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Arrow Financial Co. (NASDAQ: AROW – Get a rating) was the target of a sharp drop in short-term interest in October. As of October 31, there was short interest totaling 120,200 shares, down 23.6% from the total of 157,400 shares as of October 15. Based on an average daily volume of 19,400 shares, the day-to-cover ratio is currently 6.2 days.
A Wall Street analyst gives his opinion
AROW has been the subject of a number of recent analyst reports. Piper Sandler lowered her price target on Arrow Financial shares to $33.00 in a Wednesday, October 5 research report. StockNews.com began covering Arrow Financial shares in a research report on Wednesday, October 12. They issued a “hold” rating for the company.
Institutional investors weigh in on Arrow Financial
Several hedge funds and other institutional investors have recently increased or reduced their holdings in AROW. Arrow Financial Corp increased its stake in Arrow Financial shares by 3.3% in Q3. Arrow Financial Corp now owns 1,576,398 shares of the financial services provider valued at $45,432,000 after buying an additional 50,451 shares in the last quarter. UBS Group AG increased its stake in Arrow Financial by 468.2% during the first quarter. UBS Group AG now owns 54,695 shares of the financial services provider worth $1,773,000 after acquiring an additional 45,069 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Arrow Financial by 4.4% during the third quarter. Dimensional Fund Advisors LP now owns 707,348 shares of the financial services provider worth $20,387,000 after acquiring an additional 29,610 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Arrow Financial during Q3 for a value of approximately $456,000. Finally, American Century Companies Inc. increased its stake in Arrow Financial by 28.8% in the 1st quarter. American Century Companies Inc. now owns 59,937 shares of the financial services provider worth $1,943,000 after acquiring 13,391 additional shares in the last quarter. Institutional investors and hedge funds hold 44.87% of the company’s shares.
Arrow financial price performance
A ROW traded down $0.63 in Friday’s midday session, hitting $34.99. The company had a trading volume of 13,655 shares, compared to an average volume of 21,772. The company has a leverage ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $578.38 million, a PE ratio of 12.33 and a beta of 0.68. Arrow Financial has a 12-month low of $28.50 and a 12-month high of $37.74. The company’s 50-day simple moving average is $31.73 and its 200-day simple moving average is $32.28.
Arrow Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15. Shareholders of record on Thursday, December 1 will receive a dividend of $0.27. This represents an annualized dividend of $1.08 and a yield of 3.09%. The ex-date of this dividend is Wednesday, November 30. Arrow Financial’s payout ratio is currently 37.01%.
About Arrow Financial
Arrow Financial Corporation, a bank holding company, provides corporate and personal banking, financial products and services. The Company’s deposit products include demand deposits, interest-bearing checking accounts, savings deposits, term deposits and other term deposits. Its lending activities include commercial loans, such as term loans, term notes and lines of credit; and commercial real estate loans to finance real estate purchases, refinances, expansions and improvements of commercial properties, as well as loans for commercial construction and land development to finance projects.
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