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

Carl P. Sherr & Co. LLC bought a new stake in Arrow Financial Co. (NASDAQ:AROW) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 7,520 shares of the financial services provider’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in shares of Arrow Financial by 13.0% in 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. ClariVest Asset Management LLC lifted its position in Arrow Financial by 2.8% during the second quarter. ClariVest Asset Management LLC now owns 37,247 shares of the financial services provider’s stock worth $970,000 after buying an additional 1,017 shares in the last quarter. Rhumbline Advisers lifted its position in Arrow Financial by 6.4% during the second quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock worth $642,000 after buying an additional 1,485 shares in the last quarter. Atria Investments Inc lifted its position in Arrow Financial by 32.6% during the third quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock worth $483,000 after buying an additional 4,148 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in Arrow Financial by 26.7% during the third quarter. Private Advisor Group LLC now owns 25,257 shares of the financial services provider’s stock worth $724,000 after buying an additional 5,323 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Insiders Place Their Bets

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $28.50, for a total transaction of $57,000.00. Following the completion of the sale, the director now owns 39,496 shares of the company’s stock, valued at $1,125,636. This trade represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 6,000 shares of company stock valued at $173,260 over the last quarter. 3.55% of the stock is owned by insiders.

Arrow Financial Stock Performance

Shares of Arrow Financial stock opened at $33.00 on Friday. Arrow Financial Co. has a one year low of $21.50 and a one year high of $34.63. The company has a market cap of $552.42 million, a price-to-earnings ratio of 16.84 and a beta of 0.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The business’s 50 day moving average price is $30.17 and its 200 day moving average price is $28.30.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $57.58 million during the quarter. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%.

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.28 per share. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date was Tuesday, October 15th. This represents a $1.12 annualized dividend and a yield of 3.39%. Arrow Financial’s dividend payout ratio (DPR) is 57.14%.

Analysts Set New Price Targets

Separately, Hovde Group assumed coverage on Arrow Financial in a research report on Monday, September 9th. They set a “market perform” rating and a $31.00 price objective on the stock.

Arrow Financial 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.