Arrow Financial Corporation (NASDAQ:AROW) CFO Penko Krassimir Ivanov Purchases 1,425 Shares

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 dated Wednesday, August 6th. The stock was acquired at an average price of $26.50 per share, with a total value of $37,762.50. Following the completion of the transaction, the chief financial officer directly owned 7,709 shares of the company's stock, valued at approximately $204,288.50. This represents a 22.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Arrow Financial Price Performance

Shares of NASDAQ:AROW traded up $0.92 during trading on Friday, reaching $27.47. The stock had a trading volume of 36,532 shares, compared to its average volume of 35,002. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The business has a fifty day moving average price of $26.52 and a 200-day moving average price of $26.16. The stock has a market cap of $457.92 million, a PE ratio of 15.01 and a beta of 0.82. Arrow Financial Corporation has a 1-year low of $22.72 and a 1-year high of $34.63.

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

Arrow Financial Increases Dividend

The business 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. This represents a $1.16 dividend on an annualized basis and a yield of 4.2%. This is an increase from Arrow Financial's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, August 11th. Arrow Financial's dividend payout ratio is presently 61.20%.

Hedge Funds Weigh In On Arrow Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Arrow Financial during the first quarter worth $482,000. GAMMA Investing LLC boosted its stake in Arrow Financial by 3,616.8% during the first quarter. GAMMA Investing LLC now owns 23,267 shares of the financial services provider's stock worth $6,120,000 after buying an additional 22,641 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Arrow Financial during the fourth quarter worth $357,000. Raymond James Financial Inc. acquired a new position in Arrow Financial during the fourth quarter worth $1,072,000. Finally, Johnson Investment Counsel Inc. boosted its stake in Arrow Financial by 48.1% during the first quarter. Johnson Investment Counsel Inc. now owns 59,102 shares of the financial services provider's stock worth $1,554,000 after buying an additional 19,200 shares during the last quarter. Institutional investors and hedge funds own 46.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AROW shares. Piper Sandler cut their price objective on 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 raised Arrow Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, 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.

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.