15,082 Shares in Arrow Financial Corporation $AROW Bought by Legato Capital Management LLC

Legato Capital Management LLC bought a new position in shares of Arrow Financial Corporation (NASDAQ:AROW) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,082 shares of the financial services provider’s stock, valued at approximately $474,000.

Several other large investors have also added to or reduced their stakes in AROW. SummerHaven Investment Management LLC acquired a new position in Arrow Financial during the third quarter worth $871,000. Millennium Management LLC acquired a new stake in Arrow Financial in the third quarter valued at $834,000. Rhino Investment Partners Inc lifted its stake in Arrow Financial by 13.9% in the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock valued at $6,447,000 after acquiring an additional 27,856 shares during the last quarter. Marshall Wace LLP acquired a new stake in Arrow Financial in the second quarter valued at $616,000. Finally, Vanguard Group Inc. lifted its stake in Arrow Financial by 2.0% in the third quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock valued at $25,165,000 after acquiring an additional 17,050 shares during the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Hovde Group increased their price target on shares of Arrow Financial from $33.50 to $34.50 and gave the company a “market perform” rating in a research note on Monday, February 2nd. Wall Street Zen cut shares of Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Arrow Financial currently has a consensus rating of “Moderate Buy” and an average price target of $34.50.

Arrow Financial Price Performance

Shares of AROW opened at $36.87 on Thursday. The firm has a market capitalization of $609.46 million, a PE ratio of 11.93 and a beta of 0.78. The company’s 50-day moving average is $35.46 and its 200-day moving average is $33.52. Arrow Financial Corporation has a fifty-two week low of $24.57 and a fifty-two week high of $38.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.06. The company had revenue of $53.39 million for the quarter, compared to analyst estimates of $43.80 million. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%.

Arrow Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. Arrow Financial’s dividend payout ratio is presently 38.83%.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.