Raymond James Financial Inc. Buys Shares of 37,335 Arrow Financial Co. (NASDAQ:AROW)

Raymond James Financial Inc. purchased a new position 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 (SEC). The fund purchased 37,335 shares of the financial services provider's stock, valued at approximately $1,072,000. Raymond James Financial Inc. owned about 0.22% of Arrow Financial as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. American Century Companies Inc. increased its stake in Arrow Financial by 4.3% during the fourth quarter. American Century Companies Inc. now owns 304,964 shares of the financial services provider's stock valued at $8,756,000 after acquiring an additional 12,581 shares during the period. Citizens Financial Group Inc. RI acquired a new position in shares of Arrow Financial in the fourth quarter valued at $319,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Arrow Financial by 42.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 78,548 shares of the financial services provider's stock worth $2,255,000 after purchasing an additional 23,498 shares during the period. Barclays PLC boosted its stake in Arrow Financial by 251.9% during the third quarter. Barclays PLC now owns 21,411 shares of the financial services provider's stock worth $614,000 after buying an additional 15,327 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Arrow Financial by 137.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider's stock valued at $536,000 after buying an additional 10,838 shares during the period. 46.71% of the stock is owned by institutional investors.

Arrow Financial Price Performance

Shares of NASDAQ:AROW traded down $0.12 on Friday, hitting $26.13. The stock had a trading volume of 32,735 shares, compared to its average volume of 42,650. The company has a market capitalization of $435.61 million, a price-to-earnings ratio of 14.76 and a beta of 0.78. 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 firm's 50 day moving average price is $25.35 and its 200-day moving average price is $27.85. Arrow Financial Co. has a twelve month low of $22.72 and a twelve month high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings data 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). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. The firm had revenue of $50.37 million for the quarter, compared to the consensus estimate of $39.26 million. On average, equities research analysts predict that Arrow Financial Co. will post 2.65 earnings per share for the current year.

Arrow Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Tuesday, May 13th will be issued a dividend of $0.28 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.12 dividend on an annualized basis and a yield of 4.29%. Arrow Financial's dividend payout ratio is 65.88%.

Analyst Ratings Changes

Several analysts have recently weighed in on AROW shares. Piper Sandler decreased their target price on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. StockNews.com upgraded Arrow Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 2nd.

Insider Buying and Selling at Arrow Financial

In other Arrow Financial news, Director Raymond F. O'conor sold 2,000 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $25.94, for a total value of $51,880.00. Following the completion of the transaction, the director now directly owns 31,022 shares of the company's stock, valued at approximately $804,710.68. The trade was a 6.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 6,000 shares of company stock worth $153,240. 3.55% of the stock is currently 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.