Empowered Funds LLC Sells 5,589 Shares of Arrow Financial Co. (NASDAQ:AROW)

Empowered Funds LLC decreased its stake in Arrow Financial Co. (NASDAQ:AROW) by 19.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,155 shares of the financial services provider’s stock after selling 5,589 shares during the period. Empowered Funds LLC’s holdings in Arrow Financial were worth $664,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. ClariVest Asset Management LLC raised its position in Arrow Financial by 2.8% during the second quarter. ClariVest Asset Management LLC now owns 37,247 shares of the financial services provider’s stock valued at $970,000 after purchasing an additional 1,017 shares in the last quarter. Rhumbline Advisers increased its position in shares of Arrow Financial by 6.4% during the 2nd quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock valued at $642,000 after purchasing an additional 1,485 shares during the last quarter. Atria Investments Inc raised its holdings in shares of Arrow Financial by 32.6% during the 3rd 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 in the last quarter. Private Advisor Group LLC lifted its position in Arrow Financial by 26.7% in the 3rd quarter. Private Advisor Group LLC now owns 25,257 shares of the financial services provider’s stock worth $724,000 after buying an additional 5,323 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Arrow Financial in the third quarter worth approximately $164,000. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $33.45 on Friday. Arrow Financial Co. has a 1 year low of $21.50 and a 1 year high of $34.63. The stock has a market capitalization of $559.95 million, a P/E ratio of 17.07 and a beta of 0.72. The company’s 50-day moving average is $29.88 and its 200 day moving average is $28.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

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

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were paid a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.12 annualized dividend and a dividend yield of 3.35%. This is an increase from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio is presently 57.14%.

Wall Street Analysts Forecast Growth

AROW has been the topic of a number of recent research reports. Hovde Group initiated coverage on 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. StockNews.com upgraded Arrow Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th.

Insider Activity at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total value of $56,080.00. Following the completion of the transaction, the director now directly owns 41,176 shares in the company, valued at $1,154,575.04. The trade was a 4.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 6,000 shares of company stock valued at $173,260 in the last 90 days. Corporate insiders own 3.55% of the company’s 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.