Arrow Financial (NASDAQ:AROW) Sets New 12-Month High – Should You Buy?

Arrow Financial Corporation (NASDAQ:AROW) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $40.54 and last traded at $40.0810, with a volume of 14451 shares changing hands. The stock had previously closed at $39.95.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler started coverage on Arrow Financial in a research report on Friday, June 12th. They set an “overweight” rating and a $43.00 price target for the company. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Arrow Financial in a research note on Thursday. They set a “market perform” rating and a $42.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.83.

Arrow Financial Stock Down 0.5%

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 fifty day simple moving average is $37.21 and its two-hundred day simple moving average is $34.68. The company has a market capitalization of $663.51 million, a price-to-earnings ratio of 12.99 and a beta of 0.77.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.06. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%. The company had revenue of $53.39 million for the quarter, compared to analysts’ expectations of $43.80 million. On average, sell-side analysts anticipate that Arrow Financial Corporation will post 3.8 EPS for the current year.

Arrow Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were issued 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 is currently 38.83%.

Insider Activity at Arrow Financial

In other news, Director Mark Behan sold 4,110 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the sale, the director directly owned 8,929 shares of the company’s stock, valued at $344,570.11. This trade represents a 31.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.48% of the company’s stock.

Hedge Funds Weigh In On Arrow Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in Arrow Financial by 16.5% in the 1st quarter. Bank of America Corp DE now owns 32,696 shares of the financial services provider’s stock worth $1,098,000 after purchasing an additional 4,641 shares in the last quarter. Quantinno Capital Management LP lifted its stake in Arrow Financial by 17.0% during the first quarter. Quantinno Capital Management LP now owns 30,989 shares of the financial services provider’s stock valued at $1,040,000 after buying an additional 4,510 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Arrow Financial in the first quarter worth about $995,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Arrow Financial by 71.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock worth $3,842,000 after buying an additional 47,752 shares during the period. Finally, Sei Investments Co. purchased a new position in shares of Arrow Financial in the first quarter worth approximately $628,000. Institutional investors and hedge funds own 46.71% of the company’s stock.

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.