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

Arrow Financial Corporation (NASDAQ:AROW) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $38.16 and last traded at $37.5550, with a volume of 16750 shares changing hands. The stock had previously closed at $37.46.

Analysts Set New Price Targets

AROW has been the topic of several analyst reports. Weiss Ratings raised Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Arrow Financial presently has an average rating of “Moderate Buy” and a consensus price target of $34.50.

Arrow Financial Stock Performance

The company has a market cap of $613.51 million, a price-to-earnings ratio of 12.01 and a beta of 0.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a 50-day moving average price of $36.05 and a 200 day moving average price of $33.83.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The company had revenue of $53.39 million for the quarter, compared to analyst estimates of $43.80 million. Arrow Financial had a return on equity of 12.38% and a net margin of 20.72%.

Arrow Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, May 12th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, May 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.2%. Arrow Financial’s dividend payout ratio (DPR) is presently 38.83%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Segall Bryant & Hamill LLC bought a new position in Arrow Financial in the fourth quarter valued at approximately $2,175,000. Arrowstreet Capital Limited Partnership lifted 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 buying an additional 47,752 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Arrow Financial in the first quarter valued at approximately $995,000. Millennium Management LLC acquired a new stake in shares of Arrow Financial in the third quarter valued at approximately $834,000. Finally, Rhino Investment Partners Inc lifted its position in shares of Arrow Financial by 13.9% in the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock valued at $6,447,000 after buying an additional 27,856 shares during the last quarter. 46.71% of the stock is currently owned by institutional investors.

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.