Mark Behan Sells 4,110 Shares of Arrow Financial (NASDAQ:AROW) Stock

Arrow Financial Corporation (NASDAQ:AROW) Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total value of $158,604.90. Following the completion of the transaction, the director owned 8,929 shares in the company, valued at $344,570.11. The trade was a 31.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Arrow Financial Trading Up 0.7%

Shares of NASDAQ AROW traded up $0.27 during mid-day trading on Monday, hitting $39.07. 92,512 shares of the company traded hands, compared to its average volume of 87,628. Arrow Financial Corporation has a 1 year low of $24.90 and a 1 year high of $40.29. The stock has a market capitalization of $645.79 million, a price-to-earnings ratio of 12.64 and a beta of 0.77. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The business has a 50 day moving average of $36.93 and a two-hundred day moving average of $34.43.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The business had revenue of $53.39 million during the quarter, compared to analyst estimates of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%. On average, sell-side analysts anticipate that Arrow Financial Corporation will post 3.8 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s dividend payout ratio (DPR) is presently 38.83%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its position in Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after buying an additional 648 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Arrow Financial by 2,045.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,452 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Arrow Financial by 27.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 338 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Arrow Financial by 306.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 1,802 shares during the last quarter. Finally, LSV Asset Management purchased a new stake in shares of Arrow Financial during the fourth quarter worth $75,000. 46.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a report on Monday, June 15th. Wall Street Zen cut shares of Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Piper Sandler assumed coverage on shares of Arrow Financial in a research note on Friday, June 12th. They set an “overweight” rating and a $43.00 target price on the stock. Finally, Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Arrow Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.75.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.