Arrow Financial (NASDAQ:AROW) Upgraded by Wall Street Zen to Buy Rating

by · The Cerbat Gem

Wall Street Zen upgraded shares of Arrow Financial (NASDAQ:AROW – Free Report) from a hold rating to a buy rating in a research note released on Saturday morning.

AROW has been the topic of a number of other research reports. Hovde Group raised shares of Arrow Financial from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $28.50 to $33.50 in a report on Friday, October 31st. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a research report on Monday, December 1st. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $30.75.

Read Our Latest Analysis on Arrow Financial

Arrow Financial Stock Performance

NASDAQ:AROW opened at $30.57 on Friday. Arrow Financial has a fifty-two week low of $22.72 and a fifty-two week high of $32.51. 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 stock has a market capitalization of $502.57 million, a P/E ratio of 14.77 and a beta of 0.82. The company has a 50 day moving average price of $28.73 and a 200 day moving average price of $27.87.

Arrow Financial (NASDAQ:AROW – Get Free Report) last announced its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.05. The firm had revenue of $8.07 million for the quarter, compared to analysts’ expectations of $41.00 million. Arrow Financial had a return on equity of 9.46% and a net margin of 14.65%. Equities research analysts forecast that Arrow Financial will post 2.65 EPS for the current year.

Arrow Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 24th. Stockholders of record on Wednesday, November 12th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, November 12th. Arrow Financial’s dividend payout ratio (DPR) is 56.04%.

Insider Transactions at Arrow Financial

In other news, CFO Penko Krassimir Ivanov bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The shares were purchased at an average price of $29.10 per share, with a total value of $145,500.00. Following the completion of the acquisition, the chief financial officer directly owned 24,744 shares in the company, valued at approximately $720,050.40. This trade represents a 25.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel James White purchased 1,644 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $30.14 per share, with a total value of $49,550.16. Following the completion of the purchase, the director owned 6,890 shares in the company, valued at $207,664.60. This represents a 31.34% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 8,264 shares of company stock valued at $243,359 in the last quarter. 3.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its stake in Arrow Financial by 2,045.1% during the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,452 shares in the last quarter. BNP Paribas Financial Markets boosted 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 worth $43,000 after purchasing an additional 648 shares during the period. CWM LLC grew its position in Arrow Financial by 159.5% during the 3rd quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 1,078 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Arrow Financial by 306.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 1,802 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Arrow Financial in the second quarter valued at $198,000. 46.71% of the stock is owned by institutional investors and hedge funds.

About Arrow Financial

(Get Free Report)

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 enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.

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