Arrow Financial Corporation (NASDAQ:AROW) Receives Consensus Rating of “Hold” from Brokerages

Arrow Financial Corporation (NASDAQ:AROW) has received an average rating of “Hold” from the five brokerages that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $40.8333.

A number of research analysts have weighed in on the company. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Piper Sandler restated an “overweight” rating and set a $46.00 price target (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Arrow Financial in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 target price for the company.

Arrow Financial Trading Down 0.2%

NASDAQ:AROW opened at $39.05 on Friday. The company has a market cap of $723.36 million, a PE ratio of 12.60 and a beta of 0.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $39.98 and a two-hundred day simple moving average of $36.74. Arrow Financial has a 12 month low of $25.88 and a 12 month high of $42.70.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate 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 $52.44 million for the quarter, compared to the consensus estimate of $45.51 million. Research analysts forecast that Arrow Financial will post 3.55 earnings per share for the current year.

Arrow Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. Arrow Financial’s payout ratio is presently 38.71%.

Insider Buying and Selling

In related news, Director Mark Behan sold 4,110 shares of Arrow Financial 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 transaction, the director directly owned 8,929 shares in the company, valued at approximately $344,570.11. The trade was a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.48% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AROW. CANADA LIFE ASSURANCE Co grew its stake in shares of Arrow Financial by 27.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 338 shares during the period. Rhumbline Advisers raised its stake in Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after acquiring an additional 367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Arrow Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 390 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Arrow Financial by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider’s stock worth $3,763,000 after purchasing an additional 511 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Arrow Financial by 10.5% in the fourth quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock worth $188,000 after purchasing an additional 571 shares during the period. 46.71% of the stock is owned by hedge funds and other institutional investors.

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.