Arrow Financial Corporation (NASDAQ:AROW) Stock Has Consensus Target Price of $41.62 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: Six brokerages rate Arrow Financial a consensus “Moderate Buy,” split evenly between buy and hold ratings. The average 12-month price target is $41.62, above the stock’s $37.79 opening price.
• Institutional ownership is significant: Institutional investors and hedge funds own 46.71% of Arrow Financial, with BlackRock establishing a position valued at approximately $57.4 million and Arrowstreet Capital increasing its holdings by 71.6%.
• Recent earnings missed estimates, but the company pays a dividend: Quarterly EPS came in at $0.71 versus the $0.85 consensus estimate, while revenue was $44.19 million against expectations of $45.51 million. Arrow Financial paid a quarterly dividend of $0.30 per share, representing a 3.2% yield.

Shares of Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) have received a consensus rating of "Moderate Buy" from the six brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $41.62.

A number of equities analysts have commented on the company. Piper Sandler reissued an "overweight" rating and issued a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Zacks Research upgraded Arrow Financial to a "hold" rating in a research note on Monday, June 15th. Raymond James Financial initiated coverage on shares of Arrow Financial in a research report on Tuesday, September 1st. They set an "outperform" rating and a $44.00 price target on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Arrow Financial in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They issued a "market perform" rating and a $42.00 price objective for the company.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AROW. BlackRock Inc. bought a new position in Arrow Financial in the second quarter valued at about $57,377,000. Dimensional Fund Advisors LP boosted its stake in shares of Arrow Financial by 0.3% in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Arrow Financial during the second quarter worth approximately $4,995,000. Rockefeller Capital Management L.P. lifted its holdings in Arrow Financial by 0.4% in 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. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Arrow Financial by 71.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider's stock worth $3,842,000 after acquiring an additional 47,752 shares during the period. Institutional investors and hedge funds own 46.71% of the company's stock.

Arrow Financial Stock Up 1.4%

Shares of NASDAQ:AROW opened at $37.79 on Friday. Arrow Financial has a 52 week low of $25.88 and a 52 week high of $42.70. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. The company's fifty day moving average is $38.70 and its 200-day moving average is $37.78. The company has a market capitalization of $699.87 million, a PE ratio of 12.19 and a beta of 0.76.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.14). The firm had revenue of $44.19 million for the quarter, compared to analyst estimates of $45.51 million. Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%. Equities research analysts predict that Arrow Financial will post 3.53 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, August 11th. Arrow Financial's dividend payout ratio is 38.71%.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York. Through its banking subsidiaries, including Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, the company provides financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Arrow's principal offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer and business loans, credit products, cash-management services and online banking.

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