Renaissance Technologies LLC Sells 21,921 Shares of Arrow Financial Corporation $AROW

Renaissance Technologies LLC cut its stake in shares of Arrow Financial Corporation (NASDAQ:AROW) by 8.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 230,284 shares of the financial services provider’s stock after selling 21,921 shares during the period. Renaissance Technologies LLC owned 1.39% of Arrow Financial worth $7,731,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AROW. Legato Capital Management LLC acquired a new stake in Arrow Financial in the 4th quarter worth about $474,000. Arrow Financial Corp lifted its holdings in shares of Arrow Financial by 0.8% in the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock worth $58,772,000 after acquiring an additional 14,403 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Arrow Financial by 71.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock valued at $3,842,000 after purchasing an additional 47,752 shares during the last quarter. Brandywine Global Investment Management LLC lifted its stake in shares of Arrow Financial by 20.5% in the 4th quarter. Brandywine Global Investment Management LLC now owns 10,100 shares of the financial services provider’s stock valued at $317,000 after acquiring an additional 1,720 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in Arrow Financial by 79.9% in the fourth quarter. Los Angeles Capital Management LLC now owns 18,800 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 8,350 shares during the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AROW. Keefe, Bruyette & Woods assumed coverage on shares of Arrow Financial in a research note on Thursday, June 25th. They issued a “market perform” rating and a $42.00 price objective on the stock. Zacks Research raised Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $46.00 price target (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Arrow Financial in a research report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Arrow Financial presently has a consensus rating of “Hold” and a consensus target price of $40.83.

Arrow Financial Trading Up 1.2%

NASDAQ AROW opened at $40.33 on Tuesday. The business’s fifty day moving average is $39.53 and its 200-day moving average is $36.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $666.65 million, a price-to-earnings ratio of 13.01 and a beta of 0.76. Arrow Financial Corporation has a one year low of $25.88 and a one year high of $42.70.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.14). The company had revenue of $44.19 million for the quarter, compared to the consensus estimate of $45.51 million. Arrow Financial had a net margin of 20.56% and a return on equity of 12.25%. Equities research analysts predict that Arrow Financial Corporation will post 3.55 EPS for the current year.

Arrow Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 11th. Arrow Financial’s dividend payout ratio is currently 38.71%.

Insider Activity

In related news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total value of $158,604.90. Following the sale, the director owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. The trade was a 31.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.48% of the stock is currently owned by insiders.

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.