Lazard Asset Management LLC Makes New Investment in Arrow Financial Corporation $AROW

Lazard Asset Management LLC acquired a new position in Arrow Financial Corporation (NASDAQ:AROW) during the first quarter, according to its most recent filing with the SEC. The firm acquired 29,628 shares of the financial services provider’s stock, valued at approximately $995,000.

Several other hedge funds have also recently made changes to their positions in AROW. CANADA LIFE ASSURANCE Co raised its holdings in shares of Arrow Financial by 27.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 338 shares in the last quarter. Rhumbline Advisers lifted its stake in Arrow Financial by 1.5% in the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after acquiring an additional 367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 390 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Arrow Financial by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider’s stock valued at $3,763,000 after acquiring an additional 511 shares in the last quarter. Finally, Royal Bank of Canada increased its position in Arrow Financial by 10.5% during the 4th quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 571 shares during the period. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Stock Performance

Shares of Arrow Financial stock opened at $40.53 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $669.96 million, a P/E ratio of 13.07 and a beta of 0.76. The business has a fifty day simple moving average of $39.67 and a two-hundred day simple moving average of $36.48. Arrow Financial Corporation has a 12 month low of $25.88 and a 12 month high of $42.70.

Arrow Financial (NASDAQ:AROW) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.14). The business had revenue of $44.19 million during the quarter, compared to analysts’ expectations of $45.51 million. Arrow Financial had a return on equity of 12.25% and a net margin of 20.56%. On average, equities analysts forecast that Arrow Financial Corporation will post 3.55 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $1.20 annualized dividend and a yield of 3.0%. Arrow Financial’s payout ratio is presently 38.71%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AROW shares. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Keefe, Bruyette & Woods assumed coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Arrow Financial in a research note on Friday, July 24th. Piper Sandler restated an “overweight” rating and issued a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a report on Tuesday, July 28th. Finally, Zacks Research raised Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Arrow Financial currently has an average rating of “Hold” and a consensus target price of $40.83.

Insider Buying and Selling at Arrow Financial

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the transaction, the director owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. This trade represents a 31.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.48% of the company’s stock.

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.