Renaissance Technologies LLC Sells 17,084 Shares of Arrow Financial Co. (NASDAQ:AROW)

Renaissance Technologies LLC decreased its holdings in shares of Arrow Financial Co. (NASDAQ:AROW) by 6.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 251,921 shares of the financial services provider’s stock after selling 17,084 shares during the period. Renaissance Technologies LLC’s holdings in Arrow Financial were worth $6,563,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC purchased a new stake in Arrow Financial in the first quarter worth $157,000. BNP Paribas Financial Markets boosted its stake in shares of Arrow Financial by 90.9% during the 1st quarter. BNP Paribas Financial Markets now owns 7,263 shares of the financial services provider’s stock valued at $182,000 after purchasing an additional 3,459 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new position in shares of Arrow Financial during the first quarter valued at about $201,000. IFG Advisory LLC bought a new position in Arrow Financial in the second quarter worth about $207,000. Finally, Financial Counselors Inc. lifted its holdings in Arrow Financial by 11.4% in the first quarter. Financial Counselors Inc. now owns 19,612 shares of the financial services provider’s stock worth $491,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Insider Transactions at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $30.09, for a total transaction of $60,180.00. Following the sale, the director now directly owns 43,176 shares of the company’s stock, valued at approximately $1,299,165.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.55% of the stock is owned by insiders.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $28.09 on Thursday. The company has a 50 day simple moving average of $29.29 and a two-hundred day simple moving average of $26.16. Arrow Financial Co. has a fifty-two week low of $16.70 and a fifty-two week high of $32.92. The company has a market capitalization of $469.95 million, a price-to-earnings ratio of 16.34 and a beta of 0.73. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.92 and a current ratio of 0.92.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.52 earnings per share for the quarter. Arrow Financial had a return on equity of 8.46% and a net margin of 14.94%. The company had revenue of $55.83 million during the quarter.

Arrow Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Monday, August 12th. Arrow Financial’s dividend payout ratio is presently 62.81%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AROW. Hovde Group began coverage on Arrow Financial in a research note on Monday, September 9th. They issued a “market perform” rating and a $31.00 target price for the company. StockNews.com upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a report on Tuesday, July 30th.

About Arrow Financial

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.