Arrow Financial Corporation (NASDAQ:AROW) CFO Buys $37,762.50 in Stock

Key Points

• Arrow Financial Corporation's CFO Penko Krassimir Ivanov bought 1,425 shares of stock for a total of $37,762.50, increasing his stake in the company by 22.68%.
• The firm recently announced a quarterly dividend of $0.29 per share, reflecting a boost from the previous dividend and a yield of 4.3%.
• Arrow Financial's recent earnings report showed an EPS of $0.70, exceeding estimates, and the company's revenue came in at $51.57 million, significantly above projections.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) CFO Penko Krassimir Ivanov acquired 1,425 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average cost of $26.50 per share, with a total value of $37,762.50. Following the completion of the acquisition, the chief financial officer owned 7,709 shares in the company, valued at $204,288.50. This trade represents a 22.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Arrow Financial Trading Up 4.4%

Arrow Financial stock traded up $1.22 during mid-day trading on Tuesday, reaching $28.73. 49,843 shares of the company traded hands, compared to its average volume of 42,068. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The firm's 50 day moving average price is $26.63 and its 200 day moving average price is $26.18. The firm has a market capitalization of $478.93 million, a price-to-earnings ratio of 15.70 and a beta of 0.82. Arrow Financial Corporation has a 52-week low of $22.72 and a 52-week high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. Arrow Financial had a net margin of 13.28% and a return on equity of 8.69%. The business had revenue of $51.57 million during the quarter, compared to the consensus estimate of $39.83 million. On average, analysts anticipate that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Monday, August 11th will be paid a dividend of $0.29 per share. The ex-dividend date is Monday, August 11th. This represents a $1.16 dividend on an annualized basis and a yield of 4.0%. This is an increase from Arrow Financial's previous quarterly dividend of $0.28. Arrow Financial's dividend payout ratio (DPR) is 61.20%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AROW shares. Piper Sandler cut their price objective on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Wall Street Zen upgraded shares of Arrow Financial from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Hovde Group lifted their target price on shares of Arrow Financial from $27.50 to $28.50 and gave the stock a "market perform" rating in a research note on Friday, July 25th.

Institutional Trading of Arrow Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its stake in Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider's stock valued at $669,000 after purchasing an additional 367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider's stock valued at $258,000 after purchasing an additional 390 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in Arrow Financial by 0.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 117,355 shares of the financial services provider's stock valued at $3,369,000 after acquiring an additional 488 shares during the period. Johnson Investment Counsel Inc. lifted its stake in Arrow Financial by 0.9% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 59,622 shares of the financial services provider's stock valued at $1,575,000 after acquiring an additional 520 shares during the period. Finally, HighTower Advisors LLC lifted its stake in Arrow Financial by 4.9% during the 1st quarter. HighTower Advisors LLC now owns 14,610 shares of the financial services provider's stock valued at $384,000 after acquiring an additional 688 shares during the period. 46.71% of the stock is currently owned by institutional investors.

Arrow Financial Company 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.