Carl P. Sherr & Co. LLC Lowers Position in Arrow Financial Co. (NASDAQ:AROW)

Carl P. Sherr & Co. LLC lessened its holdings in shares of Arrow Financial Co. (NASDAQ:AROW) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,104 shares of the financial services provider’s stock after selling 416 shares during the quarter. Carl P. Sherr & Co. LLC’s holdings in Arrow Financial were worth $204,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. BNP Paribas Financial Markets lifted its position 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 purchasing an additional 398 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Arrow Financial during the 3rd quarter worth $164,000. Atria Investments Inc grew its position 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 worth $483,000 after acquiring an additional 4,148 shares in the last quarter. JPMorgan Chase & Co. grew its position in Arrow Financial by 137.8% in the third quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider’s stock worth $536,000 after acquiring an additional 10,838 shares in the last quarter. Finally, Barclays PLC increased its stake in Arrow Financial by 251.9% in the third quarter. Barclays PLC now owns 21,411 shares of the financial services provider’s stock valued at $614,000 after acquiring an additional 15,327 shares during the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Arrow Financial Price Performance

Shares of NASDAQ:AROW opened at $26.22 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a market cap of $438.92 million, a PE ratio of 14.81 and a beta of 0.76. The company’s fifty day moving average is $27.68 and its 200 day moving average is $29.13. Arrow Financial Co. has a 52 week low of $21.50 and a 52 week high of $34.63.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, January 30th. The financial services provider reported $0.47 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.12). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. Research analysts anticipate that Arrow Financial Co. will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, February 10th will be given a $0.28 dividend. The ex-dividend date is Monday, February 10th. This represents a $1.12 annualized dividend and a yield of 4.27%. This is an increase from Arrow Financial’s previous quarterly dividend of $0.25. Arrow Financial’s payout ratio is presently 63.28%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on AROW shares. Piper Sandler cut their price objective on Arrow Financial from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Hovde Group dropped their target price on Arrow Financial from $34.50 to $32.00 and set a “market perform” rating for the company in a research report on Friday, December 27th.

Insider Activity

In other news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $28.85, for a total value of $57,700.00. Following the sale, the director now directly owns 35,859 shares in the company, valued at approximately $1,034,532.15. This trade represents a 5.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel James White bought 3,668 shares of Arrow Financial stock in a transaction dated Friday, January 31st. The shares were acquired at an average cost of $27.23 per share, for a total transaction of $99,879.64. Following the completion of the purchase, the director now directly owns 4,338 shares of the company’s stock, valued at approximately $118,123.74. This trade represents a 547.46 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 6,000 shares of company stock valued at $173,640. 3.55% of the stock is currently owned by company insiders.

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.