Connor Clark & Lunn Investment Management Ltd. Has $1.58 Million Position in Arrow Financial Co. (NASDAQ:AROW)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Arrow Financial Co. (NASDAQ:AROW) by 136.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,050 shares of the financial services provider’s stock after purchasing an additional 31,741 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.33% of Arrow Financial worth $1,578,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Arrow Financial Corp lifted its holdings in Arrow Financial by 1.2% during the 3rd quarter. Arrow Financial Corp now owns 1,969,793 shares of the financial services provider’s stock valued at $56,454,000 after purchasing an additional 23,198 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Arrow Financial by 13.7% during the 2nd quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider’s stock worth $6,946,000 after buying an additional 32,158 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Arrow Financial by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider’s stock worth $18,241,000 after buying an additional 31,268 shares during the period. Vanguard Group Inc. raised its holdings in Arrow Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 795,274 shares of the financial services provider’s stock valued at $19,898,000 after acquiring an additional 10,636 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of Arrow Financial in the first quarter valued at approximately $157,000. 46.71% of the stock is owned by institutional investors.

Arrow Financial Stock Down 0.8 %

Shares of NASDAQ AROW opened at $33.08 on Wednesday. The company has a market cap of $553.73 million, a price-to-earnings ratio of 16.88 and a beta of 0.72. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. Arrow Financial Co. has a 12 month low of $21.50 and a 12 month high of $34.63. The stock has a 50-day moving average price of $30.04 and a two-hundred day moving average price of $28.24.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings results on Thursday, October 31st. The financial services provider reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%. The company had revenue of $57.58 million during the quarter.

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Tuesday, October 15th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.39%. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date was Tuesday, October 15th. Arrow Financial’s payout ratio is presently 57.14%.

Analyst Ratings Changes

Several analysts recently issued reports on AROW shares. StockNews.com upgraded Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Hovde Group began coverage on Arrow Financial in a research note on Monday, September 9th. They issued a “market perform” rating and a $31.00 price target for the company.

Insider Buying and Selling at Arrow Financial

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $30.09, for a total value of $60,180.00. Following the sale, the director now owns 43,176 shares in the company, valued at approximately $1,299,165.84. The trade was a 4.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 6,000 shares of company stock worth $173,260. 3.55% of the stock is currently owned by company insiders.

Arrow Financial Company Profile

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.