Arrow Financial Co. (NASDAQ:AROW – Get Free Report) saw a significant growth in short interest in June. As of June 30th, there was short interest totalling 146,600 shares, a growth of 16.1% from the June 15th total of 126,300 shares. Based on an average daily volume of 42,600 shares, the days-to-cover ratio is currently 3.4 days.
Insider Activity at Arrow Financial
In related news, Director Raymond F. O’conor sold 4,000 shares of Arrow Financial stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $23.63, for a total transaction of $94,520.00. Following the sale, the director now directly owns 46,419 shares in the company, valued at $1,096,880.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.55% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Arrow Financial Corp lifted its holdings in shares of Arrow Financial by 5.8% during the first quarter. Arrow Financial Corp now owns 1,826,880 shares of the financial services provider’s stock valued at $45,709,000 after purchasing an additional 100,355 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Arrow Financial during the first quarter valued at $157,000. Vanguard Group Inc. increased its position in Arrow Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider’s stock valued at $19,898,000 after acquiring an additional 10,636 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in Arrow Financial during the first quarter valued at $201,000. Finally, ClariVest Asset Management LLC increased its position in Arrow Financial by 19.7% during the first quarter. ClariVest Asset Management LLC now owns 36,230 shares of the financial services provider’s stock valued at $906,000 after acquiring an additional 5,952 shares during the last quarter. 46.71% of the stock is owned by institutional investors.
Arrow Financial Stock Up 2.9 %
Arrow Financial (NASDAQ:AROW – Get Free Report) last released its earnings results on Tuesday, April 30th. The financial services provider reported $0.45 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.02). Arrow Financial had a return on equity of 7.89% and a net margin of 14.34%. The company had revenue of $54.54 million during the quarter, compared to the consensus estimate of $33.29 million. As a group, sell-side analysts anticipate that Arrow Financial will post 2.29 earnings per share for the current fiscal year.
Arrow Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 13th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Friday, May 10th. Arrow Financial’s payout ratio is currently 62.81%.
Wall Street Analysts Forecast Growth
Separately, StockNews.com upgraded Arrow Financial from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th.
View Our Latest Stock Analysis on Arrow Financial
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.
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