Arrow Financial (NASDAQ:AROW) Releases Earnings Results, Misses Estimates By $0.14 EPS

Arrow Financial (NASDAQ:AROW) issued its earnings results on Thursday. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.14), FiscalAI reports. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.

Arrow Financial Price Performance

Shares of AROW stock traded down $1.60 on Thursday, reaching $39.12. The company’s stock had a trading volume of 28,379 shares, compared to its average volume of 90,123. The stock’s fifty day simple moving average is $38.94 and its 200-day simple moving average is $35.92. Arrow Financial has a 1 year low of $25.83 and a 1 year high of $42.70. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $646.74 million, a price-to-earnings ratio of 12.64 and a beta of 0.76.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, May 12th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, May 12th. Arrow Financial’s dividend payout ratio is currently 38.83%.

Wall Street Analysts Forecast Growth

AROW has been the topic of several research analyst reports. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Zacks Research upgraded Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Keefe, Bruyette & Woods initiated coverage on Arrow Financial in a research note on Thursday, June 25th. They set a “market perform” rating and a $42.00 target price 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. Finally, Piper Sandler initiated coverage on Arrow Financial in a research note on Friday, June 12th. They issued an “overweight” rating and a $43.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Arrow Financial currently has a consensus rating of “Hold” and an average price target of $39.83.

Insiders Place Their Bets

In related news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total transaction of $158,604.90. Following the sale, the director owned 8,929 shares of the company’s stock, valued at $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.48% of the company’s stock.

Institutional Trading of Arrow Financial

Several hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. grew its position in Arrow Financial by 2,045.1% in the third quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,452 shares in the last quarter. BNP Paribas Financial Markets raised its position in Arrow Financial by 67.2% during the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of 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 purchasing an additional 338 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of 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 purchasing an additional 1,802 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Arrow Financial by 10.5% in the 4th quarter. Royal Bank of Canada now owns 6,003 shares of the financial services provider’s stock worth $188,000 after purchasing an additional 571 shares during the period. 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.