Hovde Group Downgrades Arrow Financial (NASDAQ:AROW) to Market Perform

Arrow Financial (NASDAQ:AROW) was downgraded by research analysts at Hovde Group from an “outperform” rating to a “market perform” rating in a research report issued on Monday, Marketbeat.com reports.

Other equities analysts have also issued reports about the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Arrow Financial in a report on Monday, December 29th. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Arrow Financial currently has a consensus rating of “Hold” and an average price target of $30.75.

Arrow Financial Stock Performance

NASDAQ AROW opened at $32.33 on Monday. The company has a market cap of $531.51 million, a P/E ratio of 15.62 and a beta of 0.82. The company has a fifty day simple moving average of $31.12 and a 200 day simple moving average of $28.98. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. Arrow Financial has a 12-month low of $22.72 and a 12-month high of $33.56.

Arrow Financial (NASDAQ:AROW) last released its earnings results on Thursday, October 30th. The financial services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The firm had revenue of $8.07 million for the quarter, compared to analysts’ expectations of $41.00 million. Sell-side analysts predict that Arrow Financial will post 2.65 earnings per share for the current fiscal year.

Insider Activity at Arrow Financial

In other news, CEO David S. Demarco bought 3,035 shares of the stock in a transaction on Wednesday, December 24th. The shares were bought at an average price of $31.78 per share, with a total value of $96,452.30. Following the completion of the acquisition, the chief executive officer owned 3,035 shares in the company, valued at $96,452.30. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Penko Krassimir Ivanov bought 1,620 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was purchased at an average cost of $29.82 per share, with a total value of $48,308.40. Following the acquisition, the chief financial officer directly owned 26,394 shares in the company, valued at $787,069.08. This trade represents a 6.54% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 6,299 shares of company stock worth $194,311 over the last quarter. Company insiders own 3.28% of the company’s stock.

Institutional Trading of Arrow Financial

Large investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in Arrow Financial by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock valued at $669,000 after acquiring an additional 367 shares during the period. Johnson Investment Counsel Inc. grew its position in shares of Arrow Financial by 0.6% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 59,992 shares of the financial services provider’s stock worth $1,698,000 after buying an additional 370 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 buying an additional 390 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in Arrow Financial by 0.5% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 118,825 shares of the financial services provider’s stock valued at $3,139,000 after buying an additional 538 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Arrow Financial by 67.2% in the second 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 in the last quarter. 46.71% of the stock is currently owned by 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.