Arrow Financial (NASDAQ:AROW) Given “Overweight” Rating at Piper Sandler

Arrow Financial (NASDAQ:AROW)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a note issued to investors on Monday, Benzinga reports. They currently have a $45.00 price objective on the financial services provider’s stock, down from their previous price objective of $46.00. Piper Sandler‘s price target would suggest a potential upside of 14.88% from the company’s previous close.

A number of other brokerages also recently commented on AROW. Raymond James Financial started coverage on shares of Arrow Financial in a research report on Tuesday, September 1st. They issued an “outperform” rating and a $44.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Arrow Financial in a report on Thursday, October 22nd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.38.

Arrow Financial Stock Up 1.8%

Shares of NASDAQ AROW traded up $0.70 during trading hours on Monday, hitting $39.17. The company had a trading volume of 11,862 shares, compared to its average volume of 87,911. Arrow Financial has a 1-year low of $28.92 and a 1-year high of $42.70. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $37.91 and its 200-day moving average is $37.06. The stock has a market capitalization of $725.45 million, a P/E ratio of 14.85 and a beta of 0.75.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, October 29th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. Arrow Financial had a net margin of 16.56% and a return on equity of 13.18%. The business had revenue of $60.15 million for the quarter, compared to the consensus estimate of $57.82 million. On average, analysts expect that Arrow Financial will post 3.56 earnings per share for the current fiscal year.

Institutional Trading of Arrow Financial

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE bought a new position in shares of Arrow Financial during the second quarter worth approximately $1,309,000. Trust Co. of Vermont acquired a new stake in Arrow Financial during the 2nd quarter worth approximately $2,228,000. Bank of New York Mellon Corp acquired a new stake in Arrow Financial during the 2nd quarter worth approximately $3,663,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Arrow Financial in the 2nd quarter valued at $4,995,000. Finally, BlackRock Inc. bought a new stake in Arrow Financial in the 2nd quarter valued at $57,377,000. Institutional investors and hedge funds own 46.71% of the company’s stock.

About Arrow Financial

Arrow Financial Corporation (NASDAQ: AROW) is a bank holding company headquartered in Glens Falls, New York. Through its banking subsidiaries, the company provides commercial and consumer banking services to individuals, families, businesses and municipalities.

Arrow’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans, commercial lending, treasury management and online banking. Through affiliated businesses, it also provides investment management, trust and financial planning services, as well as insurance products.

The company’s banking operations serve communities primarily in eastern New York, including the Capital Region, the Adirondacks and the surrounding areas.