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

Arrow Financial Corporation (NASDAQ:AROW) has been assigned an average rating of “Hold” from the five analysts that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $39.8333.

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

Arrow Financial Price Performance

NASDAQ:AROW traded down $0.20 during trading hours on Thursday, hitting $40.17. The company’s stock had a trading volume of 4,572 shares, compared to its average volume of 87,525. The business’s 50-day moving average is $37.13 and its two-hundred day moving average is $34.62. The company has a market capitalization of $663.93 million, a PE ratio of 13.00 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. Arrow Financial has a 52-week low of $25.83 and a 52-week high of $40.54.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, April 30th. The financial services provider reported $0.85 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 analyst estimates of $43.80 million. As a group, research analysts anticipate that Arrow Financial will post 3.8 EPS for the current fiscal 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 given a $0.30 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Arrow Financial’s dividend payout ratio (DPR) is currently 38.83%.

Insider Activity

In related news, Director Mark Behan sold 4,110 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total value of $158,604.90. Following the sale, the director directly owned 8,929 shares in the company, valued at $344,570.11. The trade was a 31.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arrow Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its holdings in shares of Arrow Financial by 67.2% in the second 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. increased its stake in shares of Arrow Financial by 2,045.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,452 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position 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 purchasing an additional 338 shares during the last quarter. Tower Research Capital LLC TRC raised 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 worth $63,000 after purchasing an additional 1,802 shares during the last quarter. Finally, LSV Asset Management purchased a new stake in Arrow Financial in the 4th quarter valued at 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.