Arrow Financial (NASDAQ:AROW) Rating Increased to Hold at Zacks Research

Arrow Financial (NASDAQ:AROW) was upgraded by research analysts at Zacks Research to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently commented on AROW. Piper Sandler assumed coverage on Arrow Financial in a research note on Friday. They set an “overweight” rating and a $43.00 price target on the stock. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.75.

Arrow Financial Stock Down 0.7%

NASDAQ:AROW opened at $38.88 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average is $36.72 and its two-hundred day moving average is $34.25. Arrow Financial has a 52 week low of $24.57 and a 52 week high of $40.29. The stock has a market capitalization of $642.69 million, a price-to-earnings ratio of 12.58 and a beta of 0.77.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.The company had revenue of $53.39 million for the quarter, compared to analysts’ expectations of $43.80 million. Research analysts anticipate that Arrow Financial will post 3.8 EPS for the current year.

Institutional Trading of Arrow Financial

Several hedge funds have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co raised its stake in shares of Arrow Financial by 27.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 338 shares in the last quarter. Rhumbline Advisers raised its stake in Arrow Financial by 1.5% in the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock valued at $669,000 after buying an additional 367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after buying an additional 390 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Arrow Financial by 0.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider’s stock worth $3,763,000 after buying an additional 511 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Arrow Financial by 10.5% during the 4th quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock worth $188,000 after acquiring an additional 571 shares in the last quarter. 46.71% of the stock is currently owned by institutional investors and hedge funds.

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.