Raymond James Financial upgraded shares of Arrow Financial (NASDAQ:AROW – Free Report) to a moderate buy rating in a research report sent to investors on Tuesday morning, MarketBeat reports.
Other analysts also recently issued research reports about the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Arrow Financial in a research report on Friday, July 24th. Keefe, Bruyette & Woods assumed coverage on Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price objective on the stock. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $46.00 target price (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Finally, Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.62.
View Our Latest Stock Analysis on Arrow Financial
Arrow Financial Stock Performance
Arrow Financial (NASDAQ:AROW – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.71 EPS 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 12.13%. The company had revenue of $52.44 million for the quarter, compared to analyst estimates of $45.51 million. Equities research analysts forecast that Arrow Financial will post 3.55 EPS for the current year.
Arrow Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date was Tuesday, August 11th. Arrow Financial’s dividend payout ratio (DPR) is presently 38.71%.
Insider Buying and Selling at Arrow Financial
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 transaction of $158,604.90. Following the transaction, the director directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.48% of the company’s stock.
Institutional Trading of Arrow Financial
A number of hedge funds and other institutional investors have recently modified their holdings of AROW. Global Retirement Partners LLC acquired a new position in Arrow Financial during the 2nd quarter worth $34,000. Russell Investments Group Ltd. raised its holdings in Arrow Financial by 2,045.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,452 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in 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 worth $49,000 after purchasing an additional 338 shares during the last quarter. Legal & General Group Plc acquired a new position in Arrow Financial during the 2nd quarter valued at about $66,000. Finally, BNP Paribas Financial Markets lifted its position in Arrow Financial by 67.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the period. Institutional investors and hedge funds 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, 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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