Parr Mcknight Wealth Management Group LLC Takes $316,000 Position in Arrow Financial Co. (NASDAQ:AROW)

Parr Mcknight Wealth Management Group LLC bought a new stake in shares of Arrow Financial Co. (NASDAQ:AROW - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 11,000 shares of the financial services provider's stock, valued at approximately $316,000. Parr Mcknight Wealth Management Group LLC owned about 0.07% of Arrow Financial at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in shares of Arrow Financial by 137.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider's stock valued at $536,000 after acquiring an additional 10,838 shares during the period. SG Americas Securities LLC grew its position in shares of Arrow Financial by 18.5% during the 4th quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider's stock valued at $194,000 after acquiring an additional 1,056 shares during the period. Rhumbline Advisers grew its position in shares of Arrow Financial by 5.6% during the 4th quarter. Rhumbline Advisers now owns 26,162 shares of the financial services provider's stock valued at $751,000 after acquiring an additional 1,392 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Arrow Financial by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider's stock valued at $3,640,000 after acquiring an additional 786 shares during the period. Finally, Atria Investments Inc grew its position in shares of Arrow Financial by 17.3% during the 4th quarter. Atria Investments Inc now owns 19,768 shares of the financial services provider's stock valued at $568,000 after acquiring an additional 2,912 shares during the period. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Arrow Financial Price Performance

Arrow Financial stock traded up $0.07 during mid-day trading on Thursday, hitting $25.93. The stock had a trading volume of 6,965 shares, compared to its average volume of 42,324. The firm has a market capitalization of $432.32 million, a P/E ratio of 14.66 and a beta of 0.78. 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 firm's 50 day moving average is $25.41 and its 200 day moving average is $27.54. Arrow Financial Co. has a one year low of $22.72 and a one year high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its earnings results on Thursday, May 1st. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.06). The firm had revenue of $50.37 million during the quarter, compared to the consensus estimate of $39.26 million. Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. On average, sell-side analysts forecast that Arrow Financial Co. will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Tuesday, May 13th. Arrow Financial's dividend payout ratio (DPR) is presently 65.88%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Arrow Financial from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Piper Sandler dropped their target price on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a report on Monday, May 5th.

Insider Activity

In other news, Director Raymond F. O'conor sold 2,000 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $26.90, for a total transaction of $53,800.00. Following the sale, the director now directly owns 33,022 shares in the company, valued at approximately $888,291.80. This represents a 5.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 6,000 shares of company stock worth $153,240. 3.55% of the stock is currently owned by corporate insiders.

About Arrow Financial

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.