Arrow Financial (NASDAQ:AROW) Issues Earnings Results

Arrow Financial (NASDAQ:AROW) announced its quarterly earnings data on Thursday. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.14), FiscalAI reports. The company had revenue of $44.19 million for the quarter, compared to analysts’ expectations of $45.51 million. Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%.

Arrow Financial Trading Down 3.9%

Shares of AROW opened at $39.14 on Friday. The stock has a market capitalization of $646.98 million, a PE ratio of 12.67 and a beta of 0.76. The company’s fifty day moving average is $39.01 and its 200 day moving average is $35.97. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. Arrow Financial has a fifty-two week low of $25.83 and a fifty-two week high of $42.70.

Arrow Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, August 11th. Arrow Financial’s payout ratio is currently 38.83%.

Analyst Ratings Changes

AROW has been the subject of a number of research reports. Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Zacks Research upgraded shares of Arrow Financial to a “hold” rating in a report on Monday, June 15th. Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, April 27th. Piper Sandler assumed coverage on shares of Arrow Financial in a report on Friday, June 12th. They set an “overweight” rating and a $43.00 price objective for the company. Finally, Keefe, Bruyette & Woods started coverage on Arrow Financial in a research report on Thursday, June 25th. They set a “market perform” rating and a $42.00 price objective for the company. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $39.83.

Insider Buying and Selling

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of Arrow Financial stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $38.59, for a total value of $158,604.90. Following the completion of the transaction, the director directly owned 8,929 shares of the company’s stock, valued at $344,570.11. This trade represents a 31.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 3.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co boosted its stake in Arrow Financial by 27.7% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,557 shares of the financial services provider’s stock worth $49,000 after buying an additional 338 shares during the period. Rhumbline Advisers raised its stake in shares of Arrow Financial by 1.5% in the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock valued at $669,000 after acquiring an additional 367 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Arrow Financial by 4.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after acquiring an additional 390 shares during the period. Royal Bank of Canada lifted 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 acquiring an additional 571 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Arrow Financial by 67.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares during the last quarter. Institutional investors own 46.71% of the company’s stock.

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.