Connor Clark & Lunn Investment Management Ltd. raised its stake in Arrow Financial Co. (NASDAQ:AROW - Free Report) by 136.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,050 shares of the financial services provider's stock after buying an additional 31,741 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.33% of Arrow Financial worth $1,578,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Arrow Financial Corp boosted its stake in shares of Arrow Financial by 1.2% during the third quarter. Arrow Financial Corp now owns 1,969,793 shares of the financial services provider's stock valued at $56,454,000 after acquiring an additional 23,198 shares during the last quarter. American Century Companies Inc. boosted its position in Arrow Financial by 13.7% during the second quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider's stock worth $6,946,000 after acquiring an additional 32,158 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Arrow Financial by 4.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider's stock worth $18,241,000 after acquiring an additional 31,268 shares during the period. Vanguard Group Inc. grew its stake in Arrow Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider's stock worth $19,898,000 after acquiring an additional 10,636 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in shares of Arrow Financial during the 1st quarter worth $157,000. Institutional investors and hedge funds own 46.71% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on AROW shares. StockNews.com upgraded Arrow Financial from a "sell" rating to a "hold" rating in a report on Tuesday, July 30th. Hovde Group assumed coverage on shares of Arrow Financial in a research note on Monday, September 9th. They set a "market perform" rating and a $31.00 price objective on the stock.
View Our Latest Stock Report on AROW
Insider Activity
In other news, Director Raymond F. O'conor sold 2,000 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $30.09, for a total transaction of $60,180.00. Following the completion of the transaction, the director now owns 43,176 shares in the company, valued at approximately $1,299,165.84. This trade represents a 4.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders sold 6,000 shares of company stock valued at $173,260. 3.55% of the stock is currently owned by company insiders.
Arrow Financial Stock Performance
Shares of NASDAQ AROW traded down $0.08 during trading on Wednesday, reaching $33.00. The stock had a trading volume of 25,258 shares, compared to its average volume of 41,659. The firm's 50 day moving average price is $30.04 and its two-hundred day moving average price is $28.24. Arrow Financial Co. has a one year low of $21.50 and a one year high of $34.63. The stock has a market cap of $552.42 million, a PE ratio of 16.88 and a beta of 0.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93.
Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its earnings results on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.53. The firm had revenue of $57.58 million for the quarter. Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%.
Arrow Financial Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Tuesday, October 15th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.39%. This is a boost from Arrow Financial's previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, October 15th. Arrow Financial's dividend payout ratio (DPR) is presently 57.14%.
Arrow Financial Company Profile
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Free Report)
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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