall Street Zen upgraded Arrow Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Hovde Group raised their price objective on Arrow Financial from $27.50 to $28.50 and gave the company a "market perform" rating in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $28.25.

Insider Activity

In other news, CFO Penko Krassimir Ivanov acquired 10,922 shares of Arrow Financial stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 13,425 shares of company stock valued at $391,283 in the last three months. Company insiders own 3.28% of the company's stock.

Arrow Financial 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.