Arrow Financial (NASDAQ:AROW) Reaches New 52-Week High – Here’s Why

Arrow Financial Corporation (NASDAQ:AROW) reached a new 52-week high during trading on Tuesday . The company traded as high as $41.42 and last traded at $40.6950, with a volume of 3313 shares. The stock had previously closed at $41.05.

Wall Street Analyst Weigh In

AROW has been the subject of several recent analyst reports. Zacks Research raised Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Keefe, Bruyette & Woods started coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price objective on the stock. Piper Sandler assumed coverage on shares of Arrow Financial in a research note on Friday, June 12th. They set an “overweight” rating and a $43.00 price objective for the company. Weiss Ratings raised shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Finally, Wall Street Zen downgraded shares of Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $39.83.

Arrow Financial Trading Down 0.5%

The stock has a fifty day simple moving average of $37.40 and a 200 day simple moving average of $34.82. 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 $676.74 million, a P/E ratio of 13.24 and a beta of 0.77.

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

Arrow Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were given a $0.30 dividend. 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 2.9%. Arrow Financial’s payout ratio is 38.83%.

Insider Transactions at Arrow Financial

In other news, Director Mark Behan sold 4,110 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the sale, the director owned 8,929 shares of the company’s stock, valued at $344,570.11. This trade represents a 31.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its position in Arrow Financial by 67.2% during 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 period. Russell Investments Group Ltd. boosted its holdings in Arrow Financial by 2,045.1% in the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,452 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Arrow Financial by 27.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 338 shares during the period. Tower Research Capital LLC TRC grew its position in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 1,802 shares during the period. Finally, LSV Asset Management purchased a new stake in Arrow Financial during the 4th quarter valued at $75,000. 46.71% of the stock is owned by hedge funds and other institutional investors.

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.