Voya Investment Management LLC raised its stake in shares of Arrow Financial Co. (NASDAQ:AROW - Free Report) by 15.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,680 shares of the financial services provider's stock after purchasing an additional 24,036 shares during the period. Voya Investment Management LLC owned 1.07% of Arrow Financial worth $5,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its position in Arrow Financial by 130.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 703 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Arrow Financial by 18.5% during the 4th quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider's stock valued at $194,000 after purchasing an additional 1,056 shares during the last quarter. State of Tennessee Department of Treasury purchased a new stake in shares of Arrow Financial during the fourth quarter worth about $198,000. MetLife Investment Management LLC lifted its stake in shares of 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 buying an additional 866 shares during the period. Finally, Citizens Financial Group Inc. RI purchased a new stake in Arrow Financial in the fourth quarter valued at approximately $319,000. 46.71% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages have commented on AROW. StockNews.com raised Arrow Financial from a "sell" rating to a "hold" rating in a report on Friday. Piper Sandler dropped their price target on Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Monday.
View Our Latest Stock Analysis on AROW
Insider Buying and Selling at Arrow Financial
In other Arrow Financial news, Director Raymond F. O'conor sold 2,000 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $26.90, for a total transaction of $53,800.00. Following the completion of the sale, the director now directly owns 33,022 shares in the company, valued at $888,291.80. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 6,000 shares of company stock valued at $153,240 in the last 90 days. 3.55% of the stock is currently owned by corporate insiders.
Arrow Financial Price Performance
Shares of NASDAQ AROW remained flat at $25.13 during mid-day trading on Tuesday. The company had a trading volume of 6,354 shares, compared to its average volume of 42,319. Arrow Financial Co. has a 52-week low of $22.72 and a 52-week high of $34.63. The company has a market capitalization of $418.94 million, a price-to-earnings ratio of 14.26 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 business's fifty day moving average is $25.42 and its 200 day moving average is $27.92.
Arrow Financial (NASDAQ:AROW - Get Free Report) last announced 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). The company had revenue of $50.37 million for the quarter, compared to analyst estimates of $39.26 million. Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. Analysts anticipate that Arrow Financial Co. will post 2.65 earnings per share for the current fiscal 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 given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 4.46%. The ex-dividend date is Tuesday, May 13th. Arrow Financial's payout ratio is 65.88%.
Arrow Financial Profile
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Free Report)
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.
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