Renaissance Technologies LLC Sells 10,400 Shares of Arrow Financial Co. (NASDAQ:AROW)

Renaissance Technologies LLC decreased its stake in shares of Arrow Financial Co. (NASDAQ:AROW) by 4.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,321 shares of the financial services provider’s stock after selling 10,400 shares during the quarter. Renaissance Technologies LLC owned approximately 1.39% of Arrow Financial worth $6,670,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in shares of Arrow Financial by 18.5% during the fourth quarter. SG Americas Securities LLC now owns 6,765 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 1,056 shares in the last quarter. Citizens Financial Group Inc. RI bought a new stake in Arrow Financial during the 4th quarter valued at $319,000. Wells Fargo & Company MN lifted its holdings in shares of Arrow Financial by 19.4% in the 4th quarter. Wells Fargo & Company MN now owns 11,563 shares of the financial services provider’s stock worth $332,000 after buying an additional 1,881 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Arrow Financial by 137.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider’s stock worth $536,000 after buying an additional 10,838 shares during the period. Finally, Atria Investments Inc grew its position in shares of Arrow Financial by 17.3% during the 4th quarter. Atria Investments Inc now owns 19,768 shares of the financial services provider’s stock worth $568,000 after buying an additional 2,912 shares in the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Trading Down 2.4 %

Shares of NASDAQ AROW opened at $23.75 on Friday. Arrow Financial Co. has a 1-year low of $21.58 and a 1-year high of $34.63. The business has a fifty day moving average price of $25.86 and a 200 day moving average price of $28.21. The stock has a market capitalization of $397.05 million, a P/E ratio of 13.42 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.12). Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. Equities research analysts expect that Arrow Financial Co. will post 2.65 EPS for the current fiscal year.

Arrow Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 24th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.72%. Arrow Financial’s dividend payout ratio is presently 63.28%.

Insider Activity

In related news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $25.28, for a total transaction of $50,560.00. Following the transaction, the director now directly owns 35,022 shares of the company’s stock, valued at $885,356.16. This represents a 5.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Daniel James White purchased 3,668 shares of the stock in a transaction on Friday, January 31st. The stock was acquired at an average cost of $27.23 per share, with a total value of $99,879.64. Following the acquisition, the director now owns 4,338 shares of the company’s stock, valued at approximately $118,123.74. This represents a 547.46 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 6,000 shares of company stock worth $156,240. Insiders own 3.55% of the company’s stock.

Wall Street Analyst Weigh In

AROW has been the subject of a number of research reports. StockNews.com lowered shares of Arrow Financial from a “hold” rating to a “sell” rating in a research note on Thursday. Piper Sandler lowered their price target on shares of Arrow Financial from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Finally, Hovde Group cut their price objective on shares of Arrow Financial from $34.50 to $32.00 and set a “market perform” rating on the stock in a report on Friday, December 27th.

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.