Arrow Financial Co. (NASDAQ:AROW) Sees Large Increase in Short Interest

Arrow Financial Co. (NASDAQ:AROW) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 125,200 shares, a growth of 19.1% from the June 30th total of 105,100 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average trading volume of 33,200 shares, the days-to-cover ratio is currently 3.8 days.

Several hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC purchased a new position in shares of Arrow Financial during the second quarter valued at $938,000. SG Americas Securities LLC boosted its position in Arrow Financial by 53.2% during the second quarter. SG Americas Securities LLC now owns 7,010 shares of the financial services provider’s stock valued at $208,000 after purchasing an additional 2,435 shares during the last quarter. HighTower Advisors LLC acquired a new stake in Arrow Financial during the first quarter valued at $413,000. Two Sigma Advisers LP boosted its position in Arrow Financial by 25.9% during the first quarter. Two Sigma Advisers LP now owns 12,647 shares of the financial services provider’s stock valued at $352,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Arrow Financial by 17.0% during the first quarter. Wells Fargo & Company MN now owns 77,395 shares of the financial services provider’s stock valued at $2,157,000 after purchasing an additional 11,231 shares during the last quarter. Institutional investors and hedge funds own 42.55% of the company’s stock.

AROW has been the topic of a number of recent research reports. Zacks Investment Research upgraded Arrow Financial from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Tuesday, June 30th. BidaskClub cut Arrow Financial from a “sell” rating to a “strong sell” rating in a report on Thursday, July 9th.

Shares of AROW stock opened at $27.30 on Friday. Arrow Financial has a 1-year low of $20.78 and a 1-year high of $38.31. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $409.06 million, a price-to-earnings ratio of 11.05 and a beta of 0.64. The stock’s fifty day simple moving average is $28.22 and its 200-day simple moving average is $29.70.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.07. Arrow Financial had a return on equity of 12.32% and a net margin of 26.09%. The business had revenue of $32.01 million for the quarter, compared to the consensus estimate of $30.58 million. On average, sell-side analysts predict that Arrow Financial will post 2.45 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.81%. Arrow Financial’s dividend payout ratio is 41.60%.

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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.

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