Arrow Financial (NASDAQ:AROW) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Arrow Financial (NASDAQ:AROWGet Rating) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $36.00 price target on the financial services provider’s stock.

According to Zacks, “Arrow Financial Corporation is registered as a bank holding company. They own two nationally chartered banks, Glens Falls National Bank and Trust Company, and Saratoga National Bank and Trust Company, as well as two non-bank subsidiaries, the operations of which are not significant. They own directly or indirectly all voting stock of all its subsidiaries. The business of the Company consists primarily of the ownership, supervision and control of its bank subsidiaries. “

Separately, StockNews.com began coverage on Arrow Financial in a research note on Thursday, March 31st. They issued a hold rating for the company.

Shares of NASDAQ:AROW opened at $33.25 on Wednesday. Arrow Financial has a twelve month low of $30.50 and a twelve month high of $38.24. The firm has a market cap of $532.57 million, a PE ratio of 10.92 and a beta of 0.61. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.86 and a current ratio of 0.86. The business has a fifty day moving average of $31.95 and a 200-day moving average of $34.11.

Arrow Financial (NASDAQ:AROWGet Rating) last announced its earnings results on Tuesday, April 26th. The financial services provider reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.07. Arrow Financial had a return on equity of 13.64% and a net margin of 33.05%. On average, analysts anticipate that Arrow Financial will post 2.92 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, May 31st. Arrow Financial’s dividend payout ratio is 35.47%.

A number of institutional investors have recently bought and sold shares of the stock. First Republic Investment Management Inc. boosted its holdings in Arrow Financial by 0.3% in the first quarter. First Republic Investment Management Inc. now owns 105,410 shares of the financial services provider’s stock valued at $3,417,000 after acquiring an additional 324 shares during the last quarter. State Street Corp boosted its holdings in Arrow Financial by 1.9% in the first quarter. State Street Corp now owns 346,626 shares of the financial services provider’s stock valued at $11,238,000 after acquiring an additional 6,624 shares during the last quarter. Invesco Ltd. boosted its holdings in Arrow Financial by 5.6% in the first quarter. Invesco Ltd. now owns 17,000 shares of the financial services provider’s stock valued at $551,000 after acquiring an additional 906 shares during the last quarter. UBS Group AG boosted its holdings in Arrow Financial by 468.2% in the first quarter. UBS Group AG now owns 54,695 shares of the financial services provider’s stock valued at $1,773,000 after acquiring an additional 45,069 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Arrow Financial by 2.2% in the first quarter. Renaissance Technologies LLC now owns 345,615 shares of the financial services provider’s stock valued at $11,205,000 after acquiring an additional 7,500 shares during the last quarter. Institutional investors and hedge funds own 43.75% of the company’s stock.

Arrow Financial Company Profile (Get Rating)

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and improvements to commercial properties, as well as commercial construction and land development loans to finance projects.

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