Arrow Financial (NASDAQ:AROW) Given New $32.00 Price Target at Hovde Group

Arrow Financial (NASDAQ:AROW) had its price objective trimmed by Hovde Group from $34.50 to $32.00 in a report released on Friday, Marketbeat Ratings reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

Separately, Piper Sandler assumed coverage on Arrow Financial in a research report on Friday, December 20th. They set a “neutral” rating and a $32.00 price objective for the company.

Arrow Financial Price Performance

AROW stock opened at $28.49 on Friday. The company’s 50-day moving average price is $31.11 and its two-hundred day moving average price is $29.18. Arrow Financial has a 12 month low of $21.50 and a 12 month high of $34.63. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a market cap of $476.89 million, a P/E ratio of 14.54 and a beta of 0.75.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $57.58 million during the quarter. Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%.

Arrow Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were paid a $0.28 dividend. This is an increase from Arrow Financial’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.12 annualized dividend and a yield of 3.93%. Arrow Financial’s dividend payout ratio is presently 57.14%.

Insider Buying and Selling at Arrow Financial

In other news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $28.04, for a total transaction of $56,080.00. Following the sale, the director now directly owns 41,176 shares of the company’s stock, valued at approximately $1,154,575.04. This trade represents a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 6,000 shares of company stock worth $178,460 over the last quarter. Corporate insiders own 3.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its holdings in Arrow Financial by 13.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider’s stock worth $99,000 after acquiring an additional 398 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Arrow Financial in the third quarter worth $164,000. IFG Advisory LLC acquired a new stake in Arrow Financial in the second quarter valued at $207,000. Carl P. Sherr & Co. LLC bought a new position in Arrow Financial during the 3rd quarter worth $216,000. Finally, Atria Investments Inc lifted its holdings in Arrow Financial by 32.6% during the 3rd quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock worth $483,000 after buying an additional 4,148 shares during the period. Institutional investors and hedge funds own 46.71% of the company’s stock.

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 enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.