Arrow Financial (NASDAQ:AROW) Share Price Passes Below 200-Day Moving Average - Here's What Happened

Shares of Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $26.38 and traded as low as $26.37. Arrow Financial shares last traded at $26.42, with a volume of 31,152 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on AROW shares. Wall Street Zen cut shares of Arrow Financial from a "hold" rating to a "sell" rating in a report on Friday. Piper Sandler decreased their target price on Arrow Financial from $30.00 to $28.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th.

Arrow Financial Stock Up 2.8%

The stock has a fifty day moving average price of $25.72 and a two-hundred day moving average price of $26.34. The company has a market cap of $452.59 million, a price-to-earnings ratio of 15.97 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.06). The business had revenue of $50.37 million during the quarter, compared to analyst estimates of $39.26 million. Arrow Financial had a return on equity of 8.01% and a net margin of 12.51%. As a group, sell-side analysts expect that Arrow Financial Corporation will post 2.65 EPS for the current year.

Arrow Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Tuesday, May 13th were given a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.13%. Arrow Financial's payout ratio is 65.88%.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Raymond F. O'conor sold 2,000 shares of Arrow Financial stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $23.78, for a total value of $47,560.00. Following the completion of the transaction, the director directly owned 29,293 shares of the company's stock, valued at $696,587.54. The trade was a 6.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AROW. Raymond James Financial Inc. acquired a new stake in Arrow Financial during the fourth quarter worth about $1,072,000. GAMMA Investing LLC lifted its holdings in shares of Arrow Financial by 3,616.8% during the 1st quarter. GAMMA Investing LLC now owns 23,267 shares of the financial services provider's stock worth $6,120,000 after acquiring an additional 22,641 shares during the period. American Century Companies Inc. boosted its position in shares of Arrow Financial by 4.3% during the 4th quarter. American Century Companies Inc. now owns 304,964 shares of the financial services provider's stock worth $8,756,000 after acquiring an additional 12,581 shares in the last quarter. Hsbc Holdings PLC bought a new position in Arrow Financial in the fourth quarter valued at approximately $357,000. Finally, Citizens Financial Group Inc. RI bought a new position in Arrow Financial in the fourth quarter valued at approximately $319,000. Institutional investors own 46.71% of the company's stock.

About Arrow Financial

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.