Trust Co. of Vermont Acquires Shares of 54,365 Arrow Financial Corporation $AROW

Trust Co. of Vermont bought a new stake in Arrow Financial Corporation (NASDAQ:AROW) during the 2nd quarter, Holdings Channel reports. The firm bought 54,365 shares of the financial services provider’s stock, valued at approximately $2,228,000.

A number of other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in shares of Arrow Financial during the second quarter worth approximately $34,000. BNP Paribas Financial Markets lifted its holdings in shares of Arrow Financial by 67.2% during the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares during the period. Russell Investments Group Ltd. grew its position in Arrow Financial by 2,045.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,452 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Arrow Financial by 27.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after buying an additional 338 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,802 shares during the period. Institutional investors and hedge funds own 46.71% of the company’s stock.

Analyst Ratings Changes

AROW has been the topic of a number of analyst reports. Keefe, Bruyette & Woods began coverage on Arrow Financial in a report on Thursday, June 25th. They issued a “market perform” rating and a $42.00 price objective on the stock. Piper Sandler restated an “overweight” rating and set a $46.00 target price (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Zacks Research raised shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Wall Street Zen downgraded shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Arrow Financial in a research note on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $40.83.

Insider Buying and Selling at Arrow Financial

In related news, Director Mark Behan sold 4,110 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total value of $158,604.90. Following the transaction, the director directly owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. This trade represents a 31.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.48% of the company’s stock.

Arrow Financial Stock Performance

Arrow Financial stock opened at $38.86 on Tuesday. The stock has a fifty day moving average price of $40.05 and a 200 day moving average price of $36.83. Arrow Financial Corporation has a 52 week low of $25.88 and a 52 week high of $42.70. The firm has a market capitalization of $719.69 million, a P/E ratio of 12.54 and a beta of 0.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.14). Arrow Financial had a net margin of 20.56% and a return on equity of 12.13%. The business had revenue of $52.44 million during the quarter, compared to analysts’ expectations of $45.51 million. Equities research analysts anticipate that Arrow Financial Corporation will post 3.55 earnings per share for the current year.

Arrow Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, August 11th. Arrow Financial’s dividend payout ratio is presently 38.71%.

Arrow Financial Company Profile

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.