Arrow Financial (NASDAQ:AROW) Sets New 1-Year High - Time to Buy?

Key Points

• Arrow Financial shares hit a new 52-week high on Thursday, trading as high as $42.59 and last changing hands near $42.48.
• Recent results topped expectations: the company reported $0.85 EPS versus the $0.79 consensus and revenue of $53.39 million, both above estimates.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $39.83, even as some firms see upside into the low $40s.

Shares of Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $42.59 and last traded at $42.4750, with a volume of 21970 shares traded. The stock had previously closed at $41.25.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Arrow Financial in a research note on Thursday, June 25th. They issued a "market perform" rating and a $42.00 price target on the stock. Weiss Ratings raised Arrow Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, April 27th. Zacks Research upgraded Arrow Financial to a "hold" rating in a research report on Monday, June 15th. Piper Sandler initiated coverage on Arrow Financial in a research note on Friday, June 12th. They issued an "overweight" rating and a $43.00 price target on the stock. Finally, Wall Street Zen cut Arrow Financial from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $39.83.

Arrow Financial Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $701.95 million, a price-to-earnings ratio of 13.73 and a beta of 0.76. The firm has a fifty day moving average of $38.43 and a 200 day moving average of $35.57.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.06. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.The company had revenue of $53.39 million for the quarter, compared to analyst estimates of $43.80 million. As a group, sell-side analysts forecast that Arrow Financial Corporation will post 3.8 EPS for the current year.

Arrow Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. Arrow Financial's payout ratio is presently 38.83%.

Insider Activity

In related news, Director Mark Behan sold 4,110 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the sale, the director directly owned 8,929 shares in the company, valued at approximately $344,570.11. This trade represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.48% of the company's stock.

Institutional Trading of Arrow Financial

Several hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in shares of Arrow Financial by 31.0% during the 1st quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider's stock worth $328,000 after buying an additional 2,949 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Arrow Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider's stock valued at $258,000 after acquiring an additional 390 shares during the last quarter. Jane Street Group LLC grew its position in Arrow Financial by 131.3% in the first quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider's stock worth $717,000 after acquiring an additional 15,482 shares during the period. Acadian Asset Management LLC purchased a new position in Arrow Financial in the first quarter worth approximately $311,000. Finally, Rhumbline Advisers increased its stake in Arrow Financial by 1.5% during the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider's stock worth $669,000 after acquiring an additional 367 shares during the last quarter. Hedge funds and other institutional investors own 46.71% of the company's stock.

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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