Arrow Financial (NASDAQ:AROW) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Arrow Financial (NASDAQ:AROW) from a hold rating to a buy rating in a research note issued to investors on Saturday.

AROW has been the topic of several other reports. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a report on Monday, December 29th. Hovde Group increased their price target on Arrow Financial from $33.50 to $34.50 and gave the company a “market perform” rating in a report on Monday, February 2nd. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Arrow Financial currently has an average rating of “Hold” and an average price target of $31.25.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $33.45 on Friday. The firm has a 50-day simple moving average of $33.48 and a 200-day simple moving average of $30.83. The stock has a market capitalization of $549.92 million, a price-to-earnings ratio of 12.62 and a beta of 0.81. 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 52 week low of $22.72 and a 52 week high of $36.44.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.04. Arrow Financial had a net margin of 18.12% and a return on equity of 10.92%. The firm had revenue of $43.65 million for the quarter, compared to the consensus estimate of $43.40 million. On average, equities analysts predict that Arrow Financial will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.6%. This is a boost from Arrow Financial’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Wednesday, February 11th. Arrow Financial’s payout ratio is presently 45.28%.

Insiders Place Their Bets

In other news, CEO David S. Demarco purchased 3,035 shares of the company’s stock in a transaction dated Wednesday, December 24th. The stock was acquired at an average price of $31.78 per share, with a total value of $96,452.30. Following the purchase, the chief executive officer directly owned 3,035 shares in the company, valued at approximately $96,452.30. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 3.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co increased 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 acquiring an additional 338 shares during the last quarter. Rhumbline Advisers raised its position in 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 purchasing an additional 367 shares during the period. Johnson Investment Counsel Inc. lifted its stake in shares of Arrow Financial by 0.6% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 59,992 shares of the financial services provider’s stock valued at $1,698,000 after purchasing an additional 370 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Arrow Financial by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 390 shares during the period. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Arrow Financial by 0.5% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 118,825 shares of the financial services provider’s stock worth $3,139,000 after purchasing an additional 538 shares during the period. 46.71% of the stock is currently owned by institutional investors and hedge funds.

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.