Arrow Financial Co. (NASDAQ:AROW)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $36.66 and last traded at $36.13, with a volume of 17979 shares. The stock had previously closed at $36.01.
Separately, Zacks Investment Research raised Arrow Financial from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Friday.
The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.23. The company has a 50 day simple moving average of $34.25 and a 200-day simple moving average of $31.45. The stock has a market capitalization of $561.06 million, a price-to-earnings ratio of 14.70 and a beta of 0.64.
Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Monday, April 26th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.16. Arrow Financial had a return on equity of 12.14% and a net margin of 26.71%. As a group, sell-side analysts anticipate that Arrow Financial Co. will post 2.58 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Wednesday, June 2nd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.88%. The ex-dividend date is Tuesday, June 1st. Arrow Financial’s dividend payout ratio (DPR) is presently 42.80%.
In other news, SVP David S. Demarco sold 5,797 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $35.31, for a total transaction of $204,692.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.00% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC lifted its holdings in Arrow Financial by 403.1% during the 4th quarter. Lazard Asset Management LLC now owns 1,147 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 919 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in Arrow Financial during the 4th quarter worth about $41,000. Citigroup Inc. lifted its holdings in Arrow Financial by 218.4% during the 4th quarter. Citigroup Inc. now owns 2,878 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 1,974 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Arrow Financial during the 4th quarter worth about $101,000. Finally, LPL Financial LLC purchased a new stake in Arrow Financial during the 4th quarter worth about $219,000. Institutional investors and hedge funds own 42.19% of the company’s stock.
About Arrow Financial (NASDAQ:AROW)
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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.
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