GAMMA Investing LLC Raises Stock Holdings in Arrow Financial Co. (NASDAQ:AROW)

GAMMA Investing LLC grew its stake in Arrow Financial Co. (NASDAQ:AROW) by 3,616.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,267 shares of the financial services provider’s stock after buying an additional 22,641 shares during the quarter. GAMMA Investing LLC owned approximately 0.14% of Arrow Financial worth $6,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Arrow Financial by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 736,569 shares of the financial services provider’s stock worth $21,147,000 after buying an additional 12,798 shares in the last quarter. American Century Companies Inc. grew its position in shares of Arrow Financial by 4.3% during the fourth quarter. American Century Companies Inc. now owns 304,964 shares of the financial services provider’s stock worth $8,756,000 after purchasing an additional 12,581 shares in the last quarter. Rhino Investment Partners Inc purchased a new stake in shares of Arrow Financial during the fourth quarter worth about $5,458,000. Voya Investment Management LLC grew its position in shares of Arrow Financial by 15.5% during the fourth quarter. Voya Investment Management LLC now owns 178,680 shares of the financial services provider’s stock worth $5,130,000 after purchasing an additional 24,036 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Arrow Financial by 1.6% during the fourth quarter. Northern Trust Corp now owns 148,921 shares of the financial services provider’s stock worth $4,276,000 after purchasing an additional 2,296 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Analyst Ratings Changes

AROW has been the subject of several research 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, May 5th. Wall Street Zen cut Arrow Financial from a “hold” rating to a “sell” rating in a research report on Friday, May 30th.

Arrow Financial Stock Performance

NASDAQ:AROW opened at $25.96 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. Arrow Financial Co. has a 12-month low of $22.72 and a 12-month high of $34.63. The stock has a 50-day moving average price of $25.26 and a 200 day moving average price of $27.03. The stock has a market capitalization of $432.88 million, a P/E ratio of 14.67 and a beta of 0.78.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results 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). The firm had revenue of $50.37 million for the quarter, compared to analysts’ expectations of $39.26 million. Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. Equities research analysts forecast that Arrow Financial Co. will post 2.65 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 4.31%. The ex-dividend date was Tuesday, May 13th. Arrow Financial’s dividend payout ratio is presently 65.88%.

Insider Buying and Selling at Arrow Financial

In other news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $23.78, for a total value of $47,560.00. Following the completion of the transaction, the director now owns 29,293 shares in the company, valued at approximately $696,587.54. The trade was a 6.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.55% of the stock is currently owned by company insiders.

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.