Arrow Financial (NASDAQ:AROW) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler started coverage on shares of Arrow Financial (NASDAQ:AROW - Free Report) in a research report sent to investors on Friday morning, Marketbeat reports. The firm issued a neutral rating and a $32.00 price target on the financial services provider's stock.

Separately, Hovde Group initiated coverage on Arrow Financial in a research report on Monday, September 9th. They set a "market perform" rating and a $31.00 target price for the company.

Arrow Financial Trading Up 1.2 %

Shares of NASDAQ:AROW traded up $0.35 during trading on Friday, hitting $29.00. 87,670 shares of the company's stock were exchanged, compared to its average volume of 41,981. The firm has a 50-day moving average price of $31.18 and a two-hundred day moving average price of $29.05. Arrow Financial has a 1-year low of $21.50 and a 1-year high of $34.63. The firm has a market cap of $485.43 million, a P/E ratio of 14.80 and a beta of 0.75. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued 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 company 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.86%. This is a boost from Arrow Financial's previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Tuesday, October 15th. Arrow Financial's dividend payout ratio (DPR) is currently 57.14%.

Insider Activity

In other Arrow Financial news, Director Raymond F. O'conor sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 in the company, valued at approximately $1,154,575.04. This trade represents a 4.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 6,000 shares of company stock valued at $178,460 in the last quarter. Company insiders own 3.55% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Arrow Financial Corp lifted its position in Arrow Financial by 1.2% in the 3rd quarter. Arrow Financial Corp now owns 1,969,793 shares of the financial services provider's stock valued at $56,454,000 after acquiring an additional 23,198 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Arrow Financial by 13.7% in the 2nd quarter. American Century Companies Inc. now owns 266,651 shares of the financial services provider's stock valued at $6,946,000 after purchasing an additional 32,158 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Arrow Financial by 4.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 700,253 shares of the financial services provider's stock valued at $18,241,000 after purchasing an additional 31,268 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Arrow Financial by 136.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 55,050 shares of the financial services provider's stock valued at $1,578,000 after purchasing an additional 31,741 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Arrow Financial by 13.0% during the third quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider's stock worth $99,000 after buying an additional 398 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.