SummerHaven Investment Management LLC Acquires Shares of 30,767 Arrow Financial Corporation $AROW

SummerHaven Investment Management LLC bought a new stake in Arrow Financial Corporation (NASDAQ:AROW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 30,767 shares of the financial services provider’s stock, valued at approximately $871,000. SummerHaven Investment Management LLC owned about 0.19% of Arrow Financial at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its stake in shares of Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares during the period. CWM LLC grew its holdings in Arrow Financial by 159.5% during the third quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 1,078 shares during the period. Tower Research Capital LLC TRC raised its position in Arrow Financial by 306.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 1,802 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Arrow Financial in the second quarter valued at $198,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 390 shares in the last quarter. 46.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Arrow Financial news, Director Daniel James White bought 1,644 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average cost of $30.14 per share, for a total transaction of $49,550.16. Following the completion of the purchase, the director owned 6,890 shares of the company’s stock, valued at $207,664.60. This trade represents a 31.34% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David S. Demarco purchased 3,035 shares of the stock in a transaction on Wednesday, December 24th. The stock was acquired at an average price of $31.78 per share, with a total value of $96,452.30. Following the acquisition, the chief executive officer directly owned 3,035 shares in the company, valued at $96,452.30. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 6,299 shares of company stock valued at $194,311 over the last quarter. Company insiders own 3.28% of the company’s stock.

Arrow Financial Stock Down 0.0%

Shares of NASDAQ:AROW opened at $32.63 on Wednesday. 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 capitalization of $536.44 million, a P/E ratio of 15.76 and a beta of 0.82. Arrow Financial Corporation has a 52-week low of $22.72 and a 52-week high of $34.57. The stock’s fifty day simple moving average is $31.69 and its 200-day simple moving average is $29.44.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The business had revenue of $8.07 million during the quarter, compared to analyst estimates of $41.00 million. As a group, equities research analysts forecast that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

AROW has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arrow Financial in a report on Monday, December 29th. Hovde Group lowered shares of Arrow Financial from an “outperform” rating to a “market perform” rating in a research report on Monday, January 12th. Finally, Wall Street Zen downgraded shares of Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Arrow Financial presently has an average rating of “Hold” and a consensus price target of $30.75.

About Arrow Financial

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.