Arrow Financial (NASDAQ:AROW) Posts Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Arrow Financial (NASDAQ:AROW) announced its quarterly earnings data on Thursday. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.14), FiscalAI reports. Arrow Financial had a return on equity of 12.25% and a net margin of 20.56%.The firm had revenue of $44.19 million during the quarter, compared to analysts’ expectations of $45.51 million.

Arrow Financial Stock Performance

Shares of NASDAQ AROW opened at $39.45 on Friday. The stock has a market cap of $652.11 million, a price-to-earnings ratio of 12.73 and a beta of 0.76. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.06. Arrow Financial has a 1-year low of $25.83 and a 1-year high of $42.70. The stock’s 50-day moving average is $39.09 and its 200 day moving average is $36.00.

Arrow Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, August 11th. Arrow Financial’s dividend payout ratio (DPR) is currently 38.83%.

Analyst Ratings Changes

AROW has been the subject of a number of research reports. Weiss Ratings upgraded shares of Arrow Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Zacks Research upgraded Arrow Financial to a “hold” rating in a research report on Monday, June 15th. Piper Sandler assumed coverage on shares of Arrow Financial in a research note on Friday, June 12th. They issued an “overweight” rating and a $43.00 target price on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Arrow Financial in a research note on Thursday, June 25th. They issued a “market perform” rating and a $42.00 price target for the company. Finally, Wall Street Zen lowered shares of Arrow Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.83.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Mark Behan sold 4,110 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $38.59, for a total value of $158,604.90. Following the completion of the sale, the director owned 8,929 shares of the company’s stock, valued at $344,570.11. This represents a 31.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arrow Financial

Several institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its position in Arrow Financial by 31.0% in the 1st quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 2,949 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Arrow Financial by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider’s stock valued at $258,000 after buying an additional 390 shares during the period. Jane Street Group LLC boosted its position in Arrow Financial by 131.3% during the first quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider’s stock valued at $717,000 after buying an additional 15,482 shares during the period. Acadian Asset Management LLC bought a new position in shares of Arrow Financial during the first quarter valued at about $311,000. Finally, Rhumbline Advisers grew its stake 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 valued at $669,000 after buying an additional 367 shares during the last quarter. Institutional investors own 46.71% of the company’s stock.

Arrow Financial Company Profile

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.