Citizens Financial Group Inc. RI Makes New Investment in Arrow Financial Corporation $AROW

Citizens Financial Group Inc. RI purchased a new position in shares of Arrow Financial Corporation (NASDAQ:AROW) in the second quarter, HoldingsChannel reports. The institutional investor purchased 24,471 shares of the financial services provider’s stock, valued at approximately $1,003,000.

Several other hedge funds also recently modified their holdings of AROW. BlackRock Inc. acquired a new position in Arrow Financial during the 2nd quarter valued at $57,377,000. Bank of New York Mellon Corp acquired a new position in Arrow Financial in the 2nd quarter valued at approximately $3,663,000. Segall Bryant & Hamill LLC bought a new stake in shares of Arrow Financial in the 4th quarter worth approximately $2,175,000. Trust Co. of Vermont acquired a new stake in shares of Arrow Financial during the 2nd quarter worth approximately $2,228,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Arrow Financial by 71.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock valued at $3,842,000 after purchasing an additional 47,752 shares during the period. 46.71% of the stock is owned by institutional investors.

Arrow Financial Price Performance

Shares of AROW stock opened at $38.98 on Wednesday. The stock’s fifty day simple moving average is $40.08 and its 200 day simple moving average is $36.88. Arrow Financial Corporation has a one year low of $25.88 and a one year high of $42.70. The firm has a market cap of $721.91 million, a price-to-earnings ratio of 12.57 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.14). Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%.The company had revenue of $52.44 million for the quarter, compared to analyst estimates of $45.51 million. On average, analysts expect that Arrow Financial Corporation will post 3.55 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. Arrow Financial’s payout ratio is 38.71%.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the business’s 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 transaction, the director owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. The trade was a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.48% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of Arrow Financial in a research note on Friday, July 24th. Piper Sandler reiterated an “overweight” rating and set a $46.00 price target (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Keefe, Bruyette & Woods began coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 target price on the stock. Finally, Zacks Research raised shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $40.83.

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.