Lazard Asset Management LLC Invests $995,000 in Arrow Financial Corporation $AROW

Lazard Asset Management LLC acquired a new stake in shares of Arrow Financial Corporation (NASDAQ:AROW) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 29,628 shares of the financial services provider’s stock, valued at approximately $995,000. Lazard Asset Management LLC owned about 0.18% of Arrow Financial at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AROW. Segall Bryant & Hamill LLC bought a new stake in Arrow Financial in the 4th quarter worth approximately $2,175,000. Arrowstreet Capital Limited Partnership boosted its stake in Arrow Financial by 71.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock worth $3,842,000 after buying an additional 47,752 shares in the last quarter. Millennium Management LLC bought a new position in Arrow Financial during the third quarter valued at approximately $834,000. Martingale Asset Management L P grew its position in Arrow Financial by 114.3% during the fourth quarter. Martingale Asset Management L P now owns 48,909 shares of the financial services provider’s stock valued at $1,536,000 after acquiring an additional 26,082 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Arrow Financial by 89.8% during the fourth quarter. Marshall Wace LLP now owns 50,387 shares of the financial services provider’s stock worth $1,582,000 after acquiring an additional 23,839 shares in the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Stock Performance

Shares of AROW stock opened at $40.53 on Thursday. The company has a market capitalization of $669.96 million, a P/E ratio of 13.07 and a beta of 0.76. Arrow Financial Corporation has a fifty-two week low of $25.88 and a fifty-two week high of $42.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50 day moving average price of $39.67 and a two-hundred day moving average price of $36.48.

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

Arrow Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Zacks Research raised shares of Arrow Financial to a “hold” rating in a report on Monday, June 15th. Piper Sandler reiterated an “overweight” rating and issued a $46.00 target price (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Arrow Financial in a research note on Friday, July 24th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $40.83.

Insiders Place Their Bets

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the firm’s stock in a transaction 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 $344,570.11. This trade represents a 31.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.48% of the stock is owned by insiders.

Arrow Financial Profile

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.