Arrow Financial (NASDAQ:AROW) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Arrow Financial (NASDAQ:AROW) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $33.00 price objective on the financial services provider’s stock.

According to Zacks, “Arrow Financial Corporation is registered as a bank holding company. They own two nationally chartered banks, Glens Falls National Bank and Trust Company, and Saratoga National Bank and Trust Company, as well as two non-bank subsidiaries, the operations of which are not significant. They own directly or indirectly all voting stock of all its subsidiaries. The business of the Company consists primarily of the ownership, supervision and control of its bank subsidiaries. “

Separately, BidaskClub upgraded shares of Arrow Financial from a strong sell rating to a sell rating in a research note on Wednesday.

AROW traded up $0.04 on Wednesday, hitting $28.82. 661 shares of the company were exchanged, compared to its average volume of 32,346. The company has a market cap of $439.34 million, a price-to-earnings ratio of 11.67 and a beta of 0.59. Arrow Financial has a twelve month low of $20.78 and a twelve month high of $38.31. The firm has a 50-day moving average price of $28.29 and a two-hundred day moving average price of $29.10. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.24.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.07. The company had revenue of $32.01 million during the quarter, compared to analysts’ expectations of $30.58 million. Arrow Financial had a return on equity of 12.15% and a net margin of 26.09%. Equities analysts expect that Arrow Financial will post 2.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, September 2nd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Tuesday, September 1st. Arrow Financial’s dividend payout ratio (DPR) is 41.60%.

In related news, Chairman Thomas L. Hoy bought 3,000 shares of the stock in a transaction on Friday, July 31st. The shares were bought at an average cost of $27.41 per share, for a total transaction of $82,230.00. Following the completion of the transaction, the chairman now owns 194,157 shares of the company’s stock, valued at approximately $5,321,843.37. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Arrow Financial by 0.8% in the first quarter. BlackRock Inc. now owns 1,113,196 shares of the financial services provider’s stock valued at $31,025,000 after purchasing an additional 8,916 shares during the period. Vanguard Group Inc. grew its stake in Arrow Financial by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 735,237 shares of the financial services provider’s stock valued at $21,859,000 after purchasing an additional 18,266 shares in the last quarter. Geode Capital Management LLC increased its holdings in Arrow Financial by 4.9% during the 1st quarter. Geode Capital Management LLC now owns 199,729 shares of the financial services provider’s stock worth $5,565,000 after purchasing an additional 9,285 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Arrow Financial by 11.7% in the 4th quarter. Bank of New York Mellon Corp now owns 107,771 shares of the financial services provider’s stock valued at $4,073,000 after purchasing an additional 11,283 shares in the last quarter. Finally, First Republic Investment Management Inc. boosted its stake in shares of Arrow Financial by 0.4% during the 2nd quarter. First Republic Investment Management Inc. now owns 97,284 shares of the financial services provider’s stock valued at $2,892,000 after buying an additional 345 shares during the last quarter. 42.55% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Company Profile

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and improvements to commercial properties, as well as commercial construction and land development loans to finance projects.

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