Midwest Trust Co Purchases Shares of 16,862 Arrow Financial Corporation $AROW

Midwest Trust Co purchased a new stake in shares of Arrow Financial Corporation (NASDAQ:AROW) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 16,862 shares of the financial services provider’s stock, valued at approximately $445,000. Midwest Trust Co owned 0.10% of Arrow Financial as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of AROW. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Arrow Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after acquiring an additional 390 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Arrow Financial during the 2nd quarter valued at about $276,000. Angel Oak Capital Advisors LLC bought a new position in shares of Arrow Financial during the 1st quarter valued at about $289,000. Acadian Asset Management LLC acquired a new position in shares of Arrow Financial in the 1st quarter worth approximately $311,000. Finally, AQR Capital Management LLC raised its holdings in shares of Arrow Financial by 31.0% in the 1st quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 2,949 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Insiders Place Their Bets

In other Arrow Financial news, Director Daniel James White bought 1,644 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were bought at an average price of $30.14 per share, for a total transaction of $49,550.16. Following the acquisition, the director directly owned 6,890 shares of the company’s stock, valued at approximately $207,664.60. This trade represents a 31.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock in a transaction dated Wednesday, August 27th. The stock was bought at an average cost of $29.46 per share, with a total value of $321,762.12. Following the completion of the transaction, the chief financial officer directly owned 19,715 shares of the company’s stock, valued at $580,803.90. This represents a 124.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 20,264 shares of company stock worth $596,879 in the last quarter. 3.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Hovde Group upgraded shares of Arrow Financial from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $28.50 to $33.50 in a research report on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Arrow Financial in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Arrow Financial currently has a consensus rating of “Hold” and a consensus price target of $30.75.

Arrow Financial Stock Performance

Arrow Financial stock opened at $30.60 on Thursday. Arrow Financial Corporation has a fifty-two week low of $22.72 and a fifty-two week high of $34.51. The firm’s 50 day simple moving average is $28.36 and its 200-day simple moving average is $27.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $503.95 million, a P/E ratio of 16.72 and a beta of 0.83.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates 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 $8.07 million during the quarter, compared to analyst estimates of $41.00 million. As a group, equities research analysts predict that Arrow Financial Corporation will post 2.65 EPS for the current year.

Arrow Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 24th. Stockholders of record on Wednesday, November 12th will be issued 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 dividend yield of 3.8%. Arrow Financial’s payout ratio is currently 56.04%.

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.