Arrow Financial (NASDAQ:AROW) Raised to “Hold” at Keefe, Bruyette & Woods

Arrow Financial (NASDAQ:AROW) was upgraded by equities research analysts at Keefe, Bruyette & Woods to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Zacks Research raised shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Piper Sandler initiated coverage on shares of Arrow Financial in a report on Friday, June 12th. They set an “overweight” rating and a $43.00 price target on the stock. Wall Street Zen downgraded shares of Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Arrow Financial has a consensus rating of “Hold” and an average target price of $39.83.

Arrow Financial Price Performance

NASDAQ AROW opened at $40.14 on Wednesday. Arrow Financial has a 1 year low of $25.83 and a 1 year high of $40.54. The business’s fifty day moving average is $37.21 and its two-hundred day moving average is $34.68. The stock has a market capitalization of $663.51 million, a P/E ratio of 12.99 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, April 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The business had revenue of $53.39 million for the quarter, compared to analysts’ expectations of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%. On average, research analysts forecast that Arrow Financial will post 3.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the company’s 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 completion of the transaction, the director owned 8,929 shares of the company’s stock, valued at $344,570.11. This represents a 31.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in Arrow Financial by 31.0% during the 1st quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider’s stock worth $328,000 after buying an additional 2,949 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Arrow Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after buying an additional 390 shares during the period. Jane Street Group LLC grew its stake in Arrow Financial by 131.3% in the 1st quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock valued at $717,000 after buying an additional 15,482 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Arrow Financial during the first quarter worth $311,000. Finally, Rhumbline Advisers boosted its holdings in shares of Arrow Financial by 1.5% in the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after acquiring an additional 367 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.