Short Interest in Arrow Financial Co. (NASDAQ:AROW) Drops By 20.2%

Arrow Financial Co. (NASDAQ:AROW) saw a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 82,400 shares, a drop of 20.2% from the January 31st total of 103,200 shares. Based on an average trading volume of 40,800 shares, the days-to-cover ratio is presently 2.0 days.

Wall Street Analyst Weigh In

AROW has been the topic of a number of research reports. Piper Sandler lowered their price objective 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 lowered their target price on Arrow Financial from $34.50 to $32.00 and set a “market perform” rating on the stock in a report on Friday, December 27th.

Arrow Financial Price Performance

NASDAQ:AROW opened at $26.28 on Wednesday. The firm has a market cap of $439.90 million, a price-to-earnings ratio of 14.85 and a beta of 0.76. Arrow Financial has a 12-month low of $21.50 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 company’s 50-day moving average is $27.18 and its two-hundred day moving average is $29.08.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, January 30th. The financial services provider reported $0.47 earnings per share (EPS) 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%. Research analysts expect that Arrow Financial will post 2.65 EPS for the current year.

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 24th. Investors of record on Monday, February 10th were given a dividend of $0.28 per share. The ex-dividend date was Monday, February 10th. This is an increase from Arrow Financial’s previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a yield of 4.26%. Arrow Financial’s dividend payout ratio is 63.28%.

Insider Buying and Selling at Arrow Financial

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $26.90, for a total transaction of $53,800.00. Following the transaction, the director now directly owns 33,022 shares in the company, valued at approximately $888,291.80. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel James White purchased 3,668 shares of Arrow Financial stock in a transaction dated Friday, January 31st. The shares were bought at an average price of $27.23 per share, with a total value of $99,879.64. Following the completion of the transaction, 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 position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 6,000 shares of company stock valued at $162,060. 3.55% of the stock is owned by company insiders.

Institutional Trading of Arrow Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AROW. Parr Mcknight Wealth Management Group LLC purchased a new stake in Arrow Financial in the fourth quarter valued at approximately $316,000. Squarepoint Ops LLC purchased a new stake in shares of Arrow Financial during the 4th quarter valued at $800,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Arrow Financial by 4.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider’s stock worth $270,000 after buying an additional 436 shares during the last quarter. Bank of America Corp DE raised its position in shares of Arrow Financial by 33.4% in the 4th quarter. Bank of America Corp DE now owns 24,977 shares of the financial services provider’s stock worth $717,000 after buying an additional 6,253 shares during the period. Finally, Gallagher Fiduciary Advisors LLC boosted its holdings in Arrow Financial by 17.9% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 19,905 shares of the financial services provider’s stock valued at $571,000 after acquiring an additional 3,028 shares during the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

About Arrow Financial

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.