Insider Buying: Arrow Financial (NASDAQ:AROW) CEO Acquires $96,452.30 in Stock

Arrow Financial Corporation (NASDAQ:AROW) CEO David Demarco bought 3,035 shares of the firm’s stock in a transaction on Wednesday, December 24th. The shares were bought at an average price of $31.78 per share, for a total transaction of $96,452.30. Following the completion of the transaction, the chief executive officer directly owned 3,035 shares in the company, valued at approximately $96,452.30. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Arrow Financial Stock Performance

Shares of AROW opened at $31.40 on Friday. The company has a market capitalization of $516.22 million, a PE ratio of 15.17 and a beta of 0.82. Arrow Financial Corporation has a 52-week low of $22.72 and a 52-week high of $33.56. The company has a 50-day simple moving average of $30.54 and a 200-day simple moving average of $28.65. 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 issued its earnings results on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.05. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The company had revenue of $8.07 million for the quarter, compared to analyst estimates of $41.00 million. Equities research analysts predict that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Wednesday, November 12th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, November 12th. This represents a $1.16 annualized dividend and a yield of 3.7%. Arrow Financial’s payout ratio is currently 56.04%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AROW. Wall Street Zen raised Arrow Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a report on Monday. Finally, Hovde Group upgraded shares of Arrow Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $28.50 to $33.50 in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $30.75.

Institutional Investors Weigh In On Arrow Financial

Several hedge funds have recently modified their holdings of AROW. BNP Paribas Financial Markets raised its position in shares of Arrow Financial by 67.2% in the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock valued at $43,000 after buying an additional 648 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Arrow Financial by 2,045.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,452 shares during the period. CWM LLC raised its holdings in Arrow Financial by 159.5% in the 3rd quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 1,078 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Arrow Financial by 306.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,802 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Arrow Financial during the second quarter worth $198,000. 46.71% of the stock is owned by institutional investors and hedge funds.

Arrow Financial Company Profile

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.