Arrow Financial Co. (NASDAQ:AROW) Shares Sold by Financial Counselors Inc.

Financial Counselors Inc. decreased its holdings in Arrow Financial Co. (NASDAQ:AROW) by 24.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,862 shares of the financial services provider’s stock after selling 4,750 shares during the quarter. Financial Counselors Inc.’s holdings in Arrow Financial were worth $426,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position 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 valued at $19,898,000 after buying an additional 10,636 shares during the period. Bank of New York Mellon Corp increased its position in shares of Arrow Financial by 12.0% during the second quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock worth $3,369,000 after acquiring an additional 13,829 shares during the period. Arrow Financial Corp raised its stake in shares of Arrow Financial by 6.6% in the second quarter. Arrow Financial Corp now owns 1,946,595 shares of the financial services provider’s stock valued at $50,709,000 after acquiring an additional 119,715 shares in the last quarter. IFG Advisory LLC purchased a new position in Arrow Financial in the second quarter valued at $207,000. Finally, Rhumbline Advisers grew its stake in Arrow Financial by 6.4% during the 2nd quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock worth $642,000 after purchasing an additional 1,485 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Arrow Financial Stock Down 0.1 %

Shares of Arrow Financial stock opened at $32.98 on Friday. Arrow Financial Co. has a 52-week low of $21.50 and a 52-week high of $34.63. The company has a 50 day moving average of $30.25 and a 200 day moving average of $28.40. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $552.05 million, a P/E ratio of 16.83 and a beta of 0.72.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $57.58 million during the quarter. Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%.

Arrow Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.28 per share. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Tuesday, October 15th. Arrow Financial’s dividend payout ratio is currently 57.14%.

Insider Activity

In other news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total value of $56,080.00. Following the completion of the transaction, the director now owns 41,176 shares in the company, valued at approximately $1,154,575.04. This represents a 4.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 6,000 shares of company stock worth $173,260. 3.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Hovde Group assumed coverage on Arrow Financial in a research report on Monday, September 9th. They issued a “market perform” rating and a $31.00 price target on the stock.

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.