Arrow Financial (NASDAQ:AROW) Posts Earnings Results, Beats Estimates By $0.06 EPS

Arrow Financial (NASDAQ:AROW) issued its quarterly earnings results on Thursday. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06, FiscalAI reports. The firm had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $43.80 million. Arrow Financial had a return on equity of 10.77% and a net margin of 18.12%.

Arrow Financial Price Performance

AROW traded up $0.33 on Friday, hitting $37.18. 11,090 shares of the company were exchanged, compared to its average volume of 90,583. Arrow Financial has a fifty-two week low of $24.41 and a fifty-two week high of $38.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $614.52 million, a P/E ratio of 14.08 and a beta of 0.78. The business’s fifty day moving average is $34.42 and its 200 day moving average is $32.40.

Arrow Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, May 12th. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. Arrow Financial’s payout ratio is currently 45.28%.

Institutional Investors Weigh In On Arrow Financial

Several institutional investors have recently modified their holdings of AROW. Occudo Quantitative Strategies LP purchased a new position in Arrow Financial in the 4th quarter valued at approximately $287,000. Mariner LLC acquired a new position in Arrow Financial during the fourth quarter worth $221,000. O Shaughnessy Asset Management LLC purchased a new stake in Arrow Financial during the fourth quarter worth $262,000. Intech Investment Management LLC acquired a new stake in Arrow Financial in the fourth quarter valued at $226,000. Finally, Raymond James Financial Inc. acquired a new stake in Arrow Financial in the second quarter valued at $198,000. Hedge funds and other institutional investors own 46.71% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.