Bank of America Corp DE Grows Stock Position in Arrow Financial Co. (NASDAQ:AROW)

Bank of America Corp DE lifted its stake in Arrow Financial Co. (NASDAQ:AROW) by 33.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,977 shares of the financial services provider’s stock after buying an additional 6,253 shares during the period. Bank of America Corp DE owned approximately 0.15% of Arrow Financial worth $717,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Rockefeller Capital Management L.P. boosted its position in shares of Arrow Financial by 0.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 117,355 shares of the financial services provider’s stock worth $3,369,000 after purchasing an additional 488 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Arrow Financial by 130.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 703 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Arrow Financial by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider’s stock worth $3,640,000 after purchasing an additional 786 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Arrow Financial by 9.4% in the 4th quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 866 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Arrow Financial by 5.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 25,429 shares of the financial services provider’s stock worth $730,000 after purchasing an additional 1,294 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Arrow Financial Stock Down 0.2%

AROW opened at $25.96 on Tuesday. The firm has a 50-day simple moving average of $25.26 and a two-hundred day simple moving average of $27.03. Arrow Financial Co. has a 52 week low of $22.72 and a 52 week high of $34.63. The company has a market capitalization of $432.88 million, a PE ratio of 14.67 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.06). Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. The business had revenue of $50.37 million during the quarter, compared to the consensus estimate of $39.26 million. Analysts forecast that Arrow Financial Co. will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Tuesday, May 13th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Tuesday, May 13th. Arrow Financial’s dividend payout ratio (DPR) is presently 65.88%.

Analysts Set New Price Targets

AROW has been the topic of several analyst reports. Piper Sandler lowered their price objective on Arrow Financial from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Wall Street Zen cut Arrow Financial from a “hold” rating to a “sell” rating in a research report on Friday, May 30th.

Insider Activity at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $23.78, for a total transaction of $47,560.00. Following the completion of the transaction, the director now directly owns 29,293 shares in the company, valued at $696,587.54. The trade was a 6.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.55% of the stock is currently owned by corporate insiders.

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