Arrow Financial Corporation (NASDAQ:AROW) Stock Has Average Price Target of $41.62

Arrow Financial Corporation (NASDAQ:AROW) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $41.62.

Several equities research analysts recently commented on the stock. Piper Sandler reissued an “overweight” rating and set a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a research note on Tuesday, July 28th. Raymond James Financial initiated coverage on shares of Arrow Financial in a research note on Tuesday, September 1st. They set an “outperform” rating and a $44.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on Arrow Financial in a research report on Thursday, June 25th. They issued a “market perform” rating and a $42.00 price target on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Arrow Financial in a research note on Friday, July 24th. Finally, Zacks Research upgraded Arrow Financial to a “hold” rating in a research note on Monday, June 15th.

Hedge Funds Weigh In On Arrow Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Arrow Financial in the second quarter worth about $57,377,000. Dimensional Fund Advisors LP grew its holdings in shares of Arrow Financial by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 730,471 shares of the financial services provider’s stock valued at $24,522,000 after buying an additional 1,937 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Arrow Financial during the second quarter valued at approximately $4,995,000. Rockefeller Capital Management L.P. increased its position in shares of Arrow Financial by 0.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider’s stock valued at $3,763,000 after acquiring an additional 511 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position 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 in the last quarter. 46.71% of the stock is currently owned by institutional investors.

Arrow Financial Price Performance

AROW opened at $36.38 on Friday. 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 cap of $673.76 million, a price-to-earnings ratio of 11.74 and a beta of 0.76. The stock has a fifty day simple moving average of $38.39 and a two-hundred day simple moving average of $37.95. Arrow Financial has a 12-month low of $25.88 and a 12-month high of $42.70.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.14). The business had revenue of $44.19 million for the quarter, compared to the consensus estimate of $45.51 million. Arrow Financial had a net margin of 20.56% and a return on equity of 12.13%. Research analysts predict that Arrow Financial will post 3.53 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 11th. Arrow Financial’s payout ratio is 38.71%.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York. Through its banking subsidiaries, including Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company, the company provides financial services to individuals, families, businesses, municipalities and nonprofit organizations.

Arrow’s principal offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer and business loans, credit products, cash-management services and online banking.