Arrow Financial (NASDAQ:AROW) Share Price Crosses Above 50 Day Moving Average – Here’s What Happened

Arrow Financial Corporation (NASDAQ:AROW) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $37.96 and traded as high as $41.38. Arrow Financial shares last traded at $40.82, with a volume of 77,340 shares traded.

Analysts Set New Price Targets

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

Arrow Financial Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $670.29 million, a P/E ratio of 13.12 and a beta of 0.76. The business’s 50-day moving average price is $38.10 and its 200-day moving average price is $35.31.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, April 30th. The financial services provider reported $0.85 EPS 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 analysts’ expectations of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%. As a group, sell-side analysts expect that Arrow Financial Corporation will post 3.8 earnings per share for the current fiscal year.

Arrow Financial Announces Dividend

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

Insider Buying and Selling at Arrow Financial

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 transaction of $158,604.90. Following the transaction, the director directly owned 8,929 shares of the company’s stock, valued at $344,570.11. The trade was a 31.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arrow Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrow Financial Corp boosted its position in shares of Arrow Financial by 0.8% in the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock worth $58,772,000 after purchasing an additional 14,403 shares during the period. Vanguard Group Inc. raised its position in shares of Arrow Financial by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock valued at $25,165,000 after purchasing an additional 17,050 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Arrow Financial by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider’s stock valued at $24,522,000 after purchasing an additional 1,937 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Arrow Financial by 1.2% during the 4th quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider’s stock valued at $7,919,000 after buying an additional 2,917 shares in the last quarter. Finally, Rhino Investment Partners Inc lifted its stake in shares of 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 valued at $6,447,000 after buying an additional 27,856 shares in the last quarter. Institutional investors 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.