Arrow Financial (NASDAQ:AROW) Reaches New 52-Week High – Here’s Why

Arrow Financial Corporation (NASDAQ:AROW)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $42.59 and last traded at $42.4750, with a volume of 21970 shares traded. The stock had previously closed at $41.25.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Keefe, Bruyette & Woods started coverage on Arrow Financial in a report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price target on the stock. Piper Sandler began coverage on Arrow Financial in a report on Friday, June 12th. They set an “overweight” rating and a $43.00 price target on the stock. Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Finally, Zacks Research raised Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Arrow Financial has an average rating of “Hold” and a consensus target price of $39.83.

Arrow Financial Trading Down 2.2%

The business’s 50-day moving average is $38.63 and its two-hundred day moving average is $35.69. 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 has a market capitalization of $686.99 million, a PE ratio of 13.45 and a beta of 0.76.

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, beating 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. As a group, equities research analysts anticipate that Arrow Financial Corporation will post 3.8 earnings per share for the current year.

Arrow Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s payout ratio is 38.83%.

Insider Transactions at Arrow Financial

In related news, Director Mark Behan sold 4,110 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the transaction, the director directly owned 8,929 shares of the company’s stock, valued at $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arrow Financial

A number of large investors have recently modified their holdings of the business. Legato Capital Management LLC purchased a new position in shares of Arrow Financial in the 4th quarter valued at about $474,000. Arrow Financial Corp lifted its stake in shares of Arrow Financial by 0.8% in the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock valued at $58,772,000 after purchasing an additional 14,403 shares during the period. LSV Asset Management purchased a new stake in Arrow Financial during the fourth quarter worth about $75,000. Arrowstreet Capital Limited Partnership boosted its holdings in Arrow Financial by 71.6% during 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 in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Arrow Financial by 3,730.8% during the first quarter. Hillsdale Investment Management Inc. now owns 9,960 shares of the financial services provider’s stock worth $334,000 after buying an additional 9,700 shares during the period. 46.71% of the stock is owned by hedge funds and other institutional investors.

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.