State of Tennessee Department of Treasury Acquires New Holdings in Arrow Financial Co. (NASDAQ:AROW)

State of Tennessee Department of Treasury bought a new position in shares of Arrow Financial Co. (NASDAQ:AROW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 6,911 shares of the financial services provider’s stock, valued at approximately $198,000.

Other large investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in Arrow Financial by 130.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 703 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Arrow Financial by 18.5% during the fourth quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 1,056 shares during the last quarter. MetLife Investment Management LLC lifted its stake in shares of Arrow Financial by 9.4% in the fourth quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider’s stock worth $289,000 after acquiring an additional 866 shares during the period. Citizens Financial Group Inc. RI bought a new stake in Arrow Financial in the fourth quarter valued at approximately $319,000. Finally, Wells Fargo & Company MN raised its holdings in Arrow Financial by 19.4% during the 4th quarter. Wells Fargo & Company MN now owns 11,563 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 1,881 shares during the last quarter. Institutional investors own 46.71% of the company’s stock.

Arrow Financial Stock Performance

Shares of AROW stock opened at $25.13 on Tuesday. The firm has a 50 day moving average of $25.42 and a 200-day moving average of $27.92. The company has a market cap of $418.94 million, a price-to-earnings ratio of 14.20 and a beta of 0.78. 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 Co. has a 52 week low of $22.72 and a 52 week high of $34.63.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, May 1st. The financial services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.06). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. The company had revenue of $50.37 million during the quarter, compared to analyst estimates of $39.26 million. On average, equities analysts forecast that Arrow Financial Co. will post 2.65 earnings per share for the current year.

Arrow Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.12 annualized dividend and a yield of 4.46%. Arrow Financial’s payout ratio is currently 65.88%.

Insider Buying and Selling at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $25.94, for a total value of $51,880.00. Following the transaction, the director now directly owns 31,022 shares in the company, valued at $804,710.68. This trade represents a 6.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 6,000 shares of company stock valued at $153,240. Company insiders own 3.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AROW. Piper Sandler lowered their target price on shares of Arrow Financial from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Monday. StockNews.com raised Arrow Financial from a “sell” rating to a “hold” rating in a research note on Friday.

Arrow Financial Company 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.