Arrow Financial Corporation (NASDAQ:AROW) Short Interest Up 46.7% in March

Key Points

• Short interest jumped 46.7% in March to 205,211 shares (about 1.3% of shares sold short) with a days-to-cover ratio of 1.7 based on average daily volume.
• Analyst activity is mixed but tilting positive — Weiss Ratings and Wall Street Zen upgraded AROW to Buy while MarketBeat's consensus remains a Hold with an average target price of $31.25.
• Arrow raised its quarterly dividend to $0.30 (annualized $1.20), yielding roughly 3.6%, and recently reported an EPS beat (Q4 EPS $0.85 vs. $0.81) with analysts projecting $2.65 for the year.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 205,211 shares, a growth of 46.7% from the February 26th total of 139,839 shares. Based on an average daily volume of 119,653 shares, the days-to-cover ratio is presently 1.7 days. Currently, 1.3% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Arrow Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 9th. Hovde Group lifted their price target on Arrow Financial from $33.50 to $34.50 and gave the stock a "market perform" rating in a research report on Monday, February 2nd. Finally, Wall Street Zen upgraded Arrow Financial from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Arrow Financial currently has an average rating of "Hold" and an average target price of $31.25.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SummerHaven Investment Management LLC bought a new stake in shares of Arrow Financial during the 3rd quarter worth approximately $871,000. Rhino Investment Partners Inc grew its position in Arrow Financial by 13.9% in the 3rd quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider's stock valued at $6,447,000 after acquiring an additional 27,856 shares during the last quarter. Johnson Investment Counsel Inc. increased its stake in Arrow Financial by 0.6% in the third quarter. Johnson Investment Counsel Inc. now owns 59,992 shares of the financial services provider's stock worth $1,698,000 after purchasing an additional 370 shares during the period. CWM LLC increased its stake in Arrow Financial by 159.5% in the third quarter. CWM LLC now owns 1,754 shares of the financial services provider's stock worth $50,000 after purchasing an additional 1,078 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Arrow Financial by 1.8% during the second quarter. American Century Companies Inc. now owns 328,677 shares of the financial services provider's stock worth $8,684,000 after purchasing an additional 5,679 shares during the last quarter. Institutional investors own 46.71% of the company's stock.

Arrow Financial Trading Down 0.9%

AROW stock opened at $33.02 on Friday. Arrow Financial has a twelve month low of $22.72 and a twelve month high of $36.44. The stock has a market capitalization of $545.16 million, a price-to-earnings ratio of 12.46 and a beta of 0.81. 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 fifty day simple moving average is $33.70 and its two-hundred day simple moving average is $31.17.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its earnings results on Thursday, January 29th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.04. Arrow Financial had a net margin of 18.12% and a return on equity of 10.77%. The firm had revenue of $43.65 million during the quarter, compared to analyst estimates of $43.40 million. As a group, analysts anticipate that Arrow Financial will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th were paid a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, February 11th. This is an increase from Arrow Financial's previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 3.6%. Arrow Financial's payout ratio is 45.28%.

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.

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