Arrow Financial Corporation (NASDAQ:AROW) Receives Average Recommendation of “Hold” from Analysts

Shares of Arrow Financial Corporation (NASDAQ:AROW) have earned a consensus recommendation of “Hold” from the five ratings firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $39.8333.

AROW has been the topic of a number of research reports. Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Wall Street Zen cut shares of Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Piper Sandler started coverage on shares of Arrow Financial in a research report on Friday, June 12th. They set an “overweight” rating and a $43.00 price objective on the stock. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Finally, Keefe, Bruyette & Woods began coverage on shares of Arrow Financial in a report on Thursday. They issued a “market perform” rating and a $42.00 target price for the company.

Arrow Financial Stock Performance

Shares of Arrow Financial stock traded down $0.20 on Thursday, hitting $40.17. The stock had a trading volume of 4,572 shares, compared to its average volume of 87,525. The stock has a market cap of $663.93 million, a price-to-earnings ratio of 13.00 and a beta of 0.77. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. Arrow Financial has a 52-week low of $25.83 and a 52-week high of $40.54. The company’s 50 day moving average price is $37.13 and its 200 day moving average price is $34.62.

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

Arrow Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.0%. Arrow Financial’s payout ratio is presently 38.83%.

Insider Activity at Arrow Financial

In related news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total value of $158,604.90. Following the transaction, the director directly owned 8,929 shares in the company, valued at $344,570.11. This trade represents a 31.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.48% of the stock is owned by company insiders.

Institutional Trading of Arrow Financial

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its stake in shares of Arrow Financial by 67.2% during the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares during the period. Russell Investments Group Ltd. lifted its position 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 boosted its holdings in Arrow Financial by 27.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 338 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Arrow Financial by 306.5% in 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 purchasing an additional 1,802 shares in the last quarter. Finally, LSV Asset Management acquired a new position in Arrow Financial during the 4th quarter worth approximately $75,000. Institutional investors and hedge funds own 46.71% of the company’s stock.

About Arrow Financial

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.