Keefe, Bruyette & Woods upgraded shares of Arrow Financial (NASDAQ:AROW – Free Report) to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.
Other equities analysts have also issued reports about the stock. Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Piper Sandler assumed coverage on Arrow Financial in a research report on Friday, June 12th. They set an “overweight” rating and a $43.00 price objective for the company. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Zacks Research raised Arrow Financial to a “hold” rating in a report on Monday, June 15th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $39.83.
Read Our Latest Stock Report on Arrow Financial
Arrow Financial Trading Down 0.5%
Arrow Financial (NASDAQ:AROW – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.79 by $0.06. The business had revenue of $53.39 million for the quarter, compared to analyst estimates of $43.80 million. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%. As a group, sell-side analysts expect that Arrow Financial will post 3.8 EPS for the current fiscal year.
Arrow Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $1.20 annualized dividend and a yield of 3.0%. Arrow Financial’s payout ratio is 38.83%.
Insider Activity
In other news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total value of $158,604.90. Following the transaction, the director owned 8,929 shares in the company, valued at approximately $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.48% of the company’s stock.
Hedge Funds Weigh In On Arrow Financial
Hedge funds have recently added to or reduced their stakes in the company. Arrow Financial Corp lifted its position in Arrow Financial by 0.8% in the 4th quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock valued at $58,772,000 after acquiring an additional 14,403 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Arrow Financial by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock worth $25,165,000 after purchasing an additional 17,050 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Arrow Financial by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider’s stock worth $24,522,000 after purchasing an additional 1,937 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Arrow Financial by 1.2% in the fourth quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider’s stock worth $7,919,000 after purchasing an additional 2,917 shares during the last quarter. Finally, Rhino Investment Partners Inc lifted its holdings in shares of Arrow Financial by 13.9% during the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock valued at $6,447,000 after purchasing an additional 27,856 shares in the last quarter. 46.71% of the stock is currently 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.
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