Citizens Financial Group Inc. RI Makes New $1 Million Investment in Arrow Financial Corporation $AROW

Citizens Financial Group Inc. RI purchased a new stake in shares of Arrow Financial Corporation (NASDAQ:AROW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 24,471 shares of the financial services provider’s stock, valued at approximately $1,003,000. Citizens Financial Group Inc. RI owned 0.15% of Arrow Financial at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Arrow Financial in the 2nd quarter worth approximately $57,377,000. Bank of New York Mellon Corp acquired a new stake in Arrow Financial during the 2nd quarter valued at $3,663,000. Segall Bryant & Hamill LLC acquired a new stake in Arrow Financial during the 4th quarter valued at $2,175,000. Trust Co. of Vermont purchased a new stake in shares of Arrow Financial in the second quarter valued at $2,228,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Arrow Financial by 71.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock valued at $3,842,000 after purchasing an additional 47,752 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Arrow Financial

In related news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the sale, the director directly owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. This represents a 31.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.48% of the company’s stock.

Arrow Financial Stock Performance

Shares of NASDAQ AROW opened at $38.98 on Wednesday. The business’s 50-day simple moving average is $40.08 and its 200-day simple moving average is $36.88. 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 52 week low of $25.88 and a 52 week high of $42.70. The firm has a market cap of $721.91 million, a price-to-earnings ratio of 12.57 and a beta of 0.76.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.14). The company had revenue of $52.44 million during the quarter, compared to analyst estimates of $45.51 million. Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%. As a group, equities research analysts expect that Arrow Financial Corporation will post 3.55 earnings per share for the current fiscal 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 paid a $0.30 dividend. 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 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.