Bank of New York Mellon Corp Has $2.48 Million Stake in Arrow Financial Co. (NASDAQ:AROW)

Bank of New York Mellon Corp lowered its stake in shares of Arrow Financial Co. (NASDAQ:AROW) by 25.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 86,514 shares of the financial services provider’s stock after selling 28,811 shares during the quarter. Bank of New York Mellon Corp’s holdings in Arrow Financial were worth $2,484,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. BNP Paribas Financial Markets boosted its holdings in shares of Arrow Financial by 13.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider’s stock worth $99,000 after buying an additional 398 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Arrow Financial by 0.4% in 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 purchasing an additional 454 shares in the last quarter. State Street Corp boosted its holdings in shares of Arrow Financial by 0.3% in the 3rd 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 in the last quarter. SG Americas Securities LLC grew its holdings in shares of Arrow Financial by 18.5% during the 4th quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 1,056 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position 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 valued at $3,400,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on AROW shares. Piper Sandler reduced their price objective on shares of Arrow Financial from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Hovde Group reduced their price objective 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 Buying and Selling at Arrow Financial

In other news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $28.85, for a total value of $57,700.00. Following the completion of the transaction, the director now directly owns 35,859 shares in the company, valued at $1,034,532.15. This trade represents a 5.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel James White bought 3,668 shares of the stock in a transaction dated Friday, January 31st. The stock was bought at an average price of $27.23 per share, for a total transaction of $99,879.64. Following the purchase, the director now directly owns 4,338 shares of the company’s stock, valued at approximately $118,123.74. The trade was a 547.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 6,000 shares of company stock valued at $162,060. 3.55% of the stock is currently owned by corporate insiders.

Arrow Financial Trading Down 1.1 %

AROW stock opened at $26.14 on Friday. The business has a 50 day simple moving average of $26.74 and a two-hundred day simple moving average of $28.80. Arrow Financial Co. has a 1-year low of $21.50 and a 1-year high of $34.63. The company has a market capitalization of $437.56 million, a price-to-earnings ratio of 14.77 and a beta of 0.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 EPS for the current fiscal year.

Arrow Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 24th. Investors of record on Monday, February 10th were issued a $0.28 dividend. This is an increase from Arrow Financial’s previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend was Monday, February 10th. Arrow Financial’s payout ratio is presently 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.