BlackRock Inc. Takes Position in Arrow Financial Corporation $AROW

BlackRock Inc. bought a new position in Arrow Financial Corporation (NASDAQ:AROW - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,399,785 shares of the financial services provider's stock, valued at approximately $57,377,000. BlackRock Inc. owned about 8.47% of Arrow Financial as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Deutsche Bank AG acquired a new position in shares of Arrow Financial in the 2nd quarter worth approximately $657,000. Trust Co. of Vermont acquired a new stake in Arrow Financial during the 2nd quarter valued at $2,228,000. Global Retirement Partners LLC bought a new position in Arrow Financial in the 2nd quarter valued at $34,000. Bank of New York Mellon Corp bought a new position in shares of Arrow Financial in the second quarter valued at about $3,663,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Arrow Financial during the 2nd quarter worth about $402,000. Institutional investors and hedge funds own 46.71% of the company's stock.

Insider Buying and Selling at Arrow Financial

In related 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 value of $158,604.90. Following the sale, the director 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.48% of the stock is owned by insiders.

Arrow Financial Stock Down 1.1%

Shares of Arrow Financial stock opened at $37.74 on Tuesday. The firm has a market cap of $699.10 million, a PE ratio of 12.17 and a beta of 0.76. Arrow Financial Corporation has a 52-week low of $25.88 and a 52-week high of $42.70. The business's 50 day simple moving average is $39.97 and its 200 day simple moving average is $37.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.14). The business had revenue of $52.44 million for the quarter, compared to analyst estimates of $45.51 million. Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%. On average, analysts predict that Arrow Financial Corporation will post 3.55 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, August 11th. Arrow Financial's dividend payout ratio is currently 38.71%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AROW shares. Piper Sandler reissued 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 upgraded Arrow Financial to a "hold" rating in a research report on Monday, June 15th. Wall Street Zen cut Arrow Financial from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings restated a "buy (b)" rating on shares of Arrow Financial in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods initiated coverage on Arrow Financial in a research report on Thursday, June 25th. They set a "market perform" rating and a $42.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $40.83.

About Arrow Financial

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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