Insider Buying: Arrow Financial (NASDAQ:AROW) CEO Buys 3,035 Shares of Stock

Arrow Financial Corporation (NASDAQ:AROW) CEO David Demarco purchased 3,035 shares of Arrow Financial stock in a transaction dated Wednesday, December 24th. The stock was acquired at an average price of $31.78 per share, with a total value of $96,452.30. Following the acquisition, the chief executive officer 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 legal filing with the Securities & Exchange Commission, which is available through this link.

Arrow Financial Stock Up 0.4%

Shares of NASDAQ AROW traded up $0.12 during midday trading on Tuesday, reaching $31.71. 31,962 shares of the company’s stock traded hands, compared to its average volume of 44,988. The company has a market cap of $521.23 million, a price-to-earnings ratio of 15.32 and a beta of 0.82. Arrow Financial Corporation has a one year low of $22.72 and a one year high of $33.56. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock’s 50 day simple moving average is $30.28 and its 200-day simple moving average is $28.57.

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

Arrow Financial Announces Dividend

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

Analyst Ratings Changes

Several brokerages have weighed in on AROW. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 22nd. Hovde Group raised shares of Arrow Financial from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $28.50 to $33.50 in a research report on Friday, October 31st. Finally, Wall Street Zen upgraded shares of Arrow Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $30.75.

Institutional Trading of Arrow Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its stake in shares of Arrow Financial by 4.9% during the 1st quarter. HighTower Advisors LLC now owns 14,610 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 688 shares in the last quarter. AQR Capital Management LLC raised its holdings in Arrow Financial by 31.0% in the 1st quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 2,949 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Arrow Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 390 shares in the last quarter. Jane Street Group LLC grew its holdings in Arrow Financial by 131.3% in the first quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock valued at $717,000 after purchasing an additional 15,482 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Arrow Financial in the first quarter valued at approximately $311,000. Institutional investors and hedge funds own 46.71% of the company’s stock.

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.