Arrow Financial (NASDAQ:AROW) Hits New 52-Week High After Analyst Upgrade

Arrow Financial Corporation (NASDAQ:AROW)’s share price reached a new 52-week high during trading on Monday after Piper Sandler upgraded the stock to a strong-buy rating. The company traded as high as $39.90 and last traded at $39.8690, with a volume of 90426 shares trading hands. The stock had previously closed at $39.86.

A number of other research firms have also recently issued reports on AROW. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Arrow Financial currently has an average rating of “Buy” and an average target price of $38.75.

Institutional Investors Weigh In On Arrow Financial

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased 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 valued at $43,000 after purchasing an additional 648 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Arrow Financial by 2,045.1% in the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,452 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of Arrow Financial by 27.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock worth $49,000 after buying an additional 338 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Arrow Financial by 306.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,802 shares in the last quarter. Finally, LSV Asset Management acquired a new stake in Arrow Financial in the 4th quarter valued at $75,000. 46.71% of the stock is currently owned by institutional investors and hedge funds.

Arrow Financial Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. The stock’s 50 day moving average is $36.52 and its two-hundred day moving average is $34.13. The stock has a market capitalization of $662.77 million, a PE ratio of 12.98 and a beta of 0.77.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.06. The company had revenue of $53.39 million during the quarter, compared to analyst estimates of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.

Arrow Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. Arrow Financial’s dividend payout ratio (DPR) is presently 38.83%.

Arrow Financial Company Profile

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.