Arrow Financial (NASDAQ:AROW) Price Target Lowered to $32.00 at Hovde Group

Arrow Financial (NASDAQ:AROW) had its target price cut by Hovde Group from $34.50 to $32.00 in a research note released on Friday morning, Marketbeat reports. They currently have a market perform rating on the financial services provider’s stock.

Separately, Piper Sandler started coverage on Arrow Financial in a report on Friday, December 20th. They set a “neutral” rating and a $32.00 price target on the stock.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $28.49 on Friday. The company has a market capitalization of $476.89 million, a PE ratio of 14.54 and a beta of 0.75. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. Arrow Financial has a twelve month low of $21.50 and a twelve month high of $34.63. The firm has a fifty day simple moving average of $31.11 and a 200 day simple moving average of $29.18.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%. The company had revenue of $57.58 million for the quarter.

Arrow Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend was Tuesday, October 15th. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio is 57.14%.

Insider Activity at Arrow Financial

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total transaction of $56,080.00. Following the transaction, the director now owns 41,176 shares in the company, valued at approximately $1,154,575.04. This represents a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 6,000 shares of company stock valued at $178,460 in the last three months. Corporate insiders own 3.55% of the company’s stock.

Institutional Investors Weigh In On Arrow Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Arrow Financial by 137.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,702 shares of the financial services provider’s stock valued at $536,000 after purchasing an additional 10,838 shares during the last quarter. Barclays PLC boosted its position in shares of Arrow Financial by 251.9% during the third quarter. Barclays PLC now owns 21,411 shares of the financial services provider’s stock valued at $614,000 after buying an additional 15,327 shares during the last quarter. State Street Corp grew its holdings in Arrow Financial by 0.3% during the third quarter. State Street Corp now owns 393,719 shares of the financial services provider’s stock worth $11,284,000 after buying an additional 1,022 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in Arrow Financial by 0.9% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 118,630 shares of the financial services provider’s stock valued at $3,400,000 after buying an additional 1,100 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in Arrow Financial by 0.4% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 116,867 shares of the financial services provider’s stock valued at $3,349,000 after acquiring an additional 454 shares in the last quarter. 46.71% of the stock is owned by institutional investors.

Arrow Financial Company Profile

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company’s deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.