Arrow Financial Corporation (NASDAQ:AROW) Given Average Rating of "Hold" by Analysts

Key Points

• Arrow Financial has a consensus analyst rating of “Hold” from five covering firms, with an average 12-month price target of about $39.83.
• The company beat quarterly earnings and revenue estimates, reporting EPS of $0.85 versus $0.79 expected and revenue of $53.39 million versus $43.80 million expected.
• Arrow Financial recently paid a quarterly dividend of $0.30 per share, implying an annualized yield of 2.9%; the payout ratio is currently 38.83%.

Shares of Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) have been given a consensus recommendation of "Hold" by the five ratings firms that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $39.8333.

Several analysts recently commented on the company. Wall Street Zen lowered Arrow Financial from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings upgraded Arrow Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods began coverage on Arrow Financial in a report on Thursday, June 25th. They set a "market perform" rating and a $42.00 price objective for the company. Piper Sandler initiated coverage on shares of Arrow Financial in a research note on Friday, June 12th. They issued an "overweight" rating and a $43.00 target price on the stock. Finally, Zacks Research raised shares of Arrow Financial to a "hold" rating in a report on Monday, June 15th.

Arrow Financial Price Performance

Shares of AROW opened at $41.56 on Monday. 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 company has a 50-day moving average price of $38.63 and a two-hundred day moving average price of $35.71. The stock has a market cap of $686.99 million, a price-to-earnings ratio of 13.45 and a beta of 0.76. Arrow Financial has a 12 month low of $25.83 and a 12 month high of $42.70.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.06. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.The company had revenue of $53.39 million for the quarter, compared to analyst estimates of $43.80 million. Equities analysts predict that Arrow Financial will post 3.8 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, May 12th. Arrow Financial's payout ratio is currently 38.83%.

Insider Transactions at Arrow Financial

In other Arrow Financial 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 sale, the director owned 8,929 shares of the company's stock, valued at $344,570.11. This represents a 31.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arrow Financial

A number of institutional investors have recently modified their holdings of AROW. AQR Capital Management LLC grew its stake in shares of Arrow Financial by 31.0% during the first quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider's stock valued at $328,000 after purchasing an additional 2,949 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Arrow Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider's stock worth $258,000 after purchasing an additional 390 shares during the last quarter. Jane Street Group LLC raised its position in Arrow Financial by 131.3% in the 1st quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider's stock worth $717,000 after purchasing an additional 15,482 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Arrow Financial during the 1st quarter worth $311,000. Finally, Rhumbline Advisers lifted its holdings in Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider's stock worth $669,000 after buying an additional 367 shares in the last quarter. 46.71% of the stock is owned by 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.

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