Arrow Financial Corporation (NASDAQ:AROW) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Arrow Financial has a consensus “Hold” rating from five analysts, with three holds and two buys; the average 12-month price target is $40.83.
• The company reported quarterly EPS of $0.71, below the $0.85 consensus estimate, although revenue of $52.44 million exceeded expectations of $45.51 million.
• Arrow Financial declared a quarterly dividend of $0.30, equivalent to $1.20 annually and a 3.1% yield; a director also sold 4,110 shares, reducing his ownership by 31.52%.

Shares of Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) have been assigned an average recommendation of "Hold" from the five research firms that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $40.8333.

Several equities research analysts have commented on the company. Zacks Research raised Arrow Financial to a "hold" rating in a report on Monday, June 15th. 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 for the company. Piper Sandler reaffirmed an "overweight" rating and issued a $46.00 price target (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Weiss Ratings reiterated a "buy (b)" rating on shares of Arrow Financial in a research note on Friday, July 24th. Finally, Wall Street Zen downgraded shares of Arrow Financial from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th.

Insider Activity at Arrow Financial

In other news, Director Mark Behan sold 4,110 shares of the stock in a transaction that occurred on 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 in the company, valued at $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arrow Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AROW. Global Retirement Partners LLC purchased a new stake in Arrow Financial during the 2nd quarter valued at $34,000. BNP Paribas Financial Markets lifted its holdings in shares of Arrow Financial by 67.2% during 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. boosted its position in shares of Arrow Financial by 2,045.1% during the third 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 during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of 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. Finally, Tower Research Capital LLC TRC increased its holdings in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider's stock worth $63,000 after buying an additional 1,802 shares in the last quarter. 46.71% of the stock is owned by institutional investors.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $39.05 on Friday. The company has a 50 day simple moving average of $39.98 and a two-hundred day simple moving average of $36.74. Arrow Financial has a fifty-two week low of $25.88 and a fifty-two week high of $42.70. The company has a market capitalization of $723.36 million, a price-to-earnings ratio of 12.60 and a beta of 0.76. 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 (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.14). The company had revenue of $52.44 million during the quarter, compared to the consensus estimate of $45.51 million. Arrow Financial had a return on equity of 12.25% and a net margin of 20.56%. Analysts expect that Arrow Financial will post 3.55 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, August 11th. Arrow Financial's dividend payout ratio is currently 38.71%.

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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