Arrow Financial (NASDAQ:AROW) Cut to Market Perform at Hovde Group

Hovde Group lowered shares of Arrow Financial (NASDAQ:AROW) from an outperform rating to a market perform rating in a research report released on Monday morning, Marketbeat Ratings reports.

Several other equities research analysts also recently weighed in on AROW. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 29th. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $30.75.

Arrow Financial Stock Up 1.3%

Shares of NASDAQ AROW opened at $32.10 on Monday. The stock has a market cap of $527.72 million, a P/E ratio of 15.51 and a beta of 0.82. The business’s fifty day simple moving average is $31.22 and its 200-day simple moving average is $29.08. Arrow Financial has a 12-month low of $22.72 and a 12-month high of $33.56. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The firm had revenue of $8.07 million during the quarter, compared to the consensus estimate of $41.00 million. As a group, equities analysts predict that Arrow Financial will post 2.65 EPS for the current fiscal year.

Arrow Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Wednesday, November 12th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, November 12th. Arrow Financial’s dividend payout ratio is presently 56.04%.

Insider Buying and Selling at Arrow Financial

In other Arrow Financial news, Director Daniel James White purchased 1,644 shares of Arrow Financial stock in a transaction on Monday, November 10th. The shares were bought at an average price of $30.14 per share, with a total value of $49,550.16. Following the completion of the acquisition, the director directly owned 6,890 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Penko Krassimir Ivanov bought 1,620 shares of Arrow Financial stock in a transaction that occurred on Tuesday, November 4th. The stock was bought at an average cost of $29.82 per share, for a total transaction of $48,308.40. Following the purchase, the chief financial officer owned 26,394 shares in the company, valued at $787,069.08. This represents a 6.54% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 6,299 shares of company stock worth $194,311. 3.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its stake in Arrow Financial by 67.2% in the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Arrow Financial by 2,045.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 1,452 shares during the last quarter. CWM LLC increased its stake in shares of Arrow Financial by 159.5% during the 3rd quarter. CWM LLC now owns 1,754 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 1,078 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of 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 worth $63,000 after acquiring an additional 1,802 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of Arrow Financial in the fourth quarter worth approximately $142,000. Hedge funds and other institutional investors own 46.71% of the company’s stock.

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.