Arrow Financial (NASDAQ:AROW) Hits New 52-Week High – Time to Buy?

Arrow Financial Corporation (NASDAQ:AROW)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $40.54 and last traded at $40.0810, with a volume of 14451 shares. The stock had previously closed at $39.95.

Wall Street Analysts Forecast Growth

AROW has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Finally, Piper Sandler started coverage on shares of Arrow Financial in a research note on Friday, June 12th. They issued an “overweight” rating and a $43.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $38.75.

Arrow Financial Price Performance

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 cap of $658.34 million, a price-to-earnings ratio of 12.94 and a beta of 0.77. The stock’s 50 day simple moving average is $37.05 and its 200-day simple moving average is $34.55.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.79 by $0.06. The business had revenue of $53.39 million during the quarter, compared to the consensus estimate of $43.80 million. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%. Equities research analysts anticipate that Arrow Financial Corporation will post 3.8 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Arrow Financial’s payout ratio is currently 38.83%.

Insiders Place Their Bets

In other news, Director Mark Behan sold 4,110 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total value of $158,604.90. Following the transaction, the director directly owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.48% of the company’s stock.

Institutional Investors Weigh In On Arrow Financial

A number of institutional investors and hedge funds have recently modified their holdings of AROW. Arrow Financial Corp raised its position in Arrow Financial by 0.8% during the 4th quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock worth $58,772,000 after buying an additional 14,403 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Arrow Financial by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock valued at $25,165,000 after acquiring an additional 17,050 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Arrow Financial by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider’s stock valued at $24,522,000 after acquiring an additional 1,937 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Arrow Financial by 1.2% in the 4th quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider’s stock valued at $7,919,000 after acquiring an additional 2,917 shares during the last quarter. Finally, Rhino Investment Partners Inc increased its stake in shares of Arrow Financial by 13.9% in the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock worth $6,447,000 after acquiring an additional 27,856 shares during the period. Institutional investors and hedge funds 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.