Parr Mcknight Wealth Management Group LLC Acquires Shares of 11,000 Arrow Financial Co. (NASDAQ:AROW)

Parr Mcknight Wealth Management Group LLC acquired a new stake in Arrow Financial Co. (NASDAQ:AROW) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,000 shares of the financial services provider’s stock, valued at approximately $316,000. Parr Mcknight Wealth Management Group LLC owned approximately 0.07% of Arrow Financial at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC raised its holdings in shares of Arrow Financial by 130.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider’s stock valued at $36,000 after buying an additional 703 shares during the last quarter. SG Americas Securities LLC raised its holdings in Arrow Financial by 18.5% during the fourth quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 1,056 shares in the last quarter. State of Tennessee Department of Treasury purchased a new position in Arrow Financial during the fourth quarter worth about $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Arrow Financial by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider’s stock worth $270,000 after purchasing an additional 436 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Arrow Financial by 9.4% during the fourth quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 866 shares in the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were 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 trade represents a 5.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 6,000 shares of company stock worth $153,240. 3.55% of the stock is owned by insiders.

Arrow Financial Trading Down 1.2%

Shares of Arrow Financial stock opened at $25.62 on Friday. Arrow Financial Co. has a 12-month low of $22.72 and a 12-month high of $34.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a market cap of $427.21 million, a PE ratio of 14.47 and a beta of 0.78. The company has a 50-day moving average of $25.42 and a two-hundred day moving average of $27.68.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.06). Arrow Financial had a return on equity of 8.59% and a net margin of 13.32%. The business had revenue of $50.37 million for the quarter, compared to analysts’ expectations of $39.26 million. On average, research analysts anticipate that Arrow Financial Co. will post 2.65 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Tuesday, May 13th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, May 13th. This represents a $1.12 dividend on an annualized basis and a yield of 4.37%. Arrow Financial’s dividend payout ratio (DPR) is currently 65.88%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AROW shares. Piper Sandler cut their price target on shares of Arrow Financial from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Monday, May 5th. Wall Street Zen raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a report on Thursday.

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.