Insider Buying: Arrow Financial (NASDAQ:AROW) CFO Acquires 1,620 Shares of Stock

Arrow Financial Corporation (NASDAQ:AROW) CFO Penko Krassimir Ivanov bought 1,620 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were purchased at an average price of $29.82 per share, for a total transaction of $48,308.40. Following the completion of the purchase, the chief financial officer directly owned 26,394 shares of the company’s stock, valued at approximately $787,069.08. This trade represents a 6.54% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Penko Krassimir Ivanov also recently made the following trade(s):

• On Wednesday, September 10th, Penko Krassimir Ivanov purchased 5,000 shares of Arrow Financial stock. The stock was bought at an average price of $29.10 per share, for a total transaction of $145,500.00.
• On Wednesday, August 27th, Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock. The stock was bought at an average price of $29.46 per share, for a total transaction of $321,762.12.
• On Tuesday, August 26th, Penko Krassimir Ivanov purchased 1,078 shares of Arrow Financial stock. The stock was bought at an average price of $29.46 per share, for a total transaction of $31,757.88.

Arrow Financial Stock Up 2.5%

Arrow Financial stock traded up $0.77 during mid-day trading on Wednesday, hitting $30.99. The company had a trading volume of 64,807 shares, compared to its average volume of 41,675. The stock has a market cap of $510.37 million, a price-to-earnings ratio of 16.93 and a beta of 0.79. Arrow Financial Corporation has a 1 year low of $22.72 and a 1 year high of $34.63. 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 business has a fifty day moving average of $28.24 and a 200 day moving average of $27.11.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. The company had revenue of $34.13 million for the quarter, compared to analyst estimates of $41.00 million. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. On average, sell-side analysts expect that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 24th. Shareholders of record on Wednesday, November 12th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.7%. The ex-dividend date is Wednesday, November 12th. Arrow Financial’s dividend payout ratio is currently 56.04%.

Hedge Funds Weigh In On Arrow Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of AROW. BNP Paribas Financial Markets grew its position in Arrow Financial by 67.2% in the 2nd 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. CWM LLC grew its position 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 buying an additional 1,078 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,802 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Arrow Financial in the 2nd quarter valued at $198,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Arrow Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after buying an additional 390 shares during the last quarter. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AROW has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Weiss Ratings restated a “hold (c)” rating on shares of Arrow Financial in a research report on Wednesday, October 8th. Finally, Hovde Group upgraded shares of Arrow Financial from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $28.50 to $33.50 in a research report on Friday, October 31st. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.75.

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.