Arrow Financial (NASDAQ:AROW) Releases Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Earnings beat: Arrow Financial reported quarterly EPS of $0.85, beating consensus by $0.06, and posted a net margin of 18.12% with a return on equity of 10.77%.
• Shares rose: Stock traded up about 2.2% to $36.85 after the report; the company has a market cap of $609.13 million and a trailing P/E of 13.91 (52-week range $23.36–$38.09).
• Dividend announced: Arrow declared a $0.30 quarterly dividend (annualized $1.20) implying a 3.3% yield, with an ex-dividend date of May 12 and payment on May 26.

Arrow Financial (NASDAQ:AROW - Get Free Report) issued its quarterly earnings results on Thursday. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.06, FiscalAI reports. Arrow Financial had a net margin of 18.12% and a return on equity of 10.77%.

Arrow Financial Trading Up 2.2%

Shares of NASDAQ:AROW traded up $0.79 during mid-day trading on Thursday, hitting $36.85. The company had a trading volume of 54,317 shares, compared to its average volume of 94,497. The firm has a fifty day moving average price of $34.42 and a 200 day moving average price of $32.40. The company has a market capitalization of $609.13 million, a PE ratio of 13.91 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92. Arrow Financial has a one year low of $23.36 and a one year high of $38.09.

Arrow Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, May 12th. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. Arrow Financial's payout ratio is currently 45.28%.

Institutional Trading of Arrow Financial

Several hedge funds have recently modified their holdings of AROW. Segall Bryant & Hamill LLC bought a new stake in shares of Arrow Financial in the 4th quarter valued at $2,175,000. Millennium Management LLC bought a new stake in shares of Arrow Financial in the 3rd quarter valued at $834,000. Martingale Asset Management L P increased its stake in shares of Arrow Financial by 114.3% in the 4th quarter. Martingale Asset Management L P now owns 48,909 shares of the financial services provider's stock valued at $1,536,000 after acquiring an additional 26,082 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Arrow Financial by 89.8% in the 4th quarter. Marshall Wace LLP now owns 50,387 shares of the financial services provider's stock valued at $1,582,000 after acquiring an additional 23,839 shares in the last quarter. Finally, Integrated Quantitative Investments LLC bought a new stake in shares of Arrow Financial in the 4th quarter valued at $638,000. Institutional investors own 46.71% of the company's stock.

Wall Street Analyst Weigh In

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

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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