Connor Clark & Lunn Investment Management Ltd. Has $1.58 Million Holdings in Arrow Financial Co. (NASDAQ:AROW)

Connor Clark & Lunn Investment Management Ltd. boosted its position in Arrow Financial Co. (NASDAQ:AROW) by 136.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 55,050 shares of the financial services provider’s stock after purchasing an additional 31,741 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Arrow Financial were worth $1,578,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Arrow Financial Corp lifted its stake in Arrow Financial by 1.2% in the third quarter. Arrow Financial Corp now owns 1,969,793 shares of the financial services provider’s stock valued at $56,454,000 after buying an additional 23,198 shares during the period. Atria Investments Inc increased its stake in shares of Arrow Financial by 32.6% in the 3rd quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 4,148 shares in the last quarter. Private Advisor Group LLC boosted its stake in Arrow Financial by 26.7% during the third quarter. Private Advisor Group LLC now owns 25,257 shares of the financial services provider’s stock worth $724,000 after acquiring an additional 5,323 shares in the last quarter. SG Americas Securities LLC bought a new position in Arrow Financial during the third quarter worth $164,000. Finally, Dimensional Fund Advisors LP grew its holdings in Arrow Financial by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock worth $18,241,000 after purchasing an additional 31,268 shares during the period. Institutional investors own 46.71% of the company’s stock.

Insider Buying and Selling

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $28.04, for a total value of $56,080.00. Following the completion of the sale, the director now directly owns 41,176 shares of the company’s stock, valued at $1,154,575.04. This trade represents a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 6,000 shares of company stock valued at $173,260. 3.55% of the stock is owned by company insiders.

Analyst Ratings Changes

AROW has been the topic of several research reports. Hovde Group started coverage on shares of Arrow Financial in a report on Monday, September 9th. They set a “market perform” rating and a $31.00 price objective on the stock. StockNews.com upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th.

Arrow Financial Stock Performance

Shares of AROW opened at $33.08 on Wednesday. The stock has a 50 day moving average of $30.04 and a 200 day moving average of $28.24. The company has a market capitalization of $553.73 million, a price-to-earnings ratio of 16.88 and a beta of 0.72. Arrow Financial Co. has a 12 month low of $21.50 and a 12 month high of $34.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last released its earnings results on Thursday, October 31st. The financial services provider reported $0.53 EPS for the quarter, hitting analysts’ consensus estimates of $0.53. The company had revenue of $57.58 million for the quarter. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%.

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.12 annualized dividend and a dividend yield of 3.39%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio (DPR) is presently 57.14%.

Arrow Financial Profile

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.