Arrow Financial (NASDAQ:AROW) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Arrow Financial (NASDAQ:AROW) posted its quarterly earnings results on Thursday. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06, FiscalAI reports. Arrow Financial had a net margin of 18.12% and a return on equity of 10.77%.

Arrow Financial Stock Up 2.2%

NASDAQ:AROW traded up $0.79 during trading hours on Thursday, hitting $36.85. 54,317 shares of the company traded hands, compared to its average volume of 94,497. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm’s 50-day simple moving average is $34.42 and its 200-day simple moving average is $32.40. Arrow Financial has a one year low of $23.36 and a one year high of $38.09. The company has a market cap of $609.13 million, a PE ratio of 13.91 and a beta of 0.78.

Arrow Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, May 12th. This represents a $1.20 annualized dividend and a yield of 3.3%. Arrow Financial’s dividend payout ratio (DPR) is 45.28%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AROW shares. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Wall Street Zen raised shares of Arrow Financial from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, Hovde Group raised their price objective on Arrow Financial from $33.50 to $34.50 and gave the company a “market perform” rating in a research note on Monday, February 2nd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $31.25.

Hedge Funds Weigh In On Arrow Financial

Several large investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co lifted its stake in 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 valued at $49,000 after acquiring an additional 338 shares in the last quarter. Rhumbline Advisers increased its position in shares of Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock valued at $669,000 after purchasing an additional 367 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 390 shares during the last quarter. Royal Bank of Canada increased its position in shares of Arrow Financial by 10.5% during the 4th quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 571 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Arrow Financial by 67.2% during 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 during the last quarter. 46.71% of the stock is currently owned by institutional investors.

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.