Mark Behan Sells 4,110 Shares of Arrow Financial (NASDAQ:AROW) Stock

Arrow Financial Corporation (NASDAQ:AROW) Director Mark Behan sold 4,110 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total value of $158,604.90. Following the completion of the sale, the director owned 8,929 shares of the company’s stock, valued at $344,570.11. This trade represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Arrow Financial Stock Performance

Shares of Arrow Financial stock opened at $39.95 on Wednesday. The business’s 50 day moving average price is $37.05 and its 200 day moving average price is $34.55. The company has a market cap of $660.37 million, a price-to-earnings ratio of 12.93 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. Arrow Financial Corporation has a one year low of $25.83 and a one year high of $40.29.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, April 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.The company had revenue of $53.39 million during the quarter, compared to analysts’ expectations of $43.80 million. On average, research analysts predict that Arrow Financial Corporation will post 3.8 EPS for the current year.

Arrow Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Arrow Financial’s payout ratio is 38.83%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AROW shares. Piper Sandler initiated coverage on shares of Arrow Financial in a report on Friday, June 12th. They set an “overweight” rating and a $43.00 price target for the company. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Zacks Research upgraded Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Finally, Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.75.

Hedge Funds Weigh In On Arrow Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in Arrow Financial by 31.0% during the first quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 2,949 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Arrow Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 390 shares during the period. Jane Street Group LLC grew its holdings in shares of Arrow Financial by 131.3% in the first quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock valued at $717,000 after purchasing an additional 15,482 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Arrow Financial during the 1st quarter worth approximately $311,000. Finally, Rhumbline Advisers increased its stake in Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after buying an additional 367 shares during the period. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.