StockNews.com upgraded shares of Arrow Financial (NASDAQ:AROW – Free Report) from a sell rating to a hold rating in a research note published on Friday.
Separately, Hovde Group began coverage on Arrow Financial in a report on Tuesday, January 9th. They set a market perform rating on the stock.
Read Our Latest Research Report on AROW
Arrow Financial Trading Up 0.9 %
Arrow Financial (NASDAQ:AROW – Get Free Report) last posted its quarterly earnings results on Thursday, February 1st. The financial services provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). Arrow Financial had a return on equity of 8.21% and a net margin of 15.69%. The company had revenue of $33.10 million for the quarter, compared to analysts’ expectations of $35.01 million. Research analysts expect that Arrow Financial will post 2.33 earnings per share for the current fiscal year.
Arrow Financial Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 12th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.70%. This is an increase from Arrow Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, February 9th. Arrow Financial’s dividend payout ratio (DPR) is presently 60.87%.
Institutional Trading of Arrow Financial
A number of hedge funds and other institutional investors have recently modified their holdings of AROW. Arrow Financial Corp increased its position in shares of Arrow Financial by 1.1% during the 4th quarter. Arrow Financial Corp now owns 1,726,525 shares of the financial services provider’s stock worth $48,239,000 after purchasing an additional 18,937 shares during the last quarter. Franklin Resources Inc. increased its stake in Arrow Financial by 7.2% during the fourth quarter. Franklin Resources Inc. now owns 134,806 shares of the financial services provider’s stock worth $3,766,000 after purchasing an additional 9,094 shares during the period. Pinnacle Wealth Planning Services Inc. purchased a new stake in Arrow Financial during the fourth quarter worth about $230,000. IFG Advisory LLC purchased a new stake in Arrow Financial during the fourth quarter worth about $225,000. Finally, Carl P. Sherr & Co. LLC purchased a new stake in Arrow Financial during the fourth quarter worth about $210,000. 46.71% of the stock is owned by institutional investors and hedge funds.
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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