Arrow Financial Corporation $AROW Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lessened its holdings in Arrow Financial Corporation (NASDAQ:AROW) by 16.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,177 shares of the financial services provider’s stock after selling 24,596 shares during the period. Voya Investment Management LLC’s holdings in Arrow Financial were worth $3,458,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in Arrow Financial in the 1st quarter valued at $1,530,000. Vanguard Group Inc. boosted its position in shares of Arrow Financial by 3.8% in the first quarter. Vanguard Group Inc. now owns 833,728 shares of the financial services provider’s stock worth $21,919,000 after buying an additional 30,459 shares during the period. Marshall Wace LLP acquired a new stake in shares of Arrow Financial in the second quarter valued at about $616,000. Midwest Trust Co purchased a new stake in shares of Arrow Financial during the 2nd quarter valued at about $445,000. Finally, Jane Street Group LLC lifted its position in Arrow Financial by 131.3% during the 1st quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock worth $717,000 after acquiring an additional 15,482 shares in the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Arrow Financial

In related news, CFO Penko Krassimir Ivanov purchased 1,620 shares of Arrow Financial stock in a transaction dated Tuesday, November 4th. The shares were acquired at an average price of $29.82 per share, with a total value of $48,308.40. Following the completion of the transaction, the chief financial officer owned 26,394 shares of the company’s stock, valued at approximately $787,069.08. This trade represents a 6.54% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel James White purchased 1,644 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $30.14 per share, with a total value of $49,550.16. Following the completion of the purchase, the director directly owned 6,890 shares of the company’s stock, valued at approximately $207,664.60. This represents a 31.34% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 3.28% of the company’s stock.

Wall Street Analyst Weigh In

AROW has been the subject of several recent research reports. Wall Street Zen raised shares of Arrow Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday. Finally, Hovde Group raised shares of Arrow Financial from a “market perform” rating to an “outperform” rating and raised their price target for the company from $28.50 to $33.50 in a report on Friday, October 31st. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $30.75.

Arrow Financial Stock Performance

Shares of AROW opened at $31.47 on Friday. The firm has a market cap of $517.37 million, a price-to-earnings ratio of 15.20 and a beta of 0.82. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $30.18 and its two-hundred day moving average is $28.50. Arrow Financial Corporation has a 52-week low of $22.72 and a 52-week high of $33.56.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. The business had revenue of $8.07 million during the quarter, compared to analyst estimates of $41.00 million. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. Analysts forecast that Arrow Financial Corporation will post 2.65 EPS for the current fiscal year.

Arrow Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Wednesday, November 12th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Wednesday, November 12th. Arrow Financial’s dividend payout ratio is 56.04%.

Arrow Financial Profile

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.