Connor Clark & Lunn Investment Management Ltd. Acquires 23,498 Shares of Arrow Financial Co. (NASDAQ:AROW)

Connor Clark & Lunn Investment Management Ltd. increased its stake in Arrow Financial Co. (NASDAQ:AROW) by 42.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 78,548 shares of the financial services provider’s stock after purchasing an additional 23,498 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.47% of Arrow Financial worth $2,255,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp lifted its stake in Arrow Financial by 0.3% during the third quarter. State Street Corp now owns 393,719 shares of the financial services provider’s stock worth $11,284,000 after purchasing an additional 1,022 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Arrow Financial by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider’s stock worth $3,640,000 after buying an additional 786 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in Arrow Financial by 0.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 118,630 shares of the financial services provider’s stock worth $3,400,000 after buying an additional 1,100 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in Arrow Financial by 0.4% during the third quarter. Rockefeller Capital Management L.P. now owns 116,867 shares of the financial services provider’s stock valued at $3,349,000 after acquiring an additional 454 shares during the last quarter. Finally, Trust Co. of Vermont lifted its holdings in shares of Arrow Financial by 49.5% in the 4th quarter. Trust Co. of Vermont now owns 57,365 shares of the financial services provider’s stock worth $1,647,000 after acquiring an additional 19,000 shares during the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $28.85, for a total transaction of $57,700.00. Following the transaction, the director now directly owns 35,859 shares of the company’s stock, valued at approximately $1,034,532.15. The trade was a 5.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel James White bought 3,668 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was bought at an average cost of $27.23 per share, with a total value of $99,879.64. Following the completion of the transaction, the director now owns 4,338 shares in the company, 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 three months, insiders have sold 6,000 shares of company stock valued at $162,060. Company insiders own 3.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler reduced their target price on shares of Arrow Financial from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Hovde Group decreased their price objective on Arrow Financial from $34.50 to $32.00 and set a “market perform” rating on the stock in a report on Friday, December 27th.

Arrow Financial Trading Up 0.4 %

NASDAQ:AROW opened at $26.06 on Wednesday. The firm has a market capitalization of $436.22 million, a P/E ratio of 14.72 and a beta of 0.73. 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 company has a fifty day moving average of $26.76 and a 200 day moving average of $28.83. Arrow Financial Co. has a 52 week low of $21.50 and a 52 week high of $34.63.

Arrow Financial (NASDAQ:AROW) last issued 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 net margin of 13.32% and a return on equity of 8.59%. On average, research analysts predict that Arrow Financial Co. will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 24th. Stockholders of record on Monday, February 10th were given a $0.28 dividend. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.25. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date was Monday, February 10th. Arrow Financial’s dividend payout ratio (DPR) is currently 63.28%.

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.