Arrow Financial Corporation (NASDAQ:AROW) Short Interest Update

Arrow Financial Corporation (NASDAQ:AROW) was the target of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 205,211 shares, a growth of 46.7% from the February 26th total of 139,839 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average trading volume of 119,653 shares, the short-interest ratio is currently 1.7 days.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AROW. Weiss Ratings upgraded shares of Arrow Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 9th. Hovde Group lifted their price target on shares of Arrow Financial from $33.50 to $34.50 and gave the company a “market perform” rating in a research note on Monday, February 2nd. Finally, Wall Street Zen upgraded Arrow Financial from a “hold” rating to a “buy” rating in a research report on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $31.25.

Arrow Financial Price Performance

NASDAQ:AROW opened at $33.02 on Monday. Arrow Financial has a 52 week low of $22.72 and a 52 week high of $36.44. 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 $33.70 and its two-hundred day moving average is $31.20. The stock has a market capitalization of $545.16 million, a price-to-earnings ratio of 12.46 and a beta of 0.81.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, January 29th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.04. Arrow Financial had a net margin of 18.12% and a return on equity of 10.77%. The firm had revenue of $43.65 million for the quarter, compared to the consensus estimate of $43.40 million. Research analysts anticipate that Arrow Financial will post 2.65 EPS for the current year.

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, February 11th. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 3.6%. Arrow Financial’s dividend payout ratio (DPR) is presently 45.28%.

Institutional Trading of Arrow Financial

Several institutional investors have recently modified their holdings of AROW. AQR Capital Management LLC lifted its position in Arrow Financial by 31.0% in the first quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider’s stock valued at $328,000 after acquiring an additional 2,949 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Arrow Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 390 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Arrow Financial by 131.3% during the first quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock worth $717,000 after purchasing an additional 15,482 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Arrow Financial during the first quarter worth about $311,000. Finally, Rhumbline Advisers increased its position in shares of Arrow Financial by 1.5% during the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 367 shares in the last quarter. 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.