Connor Clark & Lunn Investment Management Ltd. Raises Position in Arrow Financial Co. (NASDAQ:AROW)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Arrow Financial Co. (NASDAQ:AROW - Free Report) by 42.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 78,548 shares of the financial services provider's stock after buying an additional 23,498 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.47% of Arrow Financial worth $2,255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its position in Arrow Financial by 13.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider's stock valued at $99,000 after buying an additional 398 shares during the period. Rockefeller Capital Management L.P. boosted its position in 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 buying an additional 454 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Arrow Financial by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider's stock valued at $3,640,000 after buying an additional 786 shares during the period. State Street Corp raised its holdings in shares of Arrow Financial by 0.3% in the 3rd quarter. State Street Corp now owns 393,719 shares of the financial services provider's stock valued at $11,284,000 after purchasing an additional 1,022 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Arrow Financial by 18.5% in the 4th quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider's stock valued at $194,000 after purchasing an additional 1,056 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company's stock.

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Arrow Financial Stock Down 1.7 %

NASDAQ:AROW traded down $0.45 during midday trading on Friday, hitting $25.69. 108,951 shares of the company were exchanged, compared to its average volume of 39,152. The company has a fifty day simple moving average of $26.75 and a 200 day simple moving average of $28.76. Arrow Financial Co. has a fifty-two week low of $21.50 and a fifty-two week high of $34.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $430.02 million, a PE ratio of 14.51 and a beta of 0.73.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced 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%. As a group, equities analysts anticipate that Arrow Financial Co. will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 24th. Investors of record on Monday, February 10th were paid a dividend of $0.28 per share. This is a positive change from Arrow Financial's previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a yield of 4.36%. The ex-dividend date was Monday, February 10th. Arrow Financial's dividend payout ratio (DPR) is currently 63.28%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Arrow Financial news, Director Daniel James White acquired 3,668 shares of the company's stock in a transaction on Friday, January 31st. The shares were bought at an average cost of $27.23 per share, for a total transaction of $99,879.64. Following the completion of the purchase, the director now owns 4,338 shares in the company, valued at $118,123.74. This trade represents a 547.46 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Raymond F. O'conor sold 2,000 shares of Arrow Financial stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $25.28, for a total transaction of $50,560.00. Following the completion of the transaction, the director now owns 35,022 shares in the company, valued at approximately $885,356.16. This represents a 5.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,000 shares of company stock worth $162,060 in the last ninety days. 3.55% of the stock is owned by corporate insiders.

About Arrow Financial

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.