Arrow Financial’s (AROW) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Arrow Financial (NASDAQ:AROW) in a research note released on Monday,Benzinga reports. Piper Sandler currently has a $45.00 price objective on the financial services provider’s stock, down from their prior price objective of $46.00.

A number of other equities research analysts have also commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Arrow Financial in a report on Thursday, October 22nd. Raymond James Financial assumed coverage on shares of Arrow Financial in a report on Tuesday, September 1st. They issued an “outperform” rating and a $44.00 price target on the stock. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Arrow Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.38.

Arrow Financial Stock Performance

Shares of AROW stock opened at $38.62 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. Arrow Financial has a fifty-two week low of $28.92 and a fifty-two week high of $42.70. The stock has a 50 day moving average price of $37.97 and a two-hundred day moving average price of $37.14. The company has a market capitalization of $715.63 million, a P/E ratio of 11.44 and a beta of 0.75.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, October 29th. The financial services provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Arrow Financial had a return on equity of 13.18% and a net margin of 16.56%. The firm had revenue of $60.15 million during the quarter, compared to analyst estimates of $57.82 million. Analysts expect that Arrow Financial will post 3.56 earnings per share for the current year.

Arrow Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Wednesday, November 11th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, November 10th. Arrow Financial’s dividend payout ratio is currently 45.45%.

Institutional Trading of Arrow Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AROW. Adirondack Trust Co. increased its position in Arrow Financial by 14.7% during the 3rd quarter. Adirondack Trust Co. now owns 2,818 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 362 shares during the period. HighTower Advisors LLC lifted its position in shares of Arrow Financial by 1.2% in the 3rd quarter. HighTower Advisors LLC now owns 35,690 shares of the financial services provider’s stock worth $1,315,000 after purchasing an additional 430 shares during the period. Citizens Financial Group Inc. RI lifted its position in shares of Arrow Financial by 2.0% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 24,951 shares of the financial services provider’s stock worth $919,000 after purchasing an additional 480 shares during the period. Susquehanna Fundamental Investments LLC lifted its position in shares of Arrow Financial by 2.9% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 16,986 shares of the financial services provider’s stock worth $696,000 after purchasing an additional 484 shares during the period. Finally, Private Advisor Group LLC boosted its stake in shares of Arrow Financial by 2.1% during the 3rd quarter. Private Advisor Group LLC now owns 24,909 shares of the financial services provider’s stock valued at $918,000 after purchasing an additional 513 shares in the last quarter. Hedge funds and other institutional investors own 46.71% of the company’s stock.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York. Its banking subsidiaries include Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, which serve individuals, businesses, municipalities and nonprofit organizations. The company offers personal and business banking services, including deposit accounts, commercial and consumer loans, residential mortgages, and cash management. Through its trust and wealth management operations, it also provides investment and financial services, and its insurance agency offers insurance products.