Penko Krassimir Ivanov Purchases 1,620 Shares of Arrow Financial (NASDAQ:AROW) Stock

Arrow Financial Corporation (NASDAQ:AROW) CFO Penko Krassimir Ivanov acquired 1,620 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were acquired at an average cost of $29.82 per share, with a total value of $48,308.40. Following the completion of the purchase, the chief financial officer owned 26,394 shares in the company, valued at approximately $787,069.08. This represents a 6.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Penko Krassimir Ivanov also recently made the following trade(s):

• On Wednesday, September 10th, Penko Krassimir Ivanov bought 5,000 shares of Arrow Financial stock. The shares were bought at an average price of $29.10 per share, for a total transaction of $145,500.00.
• On Wednesday, August 27th, Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock. The shares were bought at an average cost of $29.46 per share, with a total value of $321,762.12.
• On Tuesday, August 26th, Penko Krassimir Ivanov purchased 1,078 shares of Arrow Financial stock. The stock was bought at an average cost of $29.46 per share, with a total value of $31,757.88.

Arrow Financial Stock Down 2.7%

AROW opened at $30.15 on Friday. 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 firm has a market cap of $496.54 million, a P/E ratio of 16.48 and a beta of 0.83. Arrow Financial Corporation has a 52 week low of $22.72 and a 52 week high of $34.63. The business’s fifty day simple moving average is $28.28 and its 200 day simple moving average is $27.16.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.05. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. The firm had revenue of $34.13 million during the quarter, compared to the consensus estimate of $41.00 million. As a group, equities research analysts anticipate that Arrow Financial Corporation will post 2.65 EPS for the current fiscal year.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Wednesday, November 12th will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, November 12th. This represents a $1.16 dividend on an annualized basis and a yield of 3.8%. Arrow Financial’s dividend payout ratio (DPR) is 56.04%.

Institutional Trading of Arrow Financial

A number of institutional investors and hedge funds have recently made changes to their positions in AROW. Johnson Investment Counsel Inc. raised its position in shares of Arrow Financial by 0.6% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 59,992 shares of the financial services provider’s stock worth $1,698,000 after buying an additional 370 shares during the period. SummerHaven Investment Management LLC acquired a new stake in Arrow Financial during the third quarter worth about $871,000. CWM LLC increased its stake in Arrow Financial by 159.5% during the third quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 1,078 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,802 shares during the period. Finally, Gallagher Fiduciary Advisors LLC lifted its stake in shares of Arrow Financial by 22.8% in the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 26,019 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 4,825 shares in the last quarter. 46.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Hovde Group upgraded Arrow Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $28.50 to $33.50 in a report on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of Arrow Financial in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded Arrow Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $30.75.

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.