Arrow Financial (NASDAQ:AROW) Stock Price Expected to Rise, Hovde Group Analyst Says

Key Points

• Arrow Financial's stock price target has been raised from $27.50 to $28.50 by Hovde Group, suggesting a potential upside of 5.36%.
• The company reported a quarterly EPS of $0.70, exceeding estimates by $0.08, and experienced revenue of $51.57 million.
• Insider trading activity includes a sale by Director Raymond F. O'conor of 2,000 shares, reflecting a 6.39% decrease in his holdings.

Arrow Financial (NASDAQ:AROW - Get Free Report) had its price objective raised by investment analysts at Hovde Group from $27.50 to $28.50 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Hovde Group's price target would suggest a potential upside of 5.36% from the company's current price.

Several other analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Arrow Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Piper Sandler lowered their price objective on shares of 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 1.2%

Shares of NASDAQ:AROW opened at $27.05 on Friday. The firm has a fifty day moving average price of $26.36 and a two-hundred day moving average price of $26.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. Arrow Financial has a one year low of $22.72 and a one year high of $34.63. The company has a market cap of $451.06 million, a price-to-earnings ratio of 15.91 and a beta of 0.78.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.62 by $0.08. Arrow Financial had a net margin of 12.51% and a return on equity of 8.01%. The firm had revenue of $51.57 million during the quarter, compared to the consensus estimate of $39.83 million. Analysts anticipate that Arrow Financial will post 2.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Raymond F. O'conor sold 2,000 shares of Arrow Financial stock in a transaction 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 transaction, the director owned 29,293 shares in the company, valued at $696,587.54. This trade represents a 6.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arrow Financial

A number of large investors have recently added to or reduced their stakes in the business. Rhino Investment Partners Inc purchased a new position in shares of Arrow Financial in the fourth quarter valued at about $5,458,000. Nuveen LLC purchased a new position in shares of Arrow Financial in the first quarter valued at about $1,530,000. JPMorgan Chase & Co. increased its position in shares of Arrow Financial by 202.5% in the fourth quarter. JPMorgan Chase & Co. now owns 56,571 shares of the financial services provider's stock valued at $1,624,000 after acquiring an additional 37,869 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Arrow Financial during the 4th quarter valued at about $1,072,000. Finally, Martingale Asset Management L P bought a new stake in shares of Arrow Financial during the 1st quarter valued at about $925,000. Hedge funds and other 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.

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