Key Points
- Director Daniel James White bought 1,644 shares on November 10 at an average price of $30.14, increasing his stake to 6,890 shares (a 31.34% rise) as disclosed in an SEC filing.
- Arrow Financial declared a quarterly dividend of $0.29 (ex-dividend date Nov 12, payable Nov 24), representing an annualized $1.16 and a 3.8% yield with a payout ratio of about 56%.
- The company reported Q earnings of $0.77 EPS (beating estimates of $0.72), has a market cap of $507.3M and a P/E of 16.83, while analysts hold a consensus “Hold” rating with an average target of $30.75 (Hovde raised its rating to Outperform, $33.50 target).
Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) Director Daniel James White acquired 1,644 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $30.14 per share, for a total transaction of $49,550.16. Following the completion of the transaction, the director directly owned 6,890 shares of the company's stock, valued at $207,664.60. This represents a 31.34% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.
Arrow Financial Stock Up 0.7%
AROW stock traded up $0.20 during midday trading on Thursday, reaching $30.80. The company had a trading volume of 2,901 shares, compared to its average volume of 41,909. 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 Corporation has a 1 year low of $22.72 and a 1 year high of $34.47. The company has a 50 day moving average of $28.36 and a two-hundred day moving average of $27.34. The company has a market capitalization of $507.25 million, a P/E ratio of 16.83 and a beta of 0.83.
Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its earnings results on Thursday, October 30th. The financial services provider reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.05. Arrow Financial had a return on equity of 8.64% and a net margin of 13.28%.The firm had revenue of $8.07 million for the quarter, compared to the consensus estimate of $41.00 million. On average, equities research analysts expect that Arrow Financial Corporation will post 2.65 earnings per share for the current fiscal year.
Arrow Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Wednesday, November 12th will be issued a $0.29 dividend. The ex-dividend date is Wednesday, November 12th. This represents a $1.16 dividend on an annualized basis and a yield of 3.8%. Arrow Financial's dividend payout ratio is currently 56.04%.
Institutional Trading of Arrow Financial
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its position in shares of Arrow Financial by 67.2% in the second quarter. BNP Paribas Financial Markets now owns 1,612 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 648 shares during the period. Russell Investments Group Ltd. raised its stake in Arrow Financial by 2,045.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,523 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 1,452 shares during the last quarter. CWM LLC boosted its holdings in Arrow Financial by 159.5% in the 3rd quarter. CWM LLC now owns 1,754 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 1,078 shares during the period. Tower Research Capital LLC TRC grew its position in Arrow Financial by 306.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,390 shares of the financial services provider's stock worth $63,000 after purchasing an additional 1,802 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Arrow Financial during the 2nd quarter worth about $198,000. Institutional investors and hedge funds own 46.71% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on AROW. Hovde Group raised shares of Arrow Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $28.50 to $33.50 in a research report on Friday, October 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Arrow Financial in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $30.75.
Read Our Latest Stock Analysis on Arrow Financial
About Arrow Financial
(
Get Free Report)
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.
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