Short Interest in Arrow Financial Co. (NASDAQ:AROW) Decreases By 6.1%

Arrow Financial Co. (NASDAQ:AROW) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 153,400 shares, a drop of 6.1% from the September 30th total of 163,300 shares. Based on an average daily volume of 35,700 shares, the days-to-cover ratio is presently 4.3 days.

Insider Transactions at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $30.09, for a total transaction of $60,180.00. Following the completion of the sale, the director now owns 43,176 shares of the company’s stock, valued at approximately $1,299,165.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 6,000 shares of company stock worth $172,520 in the last three months. 3.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Arrow Financial Corp raised its position in shares of Arrow Financial by 6.6% in the 2nd quarter. Arrow Financial Corp now owns 1,946,595 shares of the financial services provider’s stock valued at $50,709,000 after purchasing an additional 119,715 shares in the last quarter. Vanguard Group Inc. raised its holdings in Arrow Financial by 1.4% in the first quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider’s stock valued at $19,898,000 after acquiring an additional 10,636 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Arrow Financial by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock valued at $18,241,000 after acquiring an additional 31,268 shares during the last quarter. American Century Companies Inc. grew its holdings in Arrow Financial by 13.7% during the 2nd quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider’s stock worth $6,946,000 after acquiring an additional 32,158 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Arrow Financial by 12.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock worth $3,369,000 after acquiring an additional 13,829 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Analyst Ratings Changes

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

Arrow Financial Price Performance

AROW opened at $28.82 on Friday. Arrow Financial has a twelve month low of $21.50 and a twelve month high of $32.92. The firm has a market cap of $482.16 million, a price-to-earnings ratio of 15.25 and a beta of 0.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.07. The company has a fifty day simple moving average of $28.88 and a 200 day simple moving average of $27.02.

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.89%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, October 15th. Arrow Financial’s payout ratio is presently 59.26%.

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.