Bank of New York Mellon Corp Buys Shares of 89,370 Arrow Financial Corporation $AROW

Key Points

• Bank of New York Mellon bought 89,370 Arrow Financial shares valued at approximately $3.66 million, giving it about a 0.54% stake. Institutional investors collectively own 46.71% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $41.62; Piper Sandler raised its target to $46.00.
• Arrow Financial reported quarterly EPS of $0.71, below the $0.85 consensus estimate, though revenue of $52.44 million exceeded expectations. The company maintains a quarterly dividend of $0.30, equivalent to a 3.0% annualized yield.

Bank of New York Mellon Corp bought a new position in Arrow Financial Corporation (NASDAQ:AROW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 89,370 shares of the financial services provider's stock, valued at approximately $3,663,000. Bank of New York Mellon Corp owned approximately 0.54% of Arrow Financial at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in shares of Arrow Financial by 67.2% during the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 648 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Arrow Financial by 2,045.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider's stock worth $43,000 after buying an additional 1,452 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Arrow Financial by 27.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider's stock worth $49,000 after buying an additional 338 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider's stock worth $63,000 after buying an additional 1,802 shares during the last quarter. Finally, LSV Asset Management bought a new position in Arrow Financial during the 4th quarter valued at about $75,000. Hedge funds and other institutional investors own 46.71% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on AROW. Piper Sandler reissued an "overweight" rating and set a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a report on Tuesday, July 28th. Weiss Ratings restated a "buy (b)" rating on shares of Arrow Financial in a report on Friday, July 24th. Keefe, Bruyette & Woods started coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They issued a "market perform" rating and a $42.00 target price for the company. Wall Street Zen lowered shares of Arrow Financial from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Zacks Research raised Arrow Financial to a "hold" rating in a report on Monday, June 15th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.62.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the transaction, the director owned 8,929 shares of the company's stock, valued at $344,570.11. The trade was a 31.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.48% of the company's stock.

Arrow Financial Price Performance

NASDAQ AROW opened at $39.57 on Monday. The business's fifty day moving average is $39.84 and its 200 day moving average is $37.19. Arrow Financial Corporation has a fifty-two week low of $25.88 and a fifty-two week high of $42.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $732.99 million, a PE ratio of 12.76 and a beta of 0.75.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.14). Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%.The company had revenue of $52.44 million during the quarter, compared to analysts' expectations of $45.51 million. Sell-side analysts predict that Arrow Financial Corporation will post 3.53 earnings per share for the current year.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, August 11th. Arrow Financial's dividend payout ratio is currently 38.71%.

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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