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

Key Points

• Shares of Arrow Financial (NASDAQ:AROW) hit a new 52-week high of $36.55 on Wednesday, trading around $36.35 on volume of 122,297 and sitting above its 50-day ($34.09) and 200-day ($31.70) moving averages.
• Several analysts recently upgraded the stock (Weiss Ratings and Wall Street Zen to Buy), but MarketBeat's consensus remains a Hold with a $31.25 price target, well below the current share price.
• Arrow beat quarterly EPS estimates ($0.85 vs. $0.81), raised its quarterly dividend to $0.30 (a 3.3% yield), and shows a market cap of about $600M with a PE of 13.72, while institutional investors own roughly 46.7% of the stock.

Shares of Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $36.55 and last traded at $36.35, with a volume of 122297 shares. The stock had previously closed at $36.40.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Hovde Group raised their target price on shares of Arrow Financial from $33.50 to $34.50 and gave the company a "market perform" rating in a research report on Monday, February 2nd. Weiss Ratings upgraded shares of Arrow Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 9th. Finally, Wall Street Zen upgraded shares of Arrow Financial from a "hold" rating to a "buy" rating in a research note on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Arrow Financial has a consensus rating of "Hold" and a consensus price target of $31.25.

Arrow Financial Stock Performance

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 stock has a market capitalization of $600.14 million, a PE ratio of 13.72 and a beta of 0.78. The firm's fifty day moving average price is $34.09 and its two-hundred day moving average price is $31.70.

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

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, February 11th. This is a boost from Arrow Financial's previous quarterly dividend of $0.29. Arrow Financial's payout ratio is presently 45.28%.

Institutional Investors Weigh In On Arrow Financial

A number of large investors have recently modified their holdings of AROW. Segall Bryant & Hamill LLC purchased a new stake in shares of Arrow Financial during the fourth quarter worth $2,175,000. SummerHaven Investment Management LLC acquired a new position in Arrow Financial in the third quarter valued at about $871,000. Millennium Management LLC purchased a new stake in Arrow Financial during the third quarter worth about $834,000. Rhino Investment Partners Inc increased its stake in Arrow Financial by 13.9% during the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider's stock worth $6,447,000 after purchasing an additional 27,856 shares during the period. Finally, Martingale Asset Management L P increased its stake in Arrow Financial by 114.3% during the fourth quarter. Martingale Asset Management L P now owns 48,909 shares of the financial services provider's stock worth $1,536,000 after purchasing an additional 26,082 shares during the period. Hedge funds and other institutional investors own 46.71% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.