SummerHaven Investment Management LLC Invests $871,000 in Arrow Financial Corporation $AROW

SummerHaven Investment Management LLC bought a new position in Arrow Financial Corporation (NASDAQ:AROW) in the 3rd quarter, HoldingsChannel reports. The fund bought 30,767 shares of the financial services provider’s stock, valued at approximately $871,000.

A number of other institutional investors have also modified their holdings of AROW. CWM LLC boosted its stake in Arrow Financial by 159.5% during the 3rd quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,078 shares during the period. Tower Research Capital LLC TRC lifted its stake in Arrow Financial by 306.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 1,802 shares during the last quarter. Gallagher Fiduciary Advisors LLC boosted its stake in shares of Arrow Financial by 22.8% during the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 26,019 shares of the financial services provider’s stock worth $687,000 after acquiring an additional 4,825 shares in the last quarter. BNP Paribas Financial Markets increased its stake 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 worth $43,000 after purchasing an additional 648 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Arrow Financial by 33.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 26,354 shares of the financial services provider’s stock worth $696,000 after purchasing an additional 6,618 shares in the last quarter. Institutional investors own 46.71% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on AROW. Hovde Group cut shares of Arrow Financial from an “outperform” rating to a “market perform” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $30.75.

Insider Buying and Selling at Arrow Financial

In other Arrow Financial news, CEO David S. Demarco bought 3,035 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 3,035 shares in the company, valued at approximately $96,452.30. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel James White acquired 1,644 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was bought at an average price of $30.14 per share, with a total value of $49,550.16. Following the acquisition, the director directly owned 6,890 shares in the company, valued at $207,664.60. This represents a 31.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 6,299 shares of company stock valued at $194,311. 3.28% of the stock is currently owned by corporate insiders.

Arrow Financial Price Performance

AROW opened at $32.63 on Wednesday. The stock has a market capitalization of $536.44 million, a P/E ratio of 15.76 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The company’s 50 day simple moving average is $31.69 and its 200-day simple moving average is $29.44. Arrow Financial Corporation has a one year low of $22.72 and a one year high of $34.57.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The business had revenue of $8.07 million during the quarter, compared to the consensus estimate of $41.00 million. Sell-side analysts anticipate that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

About Arrow Financial

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.