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

Arrow Financial Corporation (NASDAQ:AROW)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $41.42 and last traded at $40.6950, with a volume of 3313 shares changing hands. The stock had previously closed at $41.05.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AROW. Piper Sandler began 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 raised shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Keefe, Bruyette & Woods started coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price target on the stock. 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, Wall Street Zen downgraded shares of Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $39.83.

Arrow Financial Stock Performance

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 has a market cap of $676.74 million, a P/E ratio of 13.24 and a beta of 0.77. The business has a fifty day simple moving average of $37.40 and a 200-day simple moving average of $34.82.

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

Arrow Financial Announces Dividend

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

Insiders Place Their Bets

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the company’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 owned 8,929 shares in the company, valued at approximately $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.48% of the company’s stock.

Hedge Funds Weigh In On Arrow Financial

Several large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its stake in shares of Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after buying an additional 648 shares during the last quarter. Russell Investments Group Ltd. increased its position in 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 valued at $43,000 after buying an additional 1,452 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Arrow Financial by 27.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after buying an additional 338 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Arrow Financial by 306.5% during the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,802 shares during the last quarter. Finally, LSV Asset Management bought a new stake in Arrow Financial in the fourth quarter worth $75,000. 46.71% of the stock is currently owned by hedge funds and other 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.