Arrow Financial (NASDAQ:AROW) Sees Strong Trading Volume – Here’s What Happened

Arrow Financial Corporation (NASDAQ:AROW) saw strong trading volume on Thursday . 65,734 shares changed hands during trading, an increase of 6% from the previous session’s volume of 61,924 shares.The stock last traded at $32.1650 and had previously closed at $31.70.

Wall Street Analyst Weigh In

AROW has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arrow Financial in a research report on Monday, December 29th. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Finally, Hovde Group downgraded Arrow Financial from an “outperform” rating to a “market perform” rating in a report on Monday. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.75.

Arrow Financial Trading Up 2.5%

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50-day moving average is $31.22 and its two-hundred day moving average is $29.08. The company has a market cap of $541.12 million, a P/E ratio of 15.90 and a beta of 0.82.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The business had revenue of $8.07 million during the quarter, compared to analyst estimates of $41.00 million. As a group, equities research analysts predict that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Wednesday, November 12th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, November 12th. Arrow Financial’s payout ratio is currently 56.04%.

Insider Activity

In other Arrow Financial news, CEO David S. Demarco acquired 3,035 shares of the stock in a transaction dated Wednesday, December 24th. The shares were purchased at an average price of $31.78 per share, for a total transaction of $96,452.30. Following the purchase, the chief executive officer directly owned 3,035 shares of the company’s stock, valued at approximately $96,452.30. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Daniel James White bought 1,644 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average price of $30.14 per share, with a total value of $49,550.16. Following the completion of the transaction, the director directly owned 6,890 shares of the company’s stock, valued at $207,664.60. This trade represents a 31.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 6,299 shares of company stock valued at $194,311 in the last quarter. 3.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arrow Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in Arrow Financial in the fourth quarter worth about $142,000. JPMorgan Chase & Co. grew its stake in shares of Arrow Financial by 18.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 20,197 shares of the financial services provider’s stock valued at $572,000 after acquiring an additional 3,141 shares during the period. Millennium Management LLC purchased a new stake in Arrow Financial in the 3rd quarter worth approximately $834,000. Two Sigma Investments LP raised its stake in Arrow Financial by 29.3% during the 3rd quarter. Two Sigma Investments LP now owns 61,486 shares of the financial services provider’s stock worth $1,740,000 after acquiring an additional 13,919 shares during the period. Finally, Rhino Investment Partners Inc lifted its holdings in Arrow Financial by 13.9% during the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock valued at $6,447,000 after purchasing an additional 27,856 shares in the last quarter. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Arrow Financial Company Profile

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.