Vanguard Group Inc. Sells 12,001 Shares of Arrow Financial Co. (NASDAQ:AROW)

Vanguard Group Inc. lowered its stake in shares of Arrow Financial Co. (NASDAQ:AROW - Free Report) by 1.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 803,269 shares of the financial services provider's stock after selling 12,001 shares during the quarter. Vanguard Group Inc. owned about 4.80% of Arrow Financial worth $23,062,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in Arrow Financial by 4.3% in the fourth quarter. American Century Companies Inc. now owns 304,964 shares of the financial services provider's stock valued at $8,756,000 after acquiring an additional 12,581 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Arrow Financial by 5.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 25,429 shares of the financial services provider's stock worth $730,000 after acquiring an additional 1,294 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Arrow Financial by 42.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 78,548 shares of the financial services provider's stock worth $2,255,000 after purchasing an additional 23,498 shares in the last quarter. Citizens Financial Group Inc. RI bought a new position in Arrow Financial in the 4th quarter valued at approximately $319,000. Finally, Raymond James Financial Inc. bought a new position in shares of Arrow Financial during the fourth quarter valued at $1,072,000. 46.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Daniel James White purchased 3,668 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was acquired at an average cost of $27.23 per share, with a total value of $99,879.64. Following the transaction, the director now owns 4,338 shares of the company's stock, valued at $118,123.74. This represents a 547.46 % increase in their position. The purchase 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 Arrow Financial stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $25.28, for a total transaction of $50,560.00. Following the transaction, the director now directly owns 35,022 shares in the company, valued at $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 sold 6,000 shares of company stock worth $156,240 over the last three months. 3.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AROW. StockNews.com downgraded shares of Arrow Financial from a "hold" rating to a "sell" rating in a research report on Thursday. Hovde Group dropped their price target 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. Finally, Piper Sandler reduced their price objective on shares of Arrow Financial from $32.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, February 4th.

Arrow Financial Stock Down 2.4 %

Shares of AROW traded down $0.59 during trading hours on Friday, hitting $23.75. The stock had a trading volume of 74,600 shares, compared to its average volume of 41,275. Arrow Financial Co. has a 1-year low of $21.58 and a 1-year high of $34.63. The firm has a market capitalization of $397.05 million, a P/E ratio of 13.42 and a beta of 0.71. The firm has a 50 day simple moving average of $25.92 and a 200-day simple moving average of $28.24. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

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

Arrow Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 24th. Shareholders of record on Monday, February 10th were issued a dividend of $0.28 per share. This is an increase from Arrow Financial's previous quarterly dividend of $0.25. The ex-dividend date was Monday, February 10th. This represents a $1.12 annualized dividend and a yield of 4.72%. Arrow Financial's dividend payout ratio is presently 63.28%.

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.