Arrow Financial (NASDAQ:AROW) Reaches New 12-Month High – Here’s What Happened

Arrow Financial Corporation (NASDAQ:AROW) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $33.66 and last traded at $33.6280, with a volume of 22198 shares changing hands. The stock had previously closed at $32.41.

Wall Street Analyst Weigh In

A number of research firms have commented on AROW. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a research report on Monday, December 29th. Hovde Group downgraded Arrow Financial from an “outperform” rating to a “market perform” rating in a research report on Monday, January 12th. Finally, Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Arrow Financial has a consensus rating of “Hold” and a consensus target price of $30.75.

Arrow Financial Price Performance

The company has a fifty day moving average of $31.56 and a 200-day moving average of $29.34. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a market cap of $537.42 million, a PE ratio of 15.79 and a beta of 0.82.

Arrow Financial (NASDAQ:AROW) last announced its earnings results on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. The company had revenue of $8.07 million during the quarter, compared to analysts’ expectations of $41.00 million. Arrow Financial had a return on equity of 9.46% and a net margin of 14.65%. Sell-side analysts expect that Arrow Financial Corporation will post 2.65 EPS for the current fiscal year.

Arrow Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Wednesday, November 12th were issued a $0.29 dividend. The ex-dividend date was Wednesday, November 12th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.5%. Arrow Financial’s payout ratio is 56.04%.

Insider Buying and Selling

In other Arrow Financial news, CEO David S. Demarco bought 3,035 shares of Arrow Financial stock in a transaction on Wednesday, December 24th. The shares were bought at an average cost of $31.78 per share, for a total transaction of $96,452.30. Following the acquisition, the chief executive officer directly owned 3,035 shares in the company, valued at $96,452.30. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Penko Krassimir Ivanov purchased 1,620 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was acquired at an average price of $29.82 per share, with a total value of $48,308.40. Following the purchase, the chief financial officer owned 26,394 shares of the company’s stock, valued at approximately $787,069.08. This represents a 6.54% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 6,299 shares of company stock valued at $194,311 in the last ninety days. Company insiders own 3.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Edmp Inc. acquired a new stake in Arrow Financial in the 4th quarter valued at about $447,000. SG Americas Securities LLC purchased a new stake in shares of Arrow Financial during the fourth quarter worth approximately $142,000. JPMorgan Chase & Co. increased its stake in shares of Arrow Financial by 18.4% during the third quarter. JPMorgan Chase & Co. now owns 20,197 shares of the financial services provider’s stock worth $572,000 after buying an additional 3,141 shares during the period. Millennium Management LLC acquired a new stake in Arrow Financial in the third quarter valued at approximately $834,000. Finally, Two Sigma Investments LP lifted its stake in Arrow Financial by 29.3% in the third quarter. Two Sigma Investments LP now owns 61,486 shares of the financial services provider’s stock worth $1,740,000 after acquiring an additional 13,919 shares during the last quarter. 46.71% of the stock is owned by institutional investors and hedge funds.

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.