Arrow Financial (NASDAQ:AROW) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Arrow Financial (NASDAQ:AROW) issued its earnings results on Thursday. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.04, FiscalAI reports. Arrow Financial had a net margin of 18.12% and a return on equity of 10.92%. The firm had revenue of $43.65 million during the quarter, compared to analysts’ expectations of $43.40 million.

Arrow Financial Stock Performance

Shares of AROW stock opened at $33.81 on Friday. 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 has a 12-month low of $22.72 and a 12-month high of $34.57. The business’s 50 day moving average is $31.90 and its two-hundred day moving average is $29.53. The company has a market capitalization of $555.84 million, a P/E ratio of 12.76 and a beta of 0.82.

Arrow Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th will be given a dividend of $0.30 per share. This is an increase from Arrow Financial’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, February 11th. Arrow Financial’s dividend payout ratio (DPR) is currently 56.04%.

Wall Street Analyst Weigh In

AROW has been the subject of a number of recent research reports. Wall Street Zen lowered Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arrow Financial in a research report on Monday, December 29th. Finally, Hovde Group downgraded Arrow Financial from an “outperform” rating to a “market perform” rating in a report on Monday, January 12th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.75.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Daniel James White bought 1,644 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $30.14 per share, for a total transaction of $49,550.16. Following the transaction, the director directly owned 6,890 shares of the company’s stock, valued at approximately $207,664.60. This represents a 31.34% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Penko Krassimir Ivanov purchased 1,620 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was bought at an average cost of $29.82 per share, for a total transaction of $48,308.40. Following the purchase, the chief financial officer directly owned 26,394 shares in the company, valued at $787,069.08. This trade represents a 6.54% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 6,299 shares of company stock valued at $194,311 in the last three months. 3.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of AROW. Marshall Wace LLP acquired a new position in shares of Arrow Financial during the second quarter valued at approximately $616,000. First Trust Advisors LP increased its position in shares of Arrow Financial by 4.1% during the second quarter. First Trust Advisors LP now owns 56,976 shares of the financial services provider’s stock worth $1,505,000 after purchasing an additional 2,220 shares in the last quarter. Rhumbline Advisers increased its position in shares of Arrow Financial by 1.5% during the second quarter. Rhumbline Advisers now owns 25,307 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 367 shares in the last quarter. Jane Street Group LLC raised its stake in Arrow Financial by 131.3% in the 1st quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock valued at $717,000 after purchasing an additional 15,482 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Arrow Financial by 100.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,224 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 1,612 shares in the last quarter. Institutional investors and hedge funds own 46.71% of the company’s stock.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.