Hovde Group Downgrades Arrow Financial (NASDAQ:AROW) to Market Perform

Arrow Financial (NASDAQ:AROW) was downgraded by equities research analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a report released on Monday, MarketBeat reports.

A number of other equities analysts have also recently commented on the company. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Arrow Financial presently has an average rating of “Hold” and an average price target of $30.75.

Arrow Financial Stock Down 1.6%

AROW stock opened at $32.33 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. Arrow Financial has a 52 week low of $22.72 and a 52 week high of $33.56. The firm has a 50 day moving average of $31.12 and a 200 day moving average of $28.98. The stock has a market capitalization of $531.51 million, a PE ratio of 15.62 and a beta of 0.82.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.05. Arrow Financial had a return on equity of 9.46% and a net margin of 14.65%.The business had revenue of $8.07 million during the quarter, compared to analysts’ expectations of $41.00 million. Sell-side analysts forecast that Arrow Financial will post 2.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Penko Krassimir Ivanov bought 1,620 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was purchased at an average price of $29.82 per share, with a total value of $48,308.40. Following the purchase, the chief financial officer owned 26,394 shares of the company’s stock, valued at $787,069.08. This trade represents a 6.54% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David S. Demarco purchased 3,035 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were bought at an average cost of $31.78 per share, for a total transaction of $96,452.30. Following the purchase, the chief executive officer owned 3,035 shares of the company’s stock, valued at $96,452.30. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 6,299 shares of company stock worth $194,311. Corporate insiders own 3.28% of the company’s stock.

Institutional Trading of Arrow Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in Arrow Financial by 1.5% during the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after buying an additional 367 shares in the last quarter. Johnson Investment Counsel Inc. raised its position in Arrow Financial by 0.6% during the third quarter. Johnson Investment Counsel Inc. now owns 59,992 shares of the financial services provider’s stock valued at $1,698,000 after acquiring an additional 370 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after acquiring an additional 390 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Arrow Financial by 0.5% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 118,825 shares of the financial services provider’s stock worth $3,139,000 after acquiring an additional 538 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in Arrow Financial by 67.2% during the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

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.