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

Arrow Financial Corporation (NASDAQ:AROW) Director Mark Behan sold 4,110 shares of the stock in a transaction dated 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 transaction, the director directly owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. The trade was a 31.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Arrow Financial Trading Up 0.7%

Shares of AROW stock opened at $39.07 on Tuesday. The company has a market cap of $645.83 million, a PE ratio of 12.64 and a beta of 0.77. Arrow Financial Corporation has a 1 year low of $24.90 and a 1 year high of $40.29. The stock’s 50 day simple moving average is $36.98 and its two-hundred day simple moving average is $34.49. 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 announced its earnings results on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The firm had revenue of $53.39 million during the quarter, compared to analysts’ expectations of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%. Research analysts predict that Arrow Financial Corporation will post 3.8 earnings per share for the current year.

Arrow Financial Announces Dividend

The company also recently disclosed 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. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, May 12th. Arrow Financial’s payout ratio is presently 38.83%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Piper Sandler started coverage on shares of Arrow Financial in a research note on Friday, June 12th. They issued an “overweight” rating and a $43.00 target price on the stock. Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Zacks Research raised shares of Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock 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 made changes to their positions in AROW. Legato Capital Management LLC purchased a new position in Arrow Financial during the fourth quarter valued at approximately $474,000. Rhino Investment Partners Inc boosted its position in Arrow Financial by 13.9% during the 3rd quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock valued at $6,447,000 after acquiring an additional 27,856 shares in the last quarter. Arrow Financial Corp boosted its position in Arrow Financial by 0.8% during the 4th quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock valued at $58,772,000 after acquiring an additional 14,403 shares in the last quarter. LSV Asset Management purchased a new position in shares of Arrow Financial in the 4th quarter valued at $75,000. Finally, Hillsdale Investment Management Inc. increased its holdings in shares of Arrow Financial by 3,730.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 9,960 shares of the financial services provider’s stock valued at $334,000 after acquiring an additional 9,700 shares during the period. Institutional investors own 46.71% of the company’s stock.

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.