Arrow Financial (NASDAQ:AROW) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Arrow Financial Corporation (NASDAQ:AROW) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $27.62 and traded as high as $30.40. Arrow Financial shares last traded at $30.05, with a volume of 53,670 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AROW shares. Hovde Group raised shares of Arrow Financial from a “market perform” rating to an “outperform” rating and raised their price target for the company from $28.50 to $33.50 in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arrow Financial in a research note on Wednesday, November 19th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $30.75.

Arrow Financial Price Performance

The stock’s 50 day simple moving average is $28.47 and its 200-day simple moving average is $27.62. The company has a market capitalization of $494.08 million, a PE ratio of 16.42 and a beta of 0.83. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. The company had revenue of $8.07 million during the quarter, compared to analysts’ expectations of $41.00 million. Arrow Financial had a net margin of 13.28% and a return on equity of 8.64%. As a group, equities analysts forecast that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Wednesday, November 12th were issued a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, November 12th. This represents a $1.16 annualized dividend and a yield of 3.9%. Arrow Financial’s dividend payout ratio (DPR) is 56.04%.

Insider Buying and Selling at Arrow Financial

In other news, Director Daniel James White bought 1,644 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $30.14 per share, for a total transaction of $49,550.16. Following the completion of the purchase, the director owned 6,890 shares in the company, valued at approximately $207,664.60. This trade represents a 31.34% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Penko Krassimir Ivanov acquired 1,620 shares of the stock in a transaction dated Tuesday, November 4th. The shares were acquired at an average cost of $29.82 per share, with a total value of $48,308.40. Following the completion of the transaction, the chief financial officer owned 26,394 shares in the company, valued at approximately $787,069.08. This represents a 6.54% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 19,186 shares of company stock valued at $565,121. Corporate insiders own 3.28% of the company’s stock.

Institutional Trading of Arrow Financial

A number of large investors have recently made changes to their positions in AROW. Vanguard Group Inc. boosted its holdings in shares of Arrow Financial by 2.0% in the third quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock valued at $25,165,000 after acquiring an additional 17,050 shares during the period. American Century Companies Inc. raised its position in Arrow Financial by 1.8% in the 2nd quarter. American Century Companies Inc. now owns 328,677 shares of the financial services provider’s stock valued at $8,684,000 after purchasing an additional 5,679 shares during the last quarter. Rhino Investment Partners Inc boosted its stake in Arrow Financial by 13.9% during the 3rd quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock worth $6,447,000 after purchasing an additional 27,856 shares during the period. Rockefeller Capital Management L.P. grew its position in 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 purchasing an additional 538 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Arrow Financial by 9.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,773 shares of the financial services provider’s stock worth $2,255,000 after purchasing an additional 7,225 shares during the last quarter. 46.71% of the stock is owned by institutional investors and hedge funds.

About Arrow Financial

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company’s deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.