Financial Counselors Inc. Trims Stake in Arrow Financial Co. (NASDAQ:AROW)

Financial Counselors Inc. lessened its holdings in shares of Arrow Financial Co. (NASDAQ:AROW) by 24.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,862 shares of the financial services provider’s stock after selling 4,750 shares during the period. Financial Counselors Inc. owned about 0.09% of Arrow Financial worth $426,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AROW. Vanguard Group Inc. boosted its holdings in Arrow Financial by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider’s stock valued at $19,898,000 after acquiring an additional 10,636 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Arrow Financial by 12.0% during 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 purchasing an additional 13,829 shares during the period. Arrow Financial Corp grew its holdings in shares of Arrow Financial by 6.6% in the second quarter. Arrow Financial Corp now owns 1,946,595 shares of the financial services provider’s stock worth $50,709,000 after purchasing an additional 119,715 shares during the last quarter. IFG Advisory LLC purchased a new position in Arrow Financial in the 2nd quarter worth about $207,000. Finally, Rhumbline Advisers lifted its holdings in Arrow Financial by 6.4% during the 2nd quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock valued at $642,000 after buying an additional 1,485 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Arrow Financial Price Performance

Shares of AROW stock opened at $32.98 on Friday. The stock has a fifty day simple moving average of $30.25 and a two-hundred day simple moving average of $28.40. Arrow Financial Co. has a twelve month low of $21.50 and a twelve month high of $34.63. The stock has a market capitalization of $552.05 million, a price-to-earnings ratio of 16.83 and a beta of 0.72. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Thursday, October 31st. The financial services provider reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The firm 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 disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.40%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date was Tuesday, October 15th. Arrow Financial’s dividend payout ratio is presently 57.14%.

Insider Buying and Selling

In related news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 in the company, valued at approximately $1,154,575.04. This trade represents a 4.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 6,000 shares of company stock valued at $173,260. 3.55% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Hovde Group started coverage on shares of Arrow Financial in a research note on Monday, September 9th. They issued a “market perform” rating and a $31.00 target price on the stock.

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.