Arrow Financial (NASDAQ:AROW) Rating Increased to Strong-Buy at Piper Sandler

Piper Sandler upgraded shares of Arrow Financial (NASDAQ:AROW) to a strong-buy rating in a research report report published on Friday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $38.75.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $39.86 on Friday. The firm has a market cap of $658.89 million, a P/E ratio of 12.90 and a beta of 0.77. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. Arrow Financial has a 1-year low of $24.57 and a 1-year high of $39.90. The business’s 50 day moving average is $36.52 and its 200-day moving average is $34.10.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $53.39 million for the quarter, compared to analyst estimates of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.

Arrow Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, May 12th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s dividend payout ratio (DPR) is 38.83%.

Hedge Funds Weigh In On Arrow Financial

Hedge funds have recently added to or reduced their stakes in the stock. Rhino Investment Partners Inc increased its stake in Arrow Financial by 13.9% during the 3rd quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock worth $6,447,000 after acquiring an additional 27,856 shares during the period. Arrow Financial Corp increased its stake in Arrow Financial by 0.8% during the 4th quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock worth $58,772,000 after acquiring an additional 14,403 shares during the period. Legato Capital Management LLC bought a new position in Arrow Financial during the 4th quarter worth $474,000. CWM LLC increased its stake in Arrow Financial by 46.0% during the 4th quarter. CWM LLC now owns 2,561 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 807 shares during the period. Finally, SG Americas Securities LLC bought a new position in Arrow Financial during the 4th quarter worth $142,000. Institutional investors own 46.71% of the company’s stock.

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.