Arrow Financial (NASDAQ:AROW) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Arrow Financial (NASDAQ:AROW) to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

AROW has been the subject of a number of other reports. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings raised Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Finally, Piper Sandler assumed coverage on Arrow Financial in a research note on Friday. They issued an “overweight” rating and a $43.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Arrow Financial has an average rating of “Moderate Buy” and a consensus price target of $38.75.

Arrow Financial Stock Down 0.7%

Shares of AROW opened at $38.88 on Monday. Arrow Financial has a 52-week low of $24.57 and a 52-week high of $40.29. The company has a market capitalization of $642.69 million, a PE ratio of 12.58 and a beta of 0.77. The stock has a fifty day simple moving average of $36.72 and a two-hundred day simple moving average of $34.25. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, April 30th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.The business had revenue of $53.39 million during the quarter, compared to the consensus estimate of $43.80 million. As a group, equities analysts forecast that Arrow Financial will post 3.8 EPS for the current year.

Arrow Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s payout ratio is 38.83%.

Institutional Trading of Arrow Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its holdings in Arrow Financial by 2,045.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,452 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Arrow Financial by 27.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after buying an additional 338 shares during the period. BNP Paribas Financial Markets raised its holdings in Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock valued at $43,000 after buying an additional 648 shares during the period. Tower Research Capital LLC TRC raised its holdings in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,802 shares during the period. Finally, LSV Asset Management purchased a new stake in Arrow Financial in the 4th quarter valued at about $75,000. 46.71% of the stock is currently owned by hedge funds and other 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.