Arrow Financial (NASDAQ:AROW) Sets New 1-Year High on Analyst Upgrade

Shares of Arrow Financial Corporation (NASDAQ:AROW) hit a new 52-week high during trading on Monday after Piper Sandler upgraded the stock to a strong-buy rating. The company traded as high as $39.90 and last traded at $39.8690, with a volume of 90426 shares changing hands. The stock had previously closed at $39.86.

Other research analysts also recently issued research reports about the company. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $38.75.

Institutional Investors Weigh In On Arrow Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. Arrow Financial Corp boosted its stake in shares of Arrow Financial by 0.8% during the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock valued at $58,772,000 after purchasing an additional 14,403 shares during the period. Vanguard Group Inc. increased its stake in shares of Arrow Financial by 2.0% during the third quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock valued at $25,165,000 after buying an additional 17,050 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Arrow Financial by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider’s stock valued at $24,522,000 after acquiring an additional 1,937 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Arrow Financial by 1.2% in the fourth quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider’s stock worth $7,919,000 after acquiring an additional 2,917 shares during the period. Finally, Rhino Investment Partners Inc grew its holdings 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 acquiring an additional 27,856 shares in the last quarter. 46.71% of the stock is owned by institutional investors.

Arrow Financial Stock Up 5.2%

The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm has a market cap of $662.77 million, a PE ratio of 12.98 and a beta of 0.77. The business’s 50-day simple moving average is $36.52 and its 200 day simple moving average is $34.13.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The firm had revenue of $53.39 million for the quarter, compared to the consensus estimate of $43.80 million. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%.

Arrow Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.0%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s payout ratio is 38.83%.

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.