Arrow Financial Corporation $AROW Shares Acquired by Rhino Investment Partners Inc

Rhino Investment Partners Inc boosted its holdings in Arrow Financial Corporation (NASDAQ:AROW) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 196,282 shares of the financial services provider’s stock after buying an additional 6,190 shares during the quarter. Arrow Financial accounts for about 1.3% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 25th largest position. Rhino Investment Partners Inc owned approximately 1.18% of Arrow Financial worth $5,160,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Nuveen LLC acquired a new position in shares of Arrow Financial in the 1st quarter worth $1,530,000. JPMorgan Chase & Co. boosted its position in shares of Arrow Financial by 202.5% in the 4th quarter. JPMorgan Chase & Co. now owns 56,571 shares of the financial services provider’s stock valued at $1,624,000 after purchasing an additional 37,869 shares during the period. Raymond James Financial Inc. purchased a new position in Arrow Financial in the 4th quarter worth about $1,072,000. Martingale Asset Management L P purchased a new position in Arrow Financial in the 1st quarter worth about $925,000. Finally, Deutsche Bank AG raised its holdings in Arrow Financial by 268.2% during the 1st quarter. Deutsche Bank AG now owns 42,407 shares of the financial services provider’s stock worth $1,115,000 after buying an additional 30,891 shares during the period. Institutional investors and hedge funds own 46.71% of the company’s stock.

Arrow Financial Stock Up 0.8%

AROW stock opened at $28.16 on Thursday. Arrow Financial Corporation has a 12-month low of $22.72 and a 12-month high of $34.63. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a market cap of $463.80 million, a price-to-earnings ratio of 15.39 and a beta of 0.82. The company has a 50 day moving average of $26.91 and a two-hundred day moving average of $26.22.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.08. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. The business had revenue of $51.57 million for the quarter, compared to the consensus estimate of $39.83 million. On average, equities analysts anticipate that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.29 per share. This is a boost from Arrow Financial’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.1%. Arrow Financial’s dividend payout ratio (DPR) is 63.39%.

Analyst Upgrades and Downgrades

AROW has been the topic of several analyst reports. Piper Sandler dropped their target price on shares of Arrow Financial from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Hovde Group raised their price objective on shares of Arrow Financial from $27.50 to $28.50 and gave the stock a “market perform” rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 12th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.25.

Insider Activity

In other news, CFO Penko Krassimir Ivanov purchased 1,425 shares of Arrow Financial stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average cost of $26.50 per share, for a total transaction of $37,762.50. Following the acquisition, the chief financial officer directly owned 7,709 shares in the company, valued at $204,288.50. This represents a 22.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.28% of the stock is currently owned by corporate insiders.

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.