Citizens Financial Group Inc. RI Purchases New Holdings in Arrow Financial Co. (NASDAQ:AROW)

Citizens Financial Group Inc. RI acquired a new position in shares of Arrow Financial Co. (NASDAQ:AROW - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 11,110 shares of the financial services provider's stock, valued at approximately $319,000. Citizens Financial Group Inc. RI owned 0.07% of Arrow Financial at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AROW. State Street Corp increased its position in shares of Arrow Financial by 0.3% in the third quarter. State Street Corp now owns 393,719 shares of the financial services provider's stock worth $11,284,000 after purchasing an additional 1,022 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Arrow Financial by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider's stock worth $3,640,000 after acquiring an additional 786 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in Arrow Financial by 0.9% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 118,630 shares of the financial services provider's stock worth $3,400,000 after purchasing an additional 1,100 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Arrow Financial by 0.4% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 116,867 shares of the financial services provider's stock valued at $3,349,000 after purchasing an additional 454 shares during the last quarter. Finally, Trust Co. of Vermont raised its holdings in shares of Arrow Financial by 49.5% during the 4th quarter. Trust Co. of Vermont now owns 57,365 shares of the financial services provider's stock worth $1,647,000 after buying an additional 19,000 shares in the last quarter. 46.71% of the stock is owned by institutional investors and hedge funds.

Arrow Financial Stock Performance

Arrow Financial stock opened at $25.88 on Friday. The business has a 50 day moving average of $26.82 and a 200-day moving average of $28.93. The company has a market capitalization of $433.21 million, a P/E ratio of 14.62 and a beta of 0.73. Arrow Financial Co. has a 1 year low of $21.50 and a 1 year high of $34.63. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

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

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 24th. Shareholders of record on Monday, February 10th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Monday, February 10th. This is a positive change from Arrow Financial's previous quarterly dividend of $0.25. Arrow Financial's payout ratio is 63.28%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AROW. Piper Sandler dropped their target price on shares of Arrow Financial from $32.00 to $30.00 and set a "neutral" rating for the company in a report 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 on the stock in a research report on Friday, December 27th.

Insider Activity

In other news, Director Raymond F. O'conor sold 2,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $25.28, for a total value of $50,560.00. Following the transaction, the director now owns 35,022 shares in the company, valued at approximately $885,356.16. The trade was a 5.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel James White acquired 3,668 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were purchased at an average price of $27.23 per share, with a total value of $99,879.64. Following the completion of the transaction, the director now owns 4,338 shares of the company's stock, valued at $118,123.74. This trade represents a 547.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 6,000 shares of company stock valued at $162,060. Company insiders own 3.55% of the company's stock.

Arrow Financial 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.

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