Arrow Financial (NASDAQ:AROW) Sets New 52-Week High Following Analyst Upgrade

Arrow Financial Corporation (NASDAQ:AROW) hit a new 52-week high during mid-day trading on Monday after Hovde Group raised their price target on the stock from $33.50 to $34.50. Hovde Group currently has a market perform rating on the stock. Arrow Financial traded as high as $34.84 and last traded at $34.80, with a volume of 28190 shares changing hands. The stock had previously closed at $33.81.

A number of other brokerages also recently weighed in on AROW. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a report on Monday, December 29th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.25.

Insider Transactions at Arrow Financial

In related news, CEO David S. Demarco acquired 3,035 shares of the business’s stock in a transaction dated Wednesday, December 24th. The shares were purchased at an average price of $31.78 per share, for a total transaction of $96,452.30. Following the completion of the acquisition, the chief executive officer directly owned 3,035 shares in the company, valued at $96,452.30. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel James White bought 1,644 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average price of $30.14 per share, with a total value of $49,550.16. Following the completion of the purchase, the director directly owned 6,890 shares in the company, valued at $207,664.60. This represents a 31.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arrow Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC lifted its position in Arrow Financial by 46.0% during the 4th quarter. CWM LLC now owns 2,561 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 807 shares during the period. Edmp Inc. purchased a new position in shares of Arrow Financial in the fourth quarter worth about $447,000. SG Americas Securities LLC acquired a new stake in shares of Arrow Financial during the fourth quarter worth about $142,000. JPMorgan Chase & Co. boosted its position in Arrow Financial by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 20,197 shares of the financial services provider’s stock valued at $572,000 after buying an additional 3,141 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Arrow Financial in the 3rd quarter worth approximately $834,000. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Arrow Financial Trading Up 2.4%

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 market cap of $569.32 million, a price-to-earnings ratio of 13.07 and a beta of 0.82. The company’s fifty day moving average is $31.99 and its two-hundred day moving average is $29.62.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.81 by $0.04. Arrow Financial had a net margin of 18.12% and a return on equity of 10.92%. The business had revenue of $43.65 million for the quarter, compared to the consensus estimate of $43.40 million. On average, research analysts anticipate that Arrow Financial Corporation will post 2.65 EPS for the current year.

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $1.20 annualized dividend and a yield of 3.5%. This is an increase from Arrow Financial’s previous quarterly dividend of $0.29. Arrow Financial’s payout ratio is 43.77%.

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.