Arrow Financial (NASDAQ:AROW) Given New $34.50 Price Target at Hovde Group

Arrow Financial (NASDAQ:AROW) had its price objective raised by Hovde Group from $33.50 to $34.50 in a research report released on Monday, Marketbeat Ratings reports. The firm currently has a market perform rating on the financial services provider’s stock.

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

Arrow Financial Price Performance

AROW opened at $34.63 on Monday. The company has a fifty day moving average price of $31.99 and a two-hundred day moving average price of $29.62. The firm has a market capitalization of $569.32 million, a PE ratio of 13.07 and a beta of 0.82. Arrow Financial has a 52 week low of $22.72 and a 52 week high of $34.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.04. Arrow Financial had a return on equity of 10.92% and a net margin of 18.12%.The business had revenue of $43.65 million for the quarter, compared to analyst estimates of $43.40 million. As a group, analysts anticipate that Arrow Financial will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

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

Insiders Place Their Bets

In other news, Director Daniel James White bought 1,644 shares of the stock in a transaction 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 acquisition, the director owned 6,890 shares in the company, valued at approximately $207,664.60. This trade represents a 31.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David S. Demarco purchased 3,035 shares of the company’s stock in a transaction on Wednesday, December 24th. The stock was purchased at an average cost of $31.78 per share, for a total transaction of $96,452.30. Following the purchase, the chief executive officer directly owned 3,035 shares in the company, valued at approximately $96,452.30. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 3.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets lifted its stake in Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 648 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Arrow Financial by 2,045.1% in the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 1,452 shares during the last quarter. CWM LLC raised its holdings in shares of Arrow Financial by 159.5% in the third quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,078 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Arrow Financial by 306.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,802 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Arrow Financial during the fourth quarter worth $142,000. 46.71% of the stock is currently owned by 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.