Arrow Financial (NASDAQ:AROW) Shares Pass Below 200-Day Moving Average - Here's What Happened

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report)'s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-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 traded.

Analysts Set New Price Targets

AROW has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Wall Street Zen downgraded Arrow Financial from a "hold" rating to a "sell" rating in a research report on Friday, June 27th.

Arrow Financial Price Performance

The stock has a market cap of $466.84 million, a PE ratio of 16.47 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. The company's fifty day moving average is $25.88 and its 200 day moving average is $26.33.

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

Arrow Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend was Tuesday, May 13th. Arrow Financial's dividend payout ratio is presently 65.88%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Arrow Financial

A number of large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in Arrow Financial by 5.6% in the 4th quarter. Rhumbline Advisers now owns 26,162 shares of the financial services provider's stock worth $751,000 after buying an additional 1,392 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Arrow Financial by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 126,779 shares of the financial services provider's stock worth $3,640,000 after acquiring an additional 786 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Arrow Financial by 17.3% in the fourth quarter. Atria Investments Inc now owns 19,768 shares of the financial services provider's stock worth $568,000 after acquiring an additional 2,912 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Arrow Financial in the fourth quarter valued at about $1,072,000. Finally, Citizens Financial Group Inc. RI purchased a new position in Arrow Financial in the fourth quarter valued at about $319,000. 46.71% of the stock is owned by institutional investors and hedge funds.

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.