Arrowstreet Capital Limited Partnership Grows Position in Arrow Financial Corporation $AROW

Key Points

• Arrowstreet Capital increased its Arrow Financial position by 71.6% in the first quarter, bringing its holdings to 114,449 shares valued at approximately $3.84 million. Institutional investors collectively own 46.71% of the company.
• Arrow Financial shares opened at $40.33, near the analyst consensus price target of $40.83. The company recently reported quarterly EPS of $0.71, below the $0.85 consensus estimate, while revenue of $44.19 million also missed expectations.
• The company declared a quarterly dividend of $0.30 per share, equal to an annualized $1.20 payout and a 3.0% yield. Analysts’ consensus rating remains “Hold,” with two Buy ratings and three Hold ratings.

Arrowstreet Capital Limited Partnership lifted its position in shares of Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 71.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,449 shares of the financial services provider's stock after buying an additional 47,752 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.69% of Arrow Financial worth $3,842,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in AROW. Arrow Financial Corp raised its holdings in Arrow Financial by 0.8% in the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider's stock valued at $58,772,000 after buying an additional 14,403 shares during the period. Vanguard Group Inc. lifted its position in Arrow Financial by 2.0% during the third quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider's stock valued at $25,165,000 after buying an additional 17,050 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Arrow Financial by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider's stock worth $24,522,000 after buying an additional 1,937 shares during the period. Renaissance Technologies LLC grew its stake in Arrow Financial by 1.2% during the fourth quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider's stock worth $7,919,000 after buying an additional 2,917 shares during the period. Finally, Rockefeller Capital Management L.P. increased its position in shares of Arrow Financial by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider's stock worth $3,763,000 after acquiring an additional 511 shares in the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Trading Up 1.2%

AROW opened at $40.33 on Tuesday. The firm's 50 day moving average is $39.53 and its 200-day moving average is $36.36. Arrow Financial Corporation has a 52-week low of $25.88 and a 52-week high of $42.70. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $666.65 million, a P/E ratio of 13.01 and a beta of 0.76.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.14). Arrow Financial had a net margin of 20.56% and a return on equity of 12.25%. The firm had revenue of $44.19 million during the quarter, compared to analysts' expectations of $45.51 million. Analysts expect that Arrow Financial Corporation will post 3.55 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 11th. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. Arrow Financial's dividend payout ratio (DPR) is currently 38.71%.

Insider Activity

In other news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total transaction of $158,604.90. Following the sale, the director directly owned 8,929 shares of the company's stock, valued at approximately $344,570.11. The trade was a 31.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on AROW shares. Keefe, Bruyette & Woods initiated coverage on shares of Arrow Financial in a research note on Thursday, June 25th. They issued a "market perform" rating and a $42.00 target price on the stock. Wall Street Zen cut shares of Arrow Financial from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Piper Sandler reiterated an "overweight" rating and issued a $46.00 price target (up from $43.00) on shares of Arrow Financial in a report on Tuesday, July 28th. Zacks Research raised Arrow Financial to a "hold" rating in a research report on Monday, June 15th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Arrow Financial in a research report on Friday, July 24th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Arrow Financial currently has an average rating of "Hold" and an average price target of $40.83.

Arrow Financial Profile

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.

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