Renaissance Technologies LLC Sells 21,921 Shares of Arrow Financial Corporation $AROW

Renaissance Technologies LLC lessened its holdings in shares of Arrow Financial Corporation (NASDAQ:AROW) by 8.7% in the first quarter, Holdings Channel.com reports. The firm owned 230,284 shares of the financial services provider’s stock after selling 21,921 shares during the period. Renaissance Technologies LLC’s holdings in Arrow Financial were worth $7,731,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of AROW. BNP Paribas Financial Markets boosted its holdings in Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after buying an additional 648 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Arrow Financial by 2,045.1% during the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,452 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Arrow Financial by 27.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 338 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Arrow Financial by 306.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 1,802 shares in the last quarter. Finally, LSV Asset Management purchased a new position in shares of Arrow Financial in the fourth quarter valued at $75,000. Institutional investors own 46.71% of the company’s stock.

Insider Activity at Arrow Financial

In related news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the sale, the director directly owned 8,929 shares in the company, valued at $344,570.11. This represents a 31.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AROW has been the topic of a number of recent research reports. Zacks Research raised Arrow Financial to a “hold” rating in a report on Monday, June 15th. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Piper Sandler reissued an “overweight” rating and issued a $46.00 price target (up from $43.00) on shares of Arrow Financial in a report on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of Arrow Financial in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods started coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They issued a “market perform” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $40.83.

Arrow Financial Stock Performance

Arrow Financial stock opened at $40.33 on Tuesday. The firm has a fifty day simple moving average of $39.53 and a two-hundred day simple moving average of $36.36. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. Arrow Financial Corporation has a twelve month low of $25.88 and a twelve month high of $42.70. The company has a market capitalization of $666.65 million, a PE ratio of 13.01 and a beta of 0.76.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.14). Arrow Financial had a return on equity of 12.25% and a net margin of 20.56%.The company had revenue of $44.19 million during the quarter, compared to analysts’ expectations of $45.51 million. Research analysts expect that Arrow Financial Corporation will post 3.55 EPS for the current year.

Arrow Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 11th. Arrow Financial’s payout ratio is presently 38.71%.

About Arrow Financial

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.