Connor Clark & Lunn Investment Management Ltd. Acquires 23,498 Shares of Arrow Financial Co. (NASDAQ:AROW)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Arrow Financial Co. (NASDAQ:AROW) by 42.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,548 shares of the financial services provider’s stock after acquiring an additional 23,498 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Arrow Financial were worth $2,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Citizens Financial Group Inc. RI bought a new position in shares of Arrow Financial during the fourth quarter valued at approximately $319,000. Raymond James Financial Inc. bought a new position in Arrow Financial during the 4th quarter valued at approximately $1,072,000. Atria Investments Inc raised its stake in Arrow Financial by 17.3% during the fourth quarter. Atria Investments Inc now owns 19,768 shares of the financial services provider’s stock valued at $568,000 after buying an additional 2,912 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Arrow Financial by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider’s stock worth $3,640,000 after acquiring an additional 786 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Arrow Financial by 5.6% in the fourth quarter. Rhumbline Advisers now owns 26,162 shares of the financial services provider’s stock worth $751,000 after acquiring an additional 1,392 shares during the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Stock Up 0.4 %

AROW stock opened at $26.06 on Wednesday. The stock has a market capitalization of $436.22 million, a P/E ratio of 14.72 and a beta of 0.73. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. Arrow Financial Co. has a 1-year low of $21.50 and a 1-year high of $34.63. The business has a fifty day moving average price of $26.76 and a 200-day moving average price of $28.83.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, January 30th. The financial services provider reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.12). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. Equities analysts forecast that Arrow Financial Co. will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 24th. Investors of record on Monday, February 10th were issued a $0.28 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $1.12 annualized dividend and a yield of 4.30%. This is a boost from Arrow Financial’s previous quarterly dividend of $0.25. Arrow Financial’s dividend payout ratio (DPR) is currently 63.28%.

Insiders Place Their Bets

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $26.90, for a total value of $53,800.00. Following the transaction, the director now owns 33,022 shares of the company’s stock, valued at approximately $888,291.80. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel James White purchased 3,668 shares of the business’s stock in a transaction on Friday, January 31st. The shares were purchased at an average price of $27.23 per share, with a total value of $99,879.64. Following the completion of the purchase, the director now owns 4,338 shares in the company, valued at approximately $118,123.74. This trade represents a 547.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 6,000 shares of company stock valued at $162,060. Company insiders own 3.55% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on AROW shares. Piper Sandler dropped their price target on shares of Arrow Financial from $32.00 to $30.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Hovde Group dropped their target price on shares of Arrow Financial from $34.50 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, December 27th.

Arrow Financial 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.