Bank of America Corp DE Makes New Investment in Arrow Financial Corporation $AROW

Key Points

• Bank of America acquired 31,929 shares of Arrow Financial in the second quarter, valued at approximately $1.31 million and representing about 0.17% of the company. Institutional investors collectively own 46.71% of Arrow Financial.
• Arrow Financial reported quarterly EPS of $0.71, below the $0.85 analyst consensus, while revenue of $44.19 million also fell short of estimates. Analysts project full-year EPS of $3.53.
• The company maintains a quarterly dividend of $0.30, equivalent to $1.20 annually and a 3.2% yield. Analyst sentiment is moderately positive, with an average price target of $41.62 versus the reported share price of $37.27.

Bank of America Corp DE acquired a new stake in shares of Arrow Financial Corporation (NASDAQ:AROW - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 31,929 shares of the financial services provider's stock, valued at approximately $1,309,000. Bank of America Corp DE owned approximately 0.17% of Arrow Financial as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AROW. Gallagher Fiduciary Advisors LLC acquired a new position in shares of Arrow Financial during the second quarter valued at approximately $1,029,000. Odyssean LLC acquired a new stake in Arrow Financial during the 2nd quarter worth $350,000. Legal & General Group Plc purchased a new stake in shares of Arrow Financial during the second quarter worth $66,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Arrow Financial during the second quarter worth $202,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Arrow Financial in the second quarter valued at about $4,995,000. Institutional investors and hedge funds own 46.71% of the company's stock.

Arrow Financial Stock Performance

Shares of Arrow Financial stock opened at $37.27 on Friday. Arrow Financial Corporation has a 52 week low of $25.88 and a 52 week high of $42.70. The business's fifty day simple moving average is $38.73 and its 200-day simple moving average is $37.78. The firm has a market cap of $690.24 million, a PE ratio of 12.02 and a beta of 0.76. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings data 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). Arrow Financial had a return on equity of 12.13% and a net margin of 20.56%.The business had revenue of $44.19 million for the quarter, compared to analyst estimates of $45.51 million. Equities analysts forecast that Arrow Financial Corporation will post 3.53 earnings per share for the current year.

Arrow Financial Dividend Announcement

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 $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, August 11th. Arrow Financial's payout ratio is 38.71%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Zacks Research raised shares of Arrow Financial to a "hold" rating in a research note on Monday, June 15th. Raymond James Financial assumed coverage on Arrow Financial in a report on Tuesday, September 1st. They set an "outperform" rating and a $44.00 target price on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Arrow Financial in a research report on Friday, July 24th. Keefe, Bruyette & Woods initiated coverage on Arrow Financial in a research report on Thursday, June 25th. They issued a "market perform" rating and a $42.00 price target for the company. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $46.00 price target (up from $43.00) on shares of Arrow Financial in a report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $41.62.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York. Through its banking subsidiaries, the company provides a range of financial services to individuals, families, businesses and municipal organizations.

Arrow's primary banking activities include deposit accounts, residential and commercial lending, consumer loans, mortgages, cash management and other business banking services. Its subsidiaries also offer wealth management, investment advisory, trust and retirement planning services, as well as insurance-related products through affiliated operations.

The company serves communities primarily in northeastern New York, including the greater Capital Region, the Adirondacks and the areas surrounding Saratoga Springs and Glens Falls.

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.