Arrow Financial (NASDAQ:AROW) Issues Quarterly Earnings Results, Misses Expectations By $0.14 EPS

Arrow Financial (NASDAQ:AROW) posted its earnings results on Thursday. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.14), FiscalAI reports. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%.

Arrow Financial Stock Down 4.5%

Shares of NASDAQ:AROW opened at $38.89 on Thursday. The firm has a 50 day simple moving average of $38.94 and a 200 day simple moving average of $35.92. The company has a market cap of $642.85 million, a PE ratio of 12.62 and a beta of 0.76. Arrow Financial has a 52 week low of $25.83 and a 52 week high of $42.70. 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, May 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. Arrow Financial’s payout ratio is currently 38.83%.

Insider Buying and Selling

In other news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.48% of the company’s stock.

Hedge Funds Weigh In On Arrow Financial

A number of institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in Arrow Financial by 2,045.1% in the 3rd 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. BNP Paribas Financial Markets grew its holdings in Arrow Financial by 67.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Arrow Financial by 27.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 338 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Arrow Financial by 306.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 1,802 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of Arrow Financial by 10.5% in the 4th quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock valued at $188,000 after acquiring an additional 571 shares during the last quarter. Institutional investors own 46.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Piper Sandler assumed coverage on Arrow Financial in a report on Friday, June 12th. They set an “overweight” rating and a $43.00 target price on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Arrow Financial in a report on Thursday, June 25th. They set a “market perform” rating and a $42.00 target price for the company. 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. Zacks Research raised Arrow Financial to a “hold” rating in a report on Monday, June 15th. Finally, Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Arrow Financial presently has an average rating of “Hold” and an average price target of $39.83.

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.