State Street Corp Buys 1,022 Shares of Arrow Financial Co. (NASDAQ:AROW)

State Street Corp raised its stake in shares of Arrow Financial Co. (NASDAQ:AROW) by 0.3% during the third quarter, HoldingsChannel reports. The firm owned 393,719 shares of the financial services provider’s stock after buying an additional 1,022 shares during the quarter. State Street Corp’s holdings in Arrow Financial were worth $11,284,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BNP Paribas Financial Markets increased its position in shares of 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 purchasing an additional 398 shares during the last quarter. SG Americas Securities LLC purchased a new position in Arrow Financial during the third quarter worth $164,000. IFG Advisory LLC bought a new position in Arrow Financial during the second quarter valued at $207,000. Carl P. Sherr & Co. LLC purchased a new stake in shares of Arrow Financial in the third quarter valued at $216,000. Finally, Atria Investments Inc lifted its holdings 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 worth $483,000 after acquiring an additional 4,148 shares during the last quarter. 46.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 6,000 shares of company stock valued at $178,460 in the last three months. 3.55% of the stock is currently owned by corporate insiders.

Arrow Financial Price Performance

Shares of AROW stock opened at $28.82 on Thursday. Arrow Financial Co. has a 1-year low of $21.50 and a 1-year high of $34.63. The company has a market cap of $482.42 million, a P/E ratio of 14.70 and a beta of 0.75. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50-day moving average is $31.16 and its 200 day moving average is $29.16.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. The firm had revenue of $57.58 million during the quarter. Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%.

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Tuesday, October 15th were given a dividend of $0.28 per share. This is an increase from Arrow Financial’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend was Tuesday, October 15th. Arrow Financial’s dividend payout ratio (DPR) is currently 57.14%.

Wall Street Analysts Forecast Growth

AROW has been the topic of several analyst reports. Hovde Group assumed coverage on shares of Arrow Financial in a report on Monday, September 9th. They set a “market perform” rating and a $31.00 price target on the stock. Piper Sandler initiated coverage on shares of Arrow Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $32.00 price target on the stock.

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.