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

Arrow Financial (NASDAQ:AROW - Free Report) had its price objective trimmed by Hovde Group from $34.50 to $32.00 in a report published on Friday morning, Marketbeat reports. The firm currently has a market perform rating on the financial services provider's stock.

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

Arrow Financial Price Performance

Shares of NASDAQ AROW traded down $0.50 during mid-day trading on Friday, reaching $28.49. The company's stock had a trading volume of 32,760 shares, compared to its average volume of 41,778. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. Arrow Financial has a 52 week low of $21.50 and a 52 week high of $34.63. The stock has a fifty day moving average of $31.11 and a two-hundred day moving average of $29.18. The firm has a market capitalization of $476.89 million, a PE ratio of 14.54 and a beta of 0.75.

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

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Tuesday, October 15th. This is a boost from Arrow Financial's previous quarterly dividend of $0.27. Arrow Financial's dividend payout ratio (DPR) is 57.14%.

Insider Activity at Arrow Financial

In other news, Director Raymond F. O'conor sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $32.69, for a total transaction of $65,380.00. Following the transaction, the director now owns 37,859 shares in the company, valued at $1,237,610.71. This trade represents a 5.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 6,000 shares of company stock worth $178,460 in the last three months. Company insiders own 3.55% of the company's stock.

Institutional Trading of Arrow Financial

Several institutional investors have recently modified their holdings of AROW. BNP Paribas Financial Markets lifted its stake in Arrow Financial by 13.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider's stock valued at $99,000 after buying an additional 398 shares in the last quarter. SG Americas Securities LLC purchased a new position in Arrow Financial in the third quarter worth approximately $164,000. IFG Advisory LLC acquired a new stake in Arrow Financial during the second quarter worth $207,000. Carl P. Sherr & Co. LLC purchased a new stake in Arrow Financial in the third quarter valued at $216,000. Finally, Atria Investments Inc lifted its stake in shares of 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 purchasing an additional 4,148 shares during the last quarter. Institutional investors and hedge funds own 46.71% of the company's stock.

About Arrow Financial

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.