Hovde Group Cuts Arrow Financial (NASDAQ:AROW) Price Target to $32.00

Arrow Financial (NASDAQ:AROW) had its price target decreased by Hovde Group from $34.50 to $32.00 in a research report report published on Friday, MarketBeat Ratings reports. Hovde Group currently has a market perform rating on the financial services provider’s stock.

Separately, Piper Sandler began coverage on shares of Arrow Financial in a research note on Friday, December 20th. They set a “neutral” rating and a $32.00 price target for the company.

Arrow Financial Stock Down 1.7 %

Shares of NASDAQ AROW opened at $28.49 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The company has a 50-day moving average price of $31.11 and a 200-day moving average price of $29.25. The stock has a market capitalization of $476.89 million, a P/E ratio of 14.54 and a beta of 0.75. Arrow Financial has a 1 year low of $21.50 and a 1 year high of $34.63.

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

Arrow Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, October 15th. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 3.93%. Arrow Financial’s dividend payout ratio is currently 57.14%.

Insider Activity

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of Arrow Financial stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $32.69, for a total transaction of $65,380.00. Following the completion of the sale, the director now owns 37,859 shares of the company’s stock, valued at $1,237,610.71. The trade was a 5.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 6,000 shares of company stock worth $178,460 in the last three months. Corporate insiders own 3.55% of the company’s stock.

Institutional Investors Weigh In On Arrow Financial

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted 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 valued at $99,000 after acquiring an additional 398 shares during the period. SG Americas Securities LLC purchased a new position in Arrow Financial during the 3rd quarter valued at about $164,000. IFG Advisory LLC bought a new stake in shares of Arrow Financial in the 2nd quarter worth approximately $207,000. Carl P. Sherr & Co. LLC purchased a new stake in Arrow Financial during the 3rd quarter valued at about $216,000. Finally, Atria Investments Inc lifted its position in Arrow Financial by 32.6% in the 3rd quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 4,148 shares in the last quarter. 46.71% of the stock is currently owned by 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 enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.