Arrow Financial (NASDAQ:AROW) Hits New 52-Week High – Still a Buy?

Arrow Financial Corporation (NASDAQ:AROW) hit a new 52-week high during trading on Monday . The company traded as high as $38.16 and last traded at $37.5550, with a volume of 16750 shares trading hands. The stock had previously closed at $37.46.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.50.

Arrow Financial Stock Down 0.9%

The business has a 50-day simple moving average of $36.05 and a two-hundred day simple moving average of $33.83. The stock has a market capitalization of $613.51 million, a P/E ratio of 12.01 and a beta of 0.77. 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 announced its earnings results on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, topping the consensus estimate 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%.

Arrow Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s dividend payout ratio is presently 38.83%.

Hedge Funds Weigh In On Arrow Financial

Several large investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in shares of Arrow Financial by 16.5% during the first quarter. Bank of America Corp DE now owns 32,696 shares of the financial services provider’s stock valued at $1,098,000 after acquiring an additional 4,641 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Arrow Financial by 17.0% during the first quarter. Quantinno Capital Management LP now owns 30,989 shares of the financial services provider’s stock valued at $1,040,000 after acquiring an additional 4,510 shares during the period. Lazard Asset Management LLC acquired a new position in shares of Arrow Financial during the first quarter valued at $995,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Arrow Financial by 71.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 114,449 shares of the financial services provider’s stock valued at $3,842,000 after acquiring an additional 47,752 shares during the period. Finally, Sei Investments Co. acquired a new position in shares of Arrow Financial during the first quarter valued at $628,000. Institutional investors and hedge funds 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.