Penko Krassimir Ivanov Acquires 1,620 Shares of Arrow Financial (NASDAQ:AROW) Stock

Arrow Financial Corporation (NASDAQ:AROW) CFO Penko Krassimir Ivanov purchased 1,620 shares of the stock in a transaction dated Tuesday, November 4th. The shares were purchased at an average cost of $29.82 per share, for a total transaction of $48,308.40. Following the transaction, the chief financial officer owned 26,394 shares in the company, valued at approximately $787,069.08. The trade was a 6.54% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Penko Krassimir Ivanov also recently made the following trade(s):

• On Wednesday, September 10th, Penko Krassimir Ivanov purchased 5,000 shares of Arrow Financial stock. The shares were purchased at an average cost of $29.10 per share, for a total transaction of $145,500.00.
• On Wednesday, August 27th, Penko Krassimir Ivanov purchased 10,922 shares of Arrow Financial stock. The shares were purchased at an average cost of $29.46 per share, for a total transaction of $321,762.12.
• On Tuesday, August 26th, Penko Krassimir Ivanov bought 1,078 shares of Arrow Financial stock. The stock was bought at an average cost of $29.46 per share, for a total transaction of $31,757.88.

Arrow Financial Trading Up 2.5%

NASDAQ AROW traded up $0.77 during trading hours on Wednesday, reaching $30.99. The company had a trading volume of 64,807 shares, compared to its average volume of 41,675. The stock has a 50-day moving average of $28.24 and a 200 day moving average of $27.11. Arrow Financial Corporation has a 1-year low of $22.72 and a 1-year 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 capitalization of $510.37 million, a P/E ratio of 16.93 and a beta of 0.79.

Arrow Financial (NASDAQ:AROW) last posted its earnings results on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. The company had revenue of $34.13 million for the quarter, compared to analysts’ expectations of $41.00 million. As a group, research analysts anticipate that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Shareholders of record on Wednesday, November 12th will be given a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.16 dividend on an annualized basis and a yield of 3.7%. Arrow Financial’s dividend payout ratio is presently 56.04%.

Institutional Trading of Arrow Financial

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its stake in shares of Arrow Financial by 1.5% during the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after buying an additional 367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Arrow Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after buying an additional 390 shares during the period. Johnson Investment Counsel Inc. increased its stake in shares of Arrow Financial by 0.9% during the second quarter. Johnson Investment Counsel Inc. now owns 59,622 shares of the financial services provider’s stock worth $1,575,000 after buying an additional 520 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of Arrow Financial by 0.5% during the second quarter. Rockefeller Capital Management L.P. now owns 118,825 shares of the financial services provider’s stock worth $3,139,000 after buying an additional 538 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of Arrow Financial by 67.2% during the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after buying an additional 648 shares during the period. Institutional investors and hedge funds own 46.71% of the company’s stock.

Analyst Upgrades and Downgrades

AROW has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Hovde Group raised shares of Arrow Financial from a “market perform” rating to an “outperform” rating and upped their target price for the company from $28.50 to $33.50 in a research report on Friday, October 31st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Arrow Financial in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Arrow Financial has a consensus rating of “Hold” and a consensus target price of $30.75.

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.