Arrow Financial (NASDAQ:AROW) Sets New 12-Month High - Should You Buy?

Key Points

• Arrow Financial hit a new 52-week high, trading as high as $36.47 and last at $36.33 on volume of about 225,458 shares.
• Analysts are mixed—one Buy and two Holds—resulting in a MarketBeat average rating of Hold and an average price target of $31.25, which is below the current share price.
• The firm beat Q4 estimates with EPS of $0.85 (vs. $0.81) and slightly higher revenue, and raised its quarterly dividend to $0.30 (annualized $1.20) for a 3.3% yield.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $36.47 and last traded at $36.3340, with a volume of 225458 shares trading hands. The stock had previously closed at $35.86.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen raised shares of Arrow Financial from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. Hovde Group lifted their price objective on shares of Arrow Financial from $33.50 to $34.50 and gave the company a "market perform" rating in a research note on Monday, February 2nd. Finally, 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. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Arrow Financial currently has an average rating of "Hold" and an average target price of $31.25.

Arrow Financial Price Performance

The firm's 50-day moving average is $33.92 and its 200-day moving average is $31.47. The company has a market capitalization of $601.18 million, a PE ratio of 13.75 and a beta of 0.78. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced 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. 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%. Equities analysts predict that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Wednesday, February 11th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.3%. This is a positive change from Arrow Financial's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Wednesday, February 11th. Arrow Financial's payout ratio is currently 45.28%.

Hedge Funds Weigh In On Arrow Financial

Several hedge funds and other institutional investors have recently modified their holdings of AROW. Rockefeller Capital Management L.P. increased its position in shares of Arrow Financial by 0.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider's stock valued at $3,763,000 after buying an additional 511 shares during the period. XTX Topco Ltd purchased a new position in shares of Arrow Financial during the fourth quarter valued at about $240,000. Occudo Quantitative Strategies LP purchased a new position in shares of Arrow Financial during the fourth quarter valued at about $287,000. Millennium Management LLC increased its position in shares of Arrow Financial by 5.2% during the fourth quarter. Millennium Management LLC now owns 31,001 shares of the financial services provider's stock valued at $973,000 after buying an additional 1,525 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Arrow Financial by 40.2% during the fourth quarter. AQR Capital Management LLC now owns 45,987 shares of the financial services provider's stock valued at $1,444,000 after buying an additional 13,192 shares during the period. 46.71% of the stock is owned by institutional investors.

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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