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

Arrow Financial Corporation (NASDAQ:AROW) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $40.54 and last traded at $40.0810, with a volume of 14451 shares changing hands. The stock had previously closed at $39.95.

Analyst Ratings Changes

AROW has been the topic of several analyst reports. 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 target on the stock. Weiss Ratings raised Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Zacks Research upgraded Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Finally, Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Arrow Financial presently has a consensus rating of “Moderate Buy” and an average target price of $38.75.

Arrow Financial Stock Down 0.3%

The company has a market cap of $658.34 million, a PE ratio of 12.94 and a beta of 0.77. The business has a 50-day simple moving average of $37.05 and a 200-day simple moving average of $34.55. 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 posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, beating 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 analysts’ expectations of $43.80 million. Equities research analysts anticipate that Arrow Financial Corporation will post 3.8 EPS for the current year.

Arrow Financial Dividend Announcement

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

Insider Activity at Arrow Financial

In related news, Director Mark Behan sold 4,110 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total value of $158,604.90. Following the completion of the transaction, the director directly owned 8,929 shares of the company’s stock, valued at approximately $344,570.11. This represents a 31.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Arrow Financial

A number of large investors have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co grew its stake in Arrow Financial by 27.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 338 shares in the last quarter. Rhumbline Advisers lifted its stake in Arrow Financial by 1.5% in the 2nd quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 367 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 390 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Arrow Financial by 0.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider’s stock worth $3,763,000 after purchasing an additional 511 shares during the last quarter. Finally, Royal Bank of Canada grew its position in shares of Arrow Financial by 10.5% in the fourth quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 571 shares in the last quarter. Hedge funds and other 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.