First Trust Advisors LP Sells 5,062 Shares of Arrow Financial Co. (NASDAQ:AROW)

First Trust Advisors LP decreased its position in shares of Arrow Financial Co. (NASDAQ:AROW) by 8.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,593 shares of the financial services provider’s stock after selling 5,062 shares during the period. First Trust Advisors LP owned approximately 0.33% of Arrow Financial worth $1,596,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC increased its position in Arrow Financial by 18.5% during the fourth quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 1,056 shares during the period. Citizens Financial Group Inc. RI bought a new position in shares of Arrow Financial during the fourth quarter worth approximately $319,000. Wells Fargo & Company MN raised its position in shares of Arrow Financial by 19.4% in the fourth quarter. Wells Fargo & Company MN now owns 11,563 shares of the financial services provider’s stock valued at $332,000 after buying an additional 1,881 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Arrow Financial by 137.8% in the third quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider’s stock valued at $536,000 after buying an additional 10,838 shares during the period. Finally, Atria Investments Inc grew its position in Arrow Financial by 17.3% during the fourth quarter. Atria Investments Inc now owns 19,768 shares of the financial services provider’s stock worth $568,000 after buying an additional 2,912 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Arrow Financial Stock Up 2.1 %

Shares of AROW opened at $25.65 on Wednesday. The firm has a 50 day simple moving average of $25.40 and a two-hundred day simple moving average of $27.90. The company has a market cap of $427.59 million, a P/E ratio of 14.49 and a beta of 0.78. Arrow Financial Co. has a one year low of $22.72 and a one year high of $34.63. 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 quarterly earnings data on Thursday, May 1st. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.06). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. The business had revenue of $50.37 million for the quarter, compared to the consensus estimate of $39.26 million. Research analysts forecast that Arrow Financial Co. will post 2.65 EPS for the current fiscal year.

Arrow Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Tuesday, May 13th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Tuesday, May 13th. Arrow Financial’s dividend payout ratio (DPR) is presently 65.88%.

Insider Buying and Selling

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $25.94, for a total transaction of $51,880.00. Following the sale, the director now owns 31,022 shares of the company’s stock, valued at approximately $804,710.68. The trade was a 6.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 6,000 shares of company stock worth $153,240 in the last three months. 3.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AROW has been the subject of a number of recent analyst reports. Piper Sandler cut their target price on Arrow Financial from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Monday. StockNews.com raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 2nd.

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.