Arrow Financial Co. (NASDAQ:AROW) Short Interest Update

Arrow Financial Co. (NASDAQ:AROW) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 163,300 shares, a decline of 14.3% from the September 15th total of 190,600 shares. Based on an average daily trading volume, of 40,600 shares, the days-to-cover ratio is currently 4.0 days.

Arrow Financial Stock Performance

AROW opened at $29.19 on Wednesday. The firm has a 50 day moving average of $28.70 and a two-hundred day moving average of $26.55. The firm has a market capitalization of $487.41 million, a PE ratio of 16.97 and a beta of 0.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.07. Arrow Financial has a 12-month low of $17.76 and a 12-month high of $32.92.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter. The company had revenue of $55.83 million during the quarter. Arrow Financial had a net margin of 14.94% and a return on equity of 8.46%.

Arrow Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th will be paid a $0.28 dividend. This is an increase from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.84%. Arrow Financial’s dividend payout ratio is presently 65.12%.

Insider Buying and Selling

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $28.04, for a total value of $56,080.00. Following the completion of the sale, the director now owns 41,176 shares of the company’s stock, valued at approximately $1,154,575.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 6,000 shares of company stock worth $172,520 in the last ninety days. 3.55% of the stock is owned by insiders.

Institutional Trading of Arrow Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Arrow Financial Corp boosted its stake in shares of Arrow Financial by 6.6% during the 2nd quarter. Arrow Financial Corp now owns 1,946,595 shares of the financial services provider’s stock worth $50,709,000 after acquiring an additional 119,715 shares in the last quarter. Vanguard Group Inc. boosted 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 worth $19,898,000 after purchasing an additional 10,636 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Arrow Financial by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock valued at $18,241,000 after purchasing an additional 31,268 shares during the period. American Century Companies Inc. increased its position in shares of Arrow Financial by 13.7% in the second quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider’s stock valued at $6,946,000 after buying an additional 32,158 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Arrow Financial by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock valued at $3,369,000 after buying an additional 13,829 shares in the last quarter. 46.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. StockNews.com upgraded shares of Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Hovde Group initiated coverage on Arrow Financial in a research report on Monday, September 9th. They set a “market perform” rating and a $31.00 price target for the company.

About Arrow Financial

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.