Connor Clark & Lunn Investment Management Ltd. Buys Shares of 121,870 Arrow Financial Corporation $AROW

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Arrow Financial Corporation (NASDAQ:AROW) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 121,870 shares of the financial services provider’s stock, valued at approximately $4,995,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Arrow Financial during the 2nd quarter worth approximately $34,000. Russell Investments Group Ltd. raised its position in Arrow Financial by 2,045.1% during the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,452 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in Arrow Financial by 27.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 338 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in 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 last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Arrow Financial by 306.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,802 shares during the last quarter. Institutional investors own 46.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AROW. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a research note 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. Piper Sandler reaffirmed an “overweight” rating and issued a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Zacks Research upgraded Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Arrow Financial in a research report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.83.

Arrow Financial Stock Performance

Arrow Financial stock opened at $38.30 on Friday. The business has a 50 day moving average of $40.01 and a 200-day moving average of $37.04. The company has a market capitalization of $709.32 million, a P/E ratio of 12.35 and a beta of 0.76. Arrow Financial Corporation has a 1 year low of $25.88 and a 1 year high of $42.70. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92.

Arrow Financial (NASDAQ:AROW) last posted its 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 return on equity of 12.13% and a net margin of 20.56%.The business had revenue of $52.44 million for the quarter, compared to analyst estimates of $45.51 million. On average, equities research analysts predict that Arrow Financial Corporation will post 3.55 earnings per share for the current year.

Arrow Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 11th. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. Arrow Financial’s dividend payout ratio (DPR) is presently 38.71%.

Insider Activity at Arrow Financial

In other news, Director Mark Behan sold 4,110 shares of Arrow Financial 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 transaction, the director owned 8,929 shares in the company, valued at approximately $344,570.11. The trade was a 31.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.48% of the company’s stock.

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.