Arrow Financial (NASDAQ:AROW) Upgraded at Keefe, Bruyette & Woods

Arrow Financial (NASDAQ:AROW) was upgraded by equities researchers at Keefe, Bruyette & Woods to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages have also recently weighed in on AROW. Weiss Ratings upgraded Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Piper Sandler assumed coverage on shares of Arrow Financial in a research note on Friday, June 12th. They issued an “overweight” rating and a $43.00 target price on the stock. Zacks Research raised shares of Arrow Financial to a “hold” rating in a research note on Monday, June 15th. Finally, Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two investment 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, the stock has a consensus rating of “Hold” and a consensus target price of $39.83.

Arrow Financial Stock Down 0.5%

Shares of Arrow Financial stock opened at $40.14 on Wednesday. The firm has a market cap of $663.51 million, a price-to-earnings ratio of 12.99 and a beta of 0.77. The stock’s 50-day moving average is $37.21 and its 200 day moving average is $34.68. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92. Arrow Financial has a one year low of $25.83 and a one year high of $40.54.

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

Insiders Place Their Bets

In related news, Director Mark Behan sold 4,110 shares of the 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 completion of the sale, the director directly owned 8,929 shares in the company, valued at $344,570.11. This represents a 31.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in Arrow Financial by 16.5% during the 1st quarter. Bank of America Corp DE now owns 32,696 shares of the financial services provider’s stock valued at $1,098,000 after buying an additional 4,641 shares during the last quarter. Quantinno Capital Management LP grew its holdings in Arrow Financial by 17.0% in the 1st quarter. Quantinno Capital Management LP now owns 30,989 shares of the financial services provider’s stock worth $1,040,000 after acquiring an additional 4,510 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Arrow Financial in the 1st quarter worth $995,000. Arrowstreet Capital Limited Partnership increased its position in shares of Arrow Financial by 71.6% in 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. bought a new position in shares of Arrow Financial during the first quarter valued at about $628,000. 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.