Franklin Resources Inc. Reduces Stake in Arrow Financial Co. (NASDAQ:AROW)

Franklin Resources Inc. cut its holdings in shares of Arrow Financial Co. (NASDAQ:AROW) by 11.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 111,815 shares of the financial services provider’s stock after selling 14,430 shares during the quarter. Franklin Resources Inc.’s holdings in Arrow Financial were worth $3,254,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BNP Paribas Financial Markets boosted its position in Arrow Financial by 13.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider’s stock valued at $99,000 after acquiring an additional 398 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Arrow Financial during the third quarter valued at approximately $164,000. IFG Advisory LLC purchased a new stake in Arrow Financial in the second quarter worth $207,000. Carl P. Sherr & Co. LLC bought a new position in Arrow Financial in the third quarter worth $216,000. Finally, Atria Investments Inc lifted its position in Arrow Financial by 32.6% during the third quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock valued at $483,000 after buying an additional 4,148 shares during the period. Institutional investors own 46.71% of the company’s stock.

Insiders Place Their Bets

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $32.69, for a total value of $65,380.00. Following the transaction, the director now directly owns 37,859 shares of the company’s stock, valued at approximately $1,237,610.71. This trade represents a 5.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 6,000 shares of company stock valued at $178,460. Company insiders own 3.55% of the company’s stock.

Arrow Financial Stock Performance

Shares of AROW opened at $28.82 on Thursday. The company has a market cap of $482.42 million, a price-to-earnings ratio of 14.70 and a beta of 0.75. The business’s fifty day simple moving average is $31.16 and its two-hundred day simple moving average is $29.16. 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 quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $57.58 million during 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 announced a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were issued a $0.28 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $1.12 annualized dividend and a yield of 3.89%. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio (DPR) is currently 57.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Hovde Group began coverage on shares of Arrow Financial in a research note on Monday, September 9th. They set a “market perform” rating and a $31.00 price objective on the stock. Piper Sandler assumed coverage on shares of Arrow Financial in a report on Friday, December 20th. They set a “neutral” rating and a $32.00 target price for the company.

Arrow Financial Company 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.