Arrow Financial (NASDAQ:AROW) Share Price Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Arrow Financial shares rose above their 200-day moving average, reaching $39.61 before last trading at $38.81, compared with a 200-day average of $37.41.
• Analyst sentiment is positive overall, with a consensus rating of “Moderate Buy” and an average price target of $41.62; individual targets range from $42 to $46.
• The company reported weaker-than-expected quarterly results, with EPS of $0.71 versus an $0.85 estimate, but maintains a quarterly dividend of $0.30, representing a 3.1% annualized yield.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $37.41 and traded as high as $39.61. Arrow Financial shares last traded at $38.81, with a volume of 58,208 shares traded.

Analysts Set New Price Targets

A number of brokerages have commented on AROW. Weiss Ratings restated 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 price objective (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Raymond James Financial began coverage on shares of Arrow Financial in a report on Tuesday, September 1st. They set an "outperform" rating and a $44.00 price objective for the company. Keefe, Bruyette & Woods assumed coverage on shares of Arrow Financial in a report on Thursday, June 25th. They issued a "market perform" rating and a $42.00 target price on the stock. Finally, Zacks Research upgraded shares of Arrow Financial to a "hold" rating in a report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Arrow Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.62.

Arrow Financial Price Performance

The company has a fifty day moving average of $39.53 and a 200-day moving average of $37.41. The firm has a market cap of $718.76 million, a P/E ratio of 12.52 and a beta of 0.75. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.14). The company had revenue of $44.19 million during the quarter, compared to analysts' expectations of $45.51 million. Arrow Financial had a net margin of 20.56% and a return on equity of 12.13%. On average, sell-side analysts anticipate that Arrow Financial Corporation will post 3.53 EPS for the current fiscal year.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were issued a $0.30 dividend. The ex-dividend date was Tuesday, August 11th. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. Arrow Financial's dividend payout ratio is currently 38.71%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AROW. Global Retirement Partners LLC purchased a new stake in Arrow Financial in the 2nd quarter valued at about $34,000. Legal & General Group Plc bought a new position in shares of Arrow Financial during the 2nd quarter worth approximately $66,000. LSV Asset Management purchased a new position in shares of Arrow Financial in the 4th quarter worth approximately $75,000. The Manufacturers Life Insurance Company purchased a new position in shares of Arrow Financial in the 2nd quarter worth approximately $202,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Arrow Financial in the 2nd quarter worth approximately $230,000. 46.71% of the stock is currently owned by hedge funds and other institutional investors.

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.

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