Voya Investment Management LLC Reduces Position in Arrow Financial Corporation $AROW

Key Points

• Voya Investment Management LLC recently reduced its stake in Arrow Financial Corporation by 15.5%, now holding approximately 150,914 shares valued at $3.97 million.
• Arrow Financial has increased its quarterly dividend to $0.29, reflecting an annualized dividend of $1.16 with a dividend yield of 4.0%.
• Despite recent adjustments in analyst ratings, the consensus rating for Arrow Financial's shares remains a "Hold" with a price target of $28.25.

Voya Investment Management LLC trimmed its holdings in shares of Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 15.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,914 shares of the financial services provider's stock after selling 27,766 shares during the period. Voya Investment Management LLC owned about 0.91% of Arrow Financial worth $3,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE lifted its holdings in Arrow Financial by 33.4% during the 4th quarter. Bank of America Corp DE now owns 24,977 shares of the financial services provider's stock worth $717,000 after buying an additional 6,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Arrow Financial by 4.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider's stock valued at $270,000 after buying an additional 436 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Arrow Financial in the fourth quarter valued at $800,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in Arrow Financial during the 4th quarter worth about $316,000. Finally, GAMMA Investing LLC increased its position in Arrow Financial by 3,616.8% during the 1st quarter. GAMMA Investing LLC now owns 23,267 shares of the financial services provider's stock worth $6,120,000 after purchasing an additional 22,641 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company's stock.

Insider Activity at Arrow Financial

In related news, CFO Penko Krassimir Ivanov purchased 10,922 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was bought at an average price of $29.46 per share, for a total transaction of $321,762.12. Following the purchase, the chief financial officer directly owned 19,715 shares in the company, valued at approximately $580,803.90. This trade represents a 124.21% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have purchased 18,425 shares of company stock worth $536,783. 3.28% of the stock is owned by company insiders.

Arrow Financial Trading Down 0.6%

Shares of Arrow Financial stock traded down $0.17 during trading on Monday, reaching $29.19. 10,980 shares of the company were exchanged, compared to its average volume of 42,483. The firm has a market capitalization of $480.76 million, a price-to-earnings ratio of 15.95 and a beta of 0.83. The business has a 50-day moving average price of $28.15 and a 200-day moving average price of $26.61. Arrow Financial Corporation has a twelve month low of $22.72 and a twelve month high of $34.63. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06.

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

Arrow Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.16 annualized dividend and a dividend yield of 4.0%. This is an increase from Arrow Financial's previous quarterly dividend of $0.28. Arrow Financial's payout ratio is 63.39%.

Analysts Set New Price Targets

Several equities analysts recently commented on AROW shares. Wall Street Zen raised Arrow Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Hovde Group increased 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 equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $28.25.

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.