Arrow Financial (NASDAQ:AROW) Lowered to “Market Perform” Rating by Hovde Group

Hovde Group lowered shares of Arrow Financial (NASDAQ:AROW) from an outperform rating to a market perform rating in a research note issued to investors on Monday morning, Marketbeat.com reports.

Several other research analysts have also commented on AROW. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Arrow Financial currently has a consensus rating of “Hold” and a consensus target price of $30.75.

Arrow Financial Price Performance

Shares of AROW opened at $32.01 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50 day moving average price of $31.17 and a 200-day moving average price of $29.02. Arrow Financial has a fifty-two week low of $22.72 and a fifty-two week high of $33.56. The stock has a market capitalization of $526.24 million, a PE ratio of 15.46 and a beta of 0.82.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. The company had revenue of $8.07 million during the quarter, compared to the consensus estimate of $41.00 million. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. Equities analysts predict that Arrow Financial will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Wednesday, November 12th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, November 12th. Arrow Financial’s payout ratio is 56.04%.

Insider Activity at Arrow Financial

In other Arrow Financial news, CFO Penko Krassimir Ivanov purchased 1,620 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was bought at an average cost of $29.82 per share, for a total transaction of $48,308.40. Following the completion of the purchase, the chief financial officer owned 26,394 shares in the company, valued at $787,069.08. This represents a 6.54% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David S. Demarco purchased 3,035 shares of the stock in a transaction on Wednesday, December 24th. The stock was acquired at an average cost of $31.78 per share, with a total value of $96,452.30. Following the acquisition, the chief executive officer owned 3,035 shares of the company’s stock, valued at approximately $96,452.30. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 6,299 shares of company stock valued at $194,311 in the last ninety days. Corporate insiders own 3.28% of the company’s stock.

Institutional Trading of Arrow Financial

Several large investors have recently bought and sold shares of the stock. SummerHaven Investment Management LLC purchased a new position in shares of Arrow Financial in the third quarter worth $871,000. Millennium Management LLC acquired a new position in shares of Arrow Financial in the 3rd quarter valued at $834,000. Rhino Investment Partners Inc increased its position in shares of Arrow Financial by 13.9% in the 3rd quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock valued at $6,447,000 after acquiring an additional 27,856 shares during the period. Marshall Wace LLP purchased a new position in Arrow Financial in the 2nd quarter worth $616,000. Finally, Vanguard Group Inc. lifted its position in Arrow Financial by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock worth $25,165,000 after acquiring an additional 17,050 shares during the period. Hedge funds and other institutional investors own 46.71% of the company’s stock.

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.