58,183 Shares in Arrow Financial Corporation $AROW Acquired by Nuveen LLC

Key Points

• Nuveen LLC has invested approximately $1.53 million to acquire a stake of 58,183 shares in Arrow Financial Corporation, which represents about 0.35% ownership of the company.
• Arrow Financial recently announced a quarterly dividend increase from $0.28 to $0.29 per share, reflecting a 3.9% yield and a payout ratio of 63.39%.
• Recent analyst reports show mixed ratings for Arrow Financial, with an average price target of $28.25 and a consensus rating of "Hold."

Nuveen LLC purchased a new position in Arrow Financial Corporation (NASDAQ:AROW - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 58,183 shares of the financial services provider's stock, valued at approximately $1,530,000. Nuveen LLC owned approximately 0.35% of Arrow Financial at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Arrow Financial by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 833,728 shares of the financial services provider's stock worth $21,919,000 after purchasing an additional 30,459 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Arrow Financial by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 736,569 shares of the financial services provider's stock worth $21,147,000 after purchasing an additional 12,798 shares in the last quarter. Northern Trust Corp increased its stake in Arrow Financial by 1.6% in the 4th 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Arrow Financial by 9.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,773 shares of the financial services provider's stock worth $2,255,000 after purchasing an additional 7,225 shares in the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake in Arrow Financial by 48.1% in the 1st 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 in the last quarter. 46.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AROW. Wall Street Zen raised Arrow Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Hovde Group lifted their price target on Arrow Financial from $27.50 to $28.50 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Arrow Financial presently has an average rating of "Hold" and an average target price of $28.25.

Arrow Financial Stock Up 0.5%

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

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. The firm had revenue of $51.57 million during the quarter, compared to analyst estimates of $39.83 million. Arrow Financial had a return on equity of 8.64% and a net margin of 13.28%. Sell-side analysts predict that Arrow Financial Corporation will post 2.65 EPS for the current year.

Arrow Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Monday, August 11th were issued a dividend of $0.29 per share. The ex-dividend date was Monday, August 11th. This represents a $1.16 annualized dividend and a dividend yield of 3.9%. This is a positive change from Arrow Financial's previous quarterly dividend of $0.28. Arrow Financial's dividend payout ratio is presently 63.39%.

Insider Activity

In other news, CFO Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock in a transaction dated Wednesday, August 27th. The stock was acquired at an average cost of $29.46 per share, for a total transaction of $321,762.12. Following the acquisition, the chief financial officer directly owned 19,715 shares in the company, valued at $580,803.90. This represents a 124.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders bought 13,425 shares of company stock worth $391,283. 3.28% of the stock is owned by insiders.

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.