Franklin Resources Inc. Sells 37,739 Shares of Arrow Financial Corporation $AROW

Franklin Resources Inc. cut its holdings in shares of Arrow Financial Corporation (NASDAQ:AROW) by 50.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,758 shares of the financial services provider’s stock after selling 37,739 shares during the period. Franklin Resources Inc. owned about 0.23% of Arrow Financial worth $998,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AROW. Vanguard Group Inc. lifted its holdings in shares of Arrow Financial by 3.8% during the first quarter. Vanguard Group Inc. now owns 833,728 shares of the financial services provider’s stock worth $21,919,000 after purchasing an additional 30,459 shares during the period. Nuveen LLC bought a new position in Arrow Financial during the 1st quarter worth $1,530,000. Angel Oak Capital Advisors LLC acquired a new position in Arrow Financial during the 1st quarter worth about $289,000. Deutsche Bank AG grew its position in shares of Arrow Financial by 268.2% in the 1st quarter. Deutsche Bank AG now owns 42,407 shares of the financial services provider’s stock valued at $1,115,000 after buying an additional 30,891 shares during the last quarter. Finally, Martingale Asset Management L P acquired a new stake in shares of Arrow Financial in the first quarter valued at about $925,000. 46.71% of the stock is currently owned by institutional investors and hedge funds.

Arrow Financial Price Performance

Arrow Financial stock opened at $30.57 on Friday. The stock has a market capitalization of $502.57 million, a price-to-earnings ratio of 14.77 and a beta of 0.82. Arrow Financial Corporation has a 52-week low of $22.72 and a 52-week high of $32.51. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The stock’s 50 day moving average price is $28.73 and its two-hundred day moving average price is $27.87.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.05. The company had revenue of $8.07 million during the quarter, compared to analyst estimates of $41.00 million. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. On average, equities analysts predict that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Wednesday, November 12th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, November 12th. Arrow Financial’s dividend payout ratio is 56.04%.

Insider Activity

In other news, CFO Penko Krassimir Ivanov bought 1,620 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was acquired at an average cost of $29.82 per share, with a total value of $48,308.40. Following the transaction, the chief financial officer directly owned 26,394 shares of the company’s stock, valued at approximately $787,069.08. This represents a 6.54% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel James White purchased 1,644 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average cost of $30.14 per share, for a total transaction of $49,550.16. Following the completion of the purchase, the director owned 6,890 shares in the company, valued at $207,664.60. This trade represents a 31.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 8,264 shares of company stock valued at $243,359. 3.28% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Hovde Group raised Arrow Financial from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $28.50 to $33.50 in a research note on Friday, October 31st. Wall Street Zen upgraded shares of Arrow Financial from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 1st. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.75.

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.