Arrow Financial (NASDAQ:AROW) Hits New 12-Month High – Here’s What Happened

Arrow Financial Corporation (NASDAQ:AROW) reached a new 52-week high on Thursday . The company traded as high as $42.59 and last traded at $42.4750, with a volume of 21970 shares. The stock had previously closed at $41.25.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AROW. Piper Sandler assumed coverage on shares of Arrow Financial in a report on Friday, June 12th. They issued an “overweight” rating and a $43.00 price objective on the stock. Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods began coverage on shares of Arrow Financial in a research note on Thursday, June 25th. They issued a “market perform” rating and a $42.00 price target on the stock. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Zacks Research raised shares of Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Arrow Financial currently has a consensus rating of “Hold” and a consensus target price of $39.83.

Arrow Financial Stock Up 2.9%

The business has a 50-day moving average price of $38.43 and a two-hundred day moving average price of $35.57. 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 firm has a market cap of $701.95 million, a PE ratio of 13.73 and a beta of 0.76.

Arrow Financial (NASDAQ:AROW) last released its 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 during the quarter, compared to analyst estimates of $43.80 million. On average, equities research analysts expect that Arrow Financial Corporation will post 3.8 EPS for the current year.

Arrow Financial Dividend Announcement

The business also recently declared 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 2.8%. Arrow Financial’s dividend payout ratio (DPR) is currently 38.83%.

Insider Activity

In other news, Director Mark Behan sold 4,110 shares of Arrow Financial 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 in the company, valued at approximately $344,570.11. This trade represents a 31.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.48% of the company’s stock.

Institutional Trading of Arrow Financial

Several hedge funds have recently added to or reduced their stakes in AROW. AQR Capital Management LLC lifted its stake 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 worth $328,000 after acquiring an additional 2,949 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Arrow Financial by 4.1% during 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 acquiring an additional 390 shares in the last quarter. Jane Street Group LLC increased its position in shares of 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 purchasing an additional 15,482 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Arrow Financial in the 1st quarter valued at $311,000. Finally, Rhumbline Advisers raised its holdings in shares of Arrow Financial by 1.5% in the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock valued at $669,000 after purchasing an additional 367 shares in the last quarter. 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.