Rhino Investment Partners Inc Buys Shares of 190,092 Arrow Financial Co. (NASDAQ:AROW)

Rhino Investment Partners Inc purchased a new position in shares of Arrow Financial Co. (NASDAQ:AROW - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 190,092 shares of the financial services provider's stock, valued at approximately $5,458,000. Arrow Financial accounts for approximately 1.2% of Rhino Investment Partners Inc's investment portfolio, making the stock its 29th largest position. Rhino Investment Partners Inc owned 1.14% of Arrow Financial as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Rockefeller Capital Management L.P. increased its stake in shares of Arrow Financial by 0.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 117,355 shares of the financial services provider's stock worth $3,369,000 after purchasing an additional 488 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Arrow Financial by 130.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock worth $36,000 after purchasing an additional 703 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Arrow Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider's stock worth $3,640,000 after purchasing an additional 786 shares during the period. MetLife Investment Management LLC lifted its position in Arrow Financial by 9.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock worth $289,000 after purchasing an additional 866 shares during the period. Finally, SG Americas Securities LLC grew its stake in Arrow Financial by 18.5% during the fourth quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider's stock worth $194,000 after buying an additional 1,056 shares in the last quarter. 46.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com upgraded shares of Arrow Financial from a "sell" rating to a "hold" rating in a research report on Friday. Piper Sandler decreased their price target on Arrow Financial from $32.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 4th.

Insider Activity at Arrow Financial

In other news, Director Raymond F. O'conor sold 2,000 shares of Arrow Financial stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $26.90, for a total transaction of $53,800.00. Following the transaction, the director now owns 33,022 shares in the company, valued at approximately $888,291.80. The trade was a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 8,000 shares of company stock worth $203,800 in the last quarter. 3.55% of the stock is owned by insiders.

Arrow Financial Price Performance

Shares of Arrow Financial stock traded up $0.95 during midday trading on Friday, hitting $25.35. 52,051 shares of the company traded hands, compared to its average volume of 42,496. The stock has a market cap of $422.61 million, a price-to-earnings ratio of 14.32 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 fifty day moving average price is $25.45 and its 200-day moving average price is $27.96. Arrow Financial Co. has a 12 month low of $22.72 and a 12 month high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $0.38 EPS for the quarter, missing analysts' consensus estimates 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 net margin of 13.32% and a return on equity of 8.59%. As a group, sell-side analysts forecast that Arrow Financial Co. will post 2.65 earnings per share for the current year.

Arrow Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Tuesday, May 13th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Tuesday, May 13th. Arrow Financial's dividend payout ratio is currently 65.88%.

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.