Arrow Financial (NASDAQ:AROW) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Arrow Financial shares crossed above their 200-day moving average of $36.74, reaching $39.77 before closing at $39.05.
• Analyst sentiment remains cautious: two analysts rate the stock Buy and three rate it Hold, producing a consensus Hold rating and an average price target of $40.83.
• The company reported quarterly EPS of $0.71, below the $0.85 consensus estimate, but revenue of $52.44 million exceeded expectations. Arrow Financial also declared a quarterly dividend of $0.30 per share, implying a 3.1% annual yield.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $36.74 and traded as high as $39.77. Arrow Financial shares last traded at $39.05, with a volume of 166,822 shares.

Analyst Ratings Changes

Several analysts have issued reports on AROW shares. Weiss Ratings reissued a "buy (b)" rating on shares of Arrow Financial in a research note on Friday, July 24th. Piper Sandler reaffirmed an "overweight" rating and issued a $46.00 target price (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Wall Street Zen downgraded Arrow Financial from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Keefe, Bruyette & Woods initiated coverage on Arrow Financial in a research report on Thursday, June 25th. They set a "market perform" rating and a $42.00 price target on the stock. Finally, Zacks Research raised Arrow Financial to a "hold" rating in a research report on Monday, June 15th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Arrow Financial presently has a consensus rating of "Hold" and an average price target of $40.83.

Arrow Financial Price Performance

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $723.36 million, a price-to-earnings ratio of 12.60 and a beta of 0.76. The stock's 50 day moving average price is $39.98 and its two-hundred day moving average price is $36.74.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.14). Arrow Financial had a return on equity of 12.25% and a net margin of 20.56%.The firm had revenue of $52.44 million for the quarter, compared to analysts' expectations of $45.51 million. Analysts anticipate that Arrow Financial Corporation will post 3.55 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. Arrow Financial's dividend payout ratio (DPR) is 38.71%.

Insider Activity

In other news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction dated Wednesday, June 17th. The stock was 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 $344,570.11. The trade was a 31.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arrow Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AROW. Arrow Financial Corp lifted its stake in Arrow Financial by 0.8% in the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider's stock valued at $58,772,000 after acquiring an additional 14,403 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Arrow Financial during the 2nd quarter worth $57,377,000. Vanguard Group Inc. increased its stake in shares of Arrow Financial by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider's stock worth $25,165,000 after purchasing an additional 17,050 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Arrow Financial by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider's stock valued at $24,522,000 after purchasing an additional 1,937 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Arrow Financial by 1.2% in the 4th quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider's stock valued at $7,919,000 after purchasing an additional 2,917 shares during the last quarter. Institutional investors own 46.71% of the company's stock.

Arrow Financial Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source