Arrow Financial Corporation (NASDAQ:AROW) Receives $39.83 Consensus Target Price from Brokerages

Arrow Financial Corporation (NASDAQ:AROW) has been given an average rating of “Hold” by the five analysts that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $39.8333.

Several analysts recently weighed in on AROW shares. Zacks Research upgraded Arrow Financial to a “hold” rating in a report on Monday, June 15th. Piper Sandler started coverage on shares of Arrow Financial in a report on Friday, June 12th. They set an “overweight” rating and a $43.00 target price on the stock. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Keefe, Bruyette & Woods started 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 target for the company.

Insiders Place Their Bets

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total transaction of $158,604.90. Following the completion of the sale, the director owned 8,929 shares in the company, valued at $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arrow Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in AROW. Sequoia Financial Advisors LLC purchased a new stake in shares of Arrow Financial during the second quarter valued at about $402,000. Bank of America Corp DE grew its position in shares of Arrow Financial by 16.5% in the 1st quarter. Bank of America Corp DE now owns 32,696 shares of the financial services provider’s stock worth $1,098,000 after buying an additional 4,641 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Arrow Financial by 17.0% in the 1st quarter. Quantinno Capital Management LP now owns 30,989 shares of the financial services provider’s stock worth $1,040,000 after buying an additional 4,510 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Arrow Financial during the 1st quarter worth approximately $995,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Arrow Financial by 71.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock worth $3,842,000 after purchasing an additional 47,752 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Arrow Financial Price Performance

Shares of NASDAQ:AROW opened at $39.45 on Monday. The business’s 50 day moving average is $39.09 and its 200 day moving average is $36.03. The stock has a market cap of $652.11 million, a P/E ratio of 12.73 and a beta of 0.76. Arrow Financial has a 52-week low of $25.83 and a 52-week high of $42.70. 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) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.14). Arrow Financial had a net margin of 20.56% and a return on equity of 12.25%. The firm had revenue of $44.19 million for the quarter, compared to the consensus estimate of $45.51 million. Sell-side analysts predict that Arrow Financial will post 3.8 EPS for the current year.

Arrow Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Arrow Financial’s payout ratio is 38.71%.

Arrow Financial Company Profile

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.