Raymond James Financial Inc. Invests $1.07 Million in Arrow Financial Co. (NASDAQ:AROW)

Raymond James Financial Inc. bought 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 institutional investor bought 37,335 shares of the financial services provider's stock, valued at approximately $1,072,000. Raymond James Financial Inc. owned approximately 0.22% of Arrow Financial as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in Arrow Financial by 13.0% during the third quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider's stock worth $99,000 after purchasing an additional 398 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Arrow Financial by 18.5% during the 4th quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider's stock worth $194,000 after acquiring an additional 1,056 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Arrow Financial by 137.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider's stock worth $536,000 after acquiring an additional 10,838 shares during the period. Atria Investments Inc boosted its position in shares of Arrow Financial by 17.3% during the 4th quarter. Atria Investments Inc now owns 19,768 shares of the financial services provider's stock worth $568,000 after acquiring an additional 2,912 shares in the last quarter. Finally, Barclays PLC raised its position in Arrow Financial by 251.9% during the third quarter. Barclays PLC now owns 21,411 shares of the financial services provider's stock valued at $614,000 after purchasing an additional 15,327 shares in the last quarter. 46.71% of the stock is owned by institutional investors.

Insider Transactions at Arrow Financial

In related news, Director Daniel James White acquired 3,668 shares of the company's stock in a transaction dated Friday, January 31st. The shares were purchased at an average price of $27.23 per share, for a total transaction of $99,879.64. Following the completion of the acquisition, the director now 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond F. O'conor sold 2,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $25.28, for a total value of $50,560.00. Following the transaction, the director now directly owns 35,022 shares in the company, valued at approximately $885,356.16. This trade represents a 5.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,000 shares of company stock worth $156,240 over the last ninety days. 3.55% of the stock is owned by insiders.

Arrow Financial Price Performance

Arrow Financial stock traded up $0.02 during mid-day trading on Tuesday, reaching $24.16. The company had a trading volume of 38,615 shares, compared to its average volume of 41,080. The business has a fifty day simple moving average of $26.31 and a 200 day simple moving average of $28.46. The company has a market cap of $403.91 million, a P/E ratio of 13.65 and a beta of 0.71. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. Arrow Financial Co. has a fifty-two week low of $21.50 and a fifty-two week high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The financial services provider reported $0.47 earnings per share 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 disclosed a quarterly dividend, which was paid on Monday, February 24th. Investors of record on Monday, February 10th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 4.64%. This is an increase from Arrow Financial's previous quarterly dividend of $0.25. The ex-dividend date was Monday, February 10th. Arrow Financial's dividend payout ratio is presently 63.28%.

Analyst Ratings Changes

A number of brokerages have weighed in on AROW. Piper Sandler reduced their target price on Arrow Financial from $32.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, February 4th. Hovde Group reduced their price objective on Arrow Financial from $34.50 to $32.00 and set a "market perform" rating on the stock in a research note 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.