Bank of New York Mellon Corp Reduces Stock Position in Arrow Financial Co. (NASDAQ:AROW)

Bank of New York Mellon Corp trimmed its position in Arrow Financial Co. (NASDAQ:AROW - Free Report) by 25.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,514 shares of the financial services provider's stock after selling 28,811 shares during the period. Bank of New York Mellon Corp owned 0.52% of Arrow Financial worth $2,484,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. State Street Corp grew its position in Arrow Financial by 0.3% during the third quarter. State Street Corp now owns 393,719 shares of the financial services provider's stock worth $11,284,000 after buying an additional 1,022 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Arrow Financial by 0.9% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 118,630 shares of the financial services provider's stock valued at $3,400,000 after acquiring an additional 1,100 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Arrow Financial by 0.4% during the third quarter. Rockefeller Capital Management L.P. now owns 116,867 shares of the financial services provider's stock worth $3,349,000 after purchasing an additional 454 shares in the last quarter. Trust Co. of Vermont increased its position in shares of Arrow Financial by 49.5% in the fourth quarter. Trust Co. of Vermont now owns 57,365 shares of the financial services provider's stock worth $1,647,000 after purchasing an additional 19,000 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Arrow Financial by 136.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 55,050 shares of the financial services provider's stock valued at $1,578,000 after purchasing an additional 31,741 shares in the last quarter. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Arrow Financial

In related news, Director Daniel James White purchased 3,668 shares of the firm's stock in a transaction on Friday, January 31st. The shares were acquired at an average cost of $27.23 per share, with a total value of $99,879.64. Following the purchase, the director now directly owns 4,338 shares of the company's stock, valued at approximately $118,123.74. This trade represents a 547.46 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Raymond F. O'conor sold 2,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $28.85, for a total value of $57,700.00. Following the sale, the director now directly owns 35,859 shares of the company's stock, valued at approximately $1,034,532.15. This trade represents a 5.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,000 shares of company stock worth $162,060 over the last three months. Company insiders own 3.55% of the company's stock.

Arrow Financial Price Performance

Shares of NASDAQ AROW traded up $1.08 during trading hours on Monday, reaching $26.77. 25,209 shares of the stock traded hands, compared to its average volume of 39,146. The company's 50-day simple moving average is $26.75 and its two-hundred day simple moving average is $28.76. The company has a market capitalization of $447.54 million, a P/E ratio of 15.12 and a beta of 0.73. Arrow Financial Co. has a 52-week low of $21.50 and a 52-week high of $34.63. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.47 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.12). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. Equities research analysts forecast that Arrow Financial Co. will post 2.65 EPS for the current year.

Arrow Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 24th. Shareholders of record on Monday, February 10th were paid a $0.28 dividend. The ex-dividend date was Monday, February 10th. This is an increase from Arrow Financial's previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a yield of 4.18%. Arrow Financial's payout ratio is currently 63.28%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Piper Sandler cut their price target on shares of Arrow Financial from $32.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Hovde Group cut their target price on shares of Arrow Financial from $34.50 to $32.00 and set a "market perform" rating for the company in a research report on Friday, December 27th.

Arrow Financial Company 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.