121,870 Shares in Arrow Financial Corporation $AROW Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Arrow Financial Corporation (NASDAQ:AROW) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 121,870 shares of the financial services provider’s stock, valued at approximately $4,995,000. Connor Clark & Lunn Investment Management Ltd. owned 0.66% of Arrow Financial at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in Arrow Financial by 31.0% during the first 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. raised its position in shares of Arrow Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 390 shares during the period. Jane Street Group LLC lifted its stake in shares of Arrow Financial by 131.3% during the 1st quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock worth $717,000 after buying an additional 15,482 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Arrow Financial during the 1st quarter worth about $311,000. Finally, Rhumbline Advisers boosted its holdings in shares of Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after buying an additional 367 shares during the period. Institutional investors and hedge funds own 46.71% of the company’s stock.

Arrow Financial Stock Performance

Shares of NASDAQ:AROW opened at $38.30 on Friday. The company’s 50 day moving average price is $40.01 and its two-hundred day moving average price is $37.04. Arrow Financial Corporation has a 12-month low of $25.88 and a 12-month high of $42.70. The firm has a market cap of $709.32 million, a PE ratio of 12.35 and a beta of 0.76. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.14). The business had revenue of $52.44 million for the quarter, compared to the consensus estimate of $45.51 million. Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%. Equities research analysts predict that Arrow Financial Corporation will post 3.55 earnings per share for the current year.

Arrow Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Tuesday, August 11th. Arrow Financial’s dividend payout ratio (DPR) is 38.71%.

Insiders Place Their Bets

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total value of $158,604.90. Following the completion of the transaction, the director directly owned 8,929 shares of the company’s stock, valued at $344,570.11. The trade was a 31.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AROW has been the topic of a number of research reports. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Piper Sandler restated an “overweight” rating and set a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Arrow Financial in a research report on Friday, July 24th. Finally, Keefe, Bruyette & Woods initiated coverage on Arrow Financial in a research note on Thursday, June 25th. They set a “market perform” rating and a $42.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and three have given 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 $40.83.

Arrow Financial 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.