HighTower Advisors LLC Buys 688 Shares of Arrow Financial Corporation $AROW

HighTower Advisors LLC lifted its stake in shares of Arrow Financial Corporation (NASDAQ:AROW) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,610 shares of the financial services provider’s stock after purchasing an additional 688 shares during the period. HighTower Advisors LLC owned approximately 0.09% of Arrow Financial worth $384,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Arrow Financial in the 1st quarter worth approximately $482,000. GAMMA Investing LLC increased its stake in shares of Arrow Financial by 3,616.8% in the 1st quarter. GAMMA Investing LLC now owns 23,267 shares of the financial services provider’s stock valued at $6,120,000 after buying an additional 22,641 shares during the period. Angel Oak Capital Advisors LLC bought a new stake in shares of Arrow Financial during the first quarter worth $289,000. Deutsche Bank AG raised its position in shares of Arrow Financial by 268.2% during the first quarter. Deutsche Bank AG now owns 42,407 shares of the financial services provider’s stock worth $1,115,000 after acquiring an additional 30,891 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new position in shares of Arrow Financial during the fourth quarter valued at $357,000. Institutional investors and hedge funds own 46.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Piper Sandler lowered their price objective 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 upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, Hovde Group increased their price objective on shares of Arrow Financial from $27.50 to $28.50 and gave the company a “market perform” rating in a report on Friday, July 25th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Arrow Financial currently has an average rating of “Hold” and a consensus price target of $28.25.

Insiders Place Their Bets

In related news, CFO Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock in a transaction dated Wednesday, August 27th. The stock was bought at an average price of $29.46 per share, for a total transaction of $321,762.12. Following the completion of the acquisition, the chief financial officer directly owned 19,715 shares of the company’s stock, valued at $580,803.90. This represents a 124.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased a total of 13,425 shares of company stock valued at $391,283 over the last 90 days. Insiders own 3.28% of the company’s stock.

Arrow Financial Stock Performance

AROW stock opened at $29.73 on Tuesday. Arrow Financial Corporation has a 1-year low of $22.72 and a 1-year high of $34.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a market cap of $489.65 million, a PE ratio of 16.25 and a beta of 0.83. The business’s 50-day moving average price is $27.56 and its two-hundred day moving average price is $26.35.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.08. Arrow Financial had a return on equity of 8.64% and a net margin of 13.28%.The company had revenue of $51.57 million during the quarter, compared to the consensus estimate of $39.83 million. As a group, research analysts forecast that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a $0.29 dividend. The ex-dividend date of this dividend was Monday, August 11th. This is an increase from Arrow Financial’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 3.9%. Arrow Financial’s payout ratio is presently 63.39%.

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.