Arrow Financial Corporation (NASDAQ:AROW) Short Interest Update

Key Points

• Short interest fell 18.2% in April to 175,020 shares (about 1.1% of shares sold short), leaving a days-to-cover ratio of roughly 1.7 days.
• The stock carries a consensus rating of "Hold" with an average target price of $31.25, though several firms (Hovde Group, Weiss Ratings, Wall Street Zen) issued recent upgrades.
• Arrow Financial has a market cap of about $596 million and a P/E of 13.6; it beat quarterly estimates with $0.85 EPS (vs. $0.81 expected) and trades near $36 within a 12-month range of $23.36–$38.09.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totaling 175,020 shares, a drop of 18.2% from the March 31st total of 214,063 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average trading volume of 105,584 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analyst Weigh In

AROW has been the topic of a number of recent analyst reports. Hovde Group raised their price target on shares of Arrow Financial from $33.50 to $34.50 and gave the company a "market perform" rating in a report on Monday, February 2nd. Weiss Ratings raised shares of Arrow Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday. Finally, Wall Street Zen raised shares of Arrow Financial from a "hold" rating to a "buy" rating in a report on Saturday, March 7th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $31.25.

Hedge Funds Weigh In On Arrow Financial

A number of institutional investors and hedge funds have recently made changes to their positions in AROW. SummerHaven Investment Management LLC bought a new stake in Arrow Financial during the 3rd quarter worth approximately $871,000. Rhino Investment Partners Inc raised its stake in Arrow Financial by 13.9% during the 3rd quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider's stock worth $6,447,000 after acquiring an additional 27,856 shares during the period. Johnson Investment Counsel Inc. raised its stake in Arrow Financial by 0.6% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 59,992 shares of the financial services provider's stock worth $1,698,000 after acquiring an additional 370 shares during the period. CWM LLC raised its stake in Arrow Financial by 159.5% during the 3rd quarter. CWM LLC now owns 1,754 shares of the financial services provider's stock worth $50,000 after acquiring an additional 1,078 shares during the period. Finally, Russell Investments Group Ltd. raised its stake 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 worth $43,000 after acquiring an additional 1,452 shares during the period. Hedge funds and other institutional investors own 46.71% of the company's stock.

Arrow Financial Stock Performance

AROW opened at $36.06 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. The company has a market cap of $595.96 million, a price-to-earnings ratio of 13.61 and a beta of 0.78. The company's 50 day moving average is $34.38 and its 200 day moving average is $32.37. Arrow Financial has a 12-month low of $23.36 and a 12-month high of $38.09.

Arrow Financial (NASDAQ:AROW - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.04. The company had revenue of $43.65 million for the quarter, compared to the consensus estimate of $43.40 million. Arrow Financial had a net margin of 18.12% and a return on equity of 10.77%.

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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