Franklin Resources Inc. Cuts Stake in Arrow Financial Co. (NASDAQ:AROW)

Franklin Resources Inc. decreased its position in Arrow Financial Co. (NASDAQ:AROW) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 111,815 shares of the financial services provider’s stock after selling 14,430 shares during the period. Franklin Resources Inc. owned about 0.67% of Arrow Financial worth $3,254,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BNP Paribas Financial Markets grew its stake in Arrow Financial by 13.0% during the third quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider’s stock valued at $99,000 after acquiring an additional 398 shares in the last quarter. SG Americas Securities LLC bought a new position in Arrow Financial in the 3rd quarter worth about $164,000. IFG Advisory LLC bought a new stake in shares of Arrow Financial during the 2nd quarter valued at about $207,000. Carl P. Sherr & Co. LLC bought a new position in shares of Arrow Financial in the third quarter worth approximately $216,000. Finally, Atria Investments Inc raised its stake in Arrow Financial by 32.6% in the third quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 4,148 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AROW. Hovde Group began coverage on shares of Arrow Financial in a report on Monday, September 9th. They set a “market perform” rating and a $31.00 price objective for the company. Piper Sandler began coverage on Arrow Financial in a report on Friday, December 20th. They set a “neutral” rating and a $32.00 price objective on the stock.

Arrow Financial Price Performance

AROW stock opened at $28.82 on Thursday. The firm has a market cap of $482.42 million, a P/E ratio of 14.70 and a beta of 0.75. The firm’s fifty day moving average is $31.16 and its 200 day moving average is $29.16. Arrow Financial Co. has a 52 week low of $21.50 and a 52 week high of $34.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%. The firm had revenue of $57.58 million for the quarter.

Arrow Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Tuesday, October 15th were given a $0.28 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $1.12 annualized dividend and a yield of 3.89%. This is an increase from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s payout ratio is presently 57.14%.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total transaction of $56,080.00. Following the completion of the sale, the director now owns 41,176 shares of the company’s stock, valued at $1,154,575.04. This represents a 4.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 6,000 shares of company stock worth $178,460. Insiders own 3.55% of the company’s stock.

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.