Arrow Financial Co. (NASDAQ:AROW) Sees Significant Growth in Short Interest

Arrow Financial Co. (NASDAQ:AROW) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 137,000 shares, an increase of 16.4% from the August 15th total of 117,700 shares. Based on an average trading volume of 49,100 shares, the short-interest ratio is presently 2.8 days.

Analyst Ratings Changes

Separately, StockNews.com upgraded Arrow Financial from a “sell” rating to a “hold” rating in a report on Thursday, September 7th.

Arrow Financial Trading Down 2.4 %

Shares of AROW opened at $18.25 on Friday. The stock’s fifty day simple moving average is $19.15 and its 200 day simple moving average is $21.31. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. Arrow Financial has a twelve month low of $16.88 and a twelve month high of $36.51. The firm has a market capitalization of $302.04 million, a P/E ratio of 7.77 and a beta of 0.69.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.09). Arrow Financial had a return on equity of 10.92% and a net margin of 22.23%. The firm had revenue of $32.68 million during the quarter, compared to analyst estimates of $34.51 million. On average, equities research analysts forecast that Arrow Financial will post 1.66 earnings per share for the current year.

Arrow Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 5.92%. The ex-dividend date of this dividend was Thursday, August 31st. Arrow Financial’s payout ratio is 45.96%.

Hedge Funds Weigh In On Arrow Financial

Several institutional investors and hedge funds have recently modified their holdings of AROW. BlackRock Inc. lifted its position in Arrow Financial by 10.0% during the 2nd quarter. BlackRock Inc. now owns 1,316,558 shares of the financial services provider’s stock worth $26,515,000 after acquiring an additional 120,210 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Arrow Financial by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 729,386 shares of the financial services provider’s stock valued at $18,169,000 after buying an additional 18,944 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Arrow Financial by 5.8% during the third quarter. Vanguard Group Inc. now owns 724,570 shares of the financial services provider’s stock valued at $20,881,000 after buying an additional 39,409 shares during the last quarter. State Street Corp raised its position in Arrow Financial by 3.3% in the second quarter. State Street Corp now owns 421,533 shares of the financial services provider’s stock worth $8,490,000 after purchasing an additional 13,389 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Arrow Financial by 2.2% in the first quarter. Renaissance Technologies LLC now owns 345,615 shares of the financial services provider’s stock worth $11,205,000 after purchasing an additional 7,500 shares in the last quarter. 44.90% of the stock is currently owned by hedge funds and other institutional investors.

Arrow Financial Company 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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.