Arrow Financial Co. (NASDAQ:AROW) Sees Large Drop in Short Interest

Arrow Financial Co. (NASDAQ:AROW) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 190,600 shares, a decrease of 8.0% from the August 31st total of 207,100 shares. Based on an average trading volume of 46,600 shares, the short-interest ratio is presently 4.1 days.

Insider Activity at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $30.09, for a total value of $60,180.00. Following the transaction, the director now directly owns 43,176 shares in the company, valued at $1,299,165.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AROW. Adirondack Trust Co. lifted its holdings in shares of Arrow Financial by 3.0% in the 4th quarter. Adirondack Trust Co. now owns 21,984 shares of the financial services provider’s stock valued at $614,000 after buying an additional 635 shares during the period. ClariVest Asset Management LLC increased its stake 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 worth $970,000 after acquiring an additional 1,017 shares during the last quarter. Rhumbline Advisers increased its stake in Arrow Financial by 6.4% during the second quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock worth $642,000 after acquiring an additional 1,485 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Arrow Financial by 7.7% during the first quarter. Empowered Funds LLC now owns 26,764 shares of the financial services provider’s stock worth $670,000 after buying an additional 1,925 shares during the period. Finally, Financial Counselors Inc. boosted its position in shares of Arrow Financial by 11.4% during the first quarter. Financial Counselors Inc. now owns 19,612 shares of the financial services provider’s stock worth $491,000 after buying an additional 2,000 shares during the period. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AROW has been the topic of a number of recent research reports. Hovde Group initiated coverage on Arrow Financial in a report on Monday, September 9th. They issued a “market perform” rating and a $31.00 target price on the stock. StockNews.com upgraded Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th.

Arrow Financial Trading Up 0.7 %

Shares of AROW traded up $0.19 during mid-day trading on Friday, hitting $28.30. 42,419 shares of the company’s stock traded hands, compared to its average volume of 42,631. The firm has a market capitalization of $472.55 million, a P/E ratio of 16.45 and a beta of 0.73. The business’s 50-day moving average price is $29.24 and its 200-day moving average price is $26.21. Arrow Financial has a 1 year low of $16.70 and a 1 year high of $32.92. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share for the quarter. Arrow Financial had a return on equity of 8.46% and a net margin of 14.94%. The company had revenue of $55.83 million for the quarter.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date was Monday, August 12th. Arrow Financial’s dividend payout ratio (DPR) is presently 62.79%.

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.