Arrow Financial (NASDAQ:AROW) has been assigned a $37.00 price objective by research analysts at Sandler O’Neill in a report released on Wednesday. The firm presently has a “hold” rating on the financial services provider’s stock. Sandler O’Neill’s target price would indicate a potential upside of 9.47% from the stock’s previous close.

Separately, BidaskClub cut Arrow Financial from a “hold” rating to a “sell” rating in a research report on Wednesday.

Arrow Financial (NASDAQ AROW) traded down $0.20 during mid-day trading on Wednesday, reaching $33.80. The company’s stock had a trading volume of 13,407 shares, compared to its average volume of 14,000. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.44. The company has a market cap of $467.89, a PE ratio of 16.98 and a beta of 0.65. Arrow Financial has a 1 year low of $30.70 and a 1 year high of $40.90.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.01). The firm had revenue of $26.79 million for the quarter. Arrow Financial had a return on equity of 11.68% and a net margin of 25.36%.

Arrow Financial declared that its Board of Directors has approved a share buyback program on Friday, October 27th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

In related news, SVP David S. Demarco sold 4,141 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $35.30, for a total value of $146,177.30. Following the transaction, the senior vice president now owns 22,448 shares in the company, valued at $792,414.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Thomas L. Hoy sold 1,300 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $35.16, for a total value of $45,708.00. The disclosure for this sale can be found here. Insiders sold 5,941 shares of company stock worth $209,435 in the last 90 days. 4.63% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northern Trust Corp increased its position in shares of Arrow Financial by 6.1% in the second quarter. Northern Trust Corp now owns 190,947 shares of the financial services provider’s stock worth $6,044,000 after purchasing an additional 11,021 shares during the period. Vanguard Group Inc. increased its position in shares of Arrow Financial by 0.8% in the second quarter. Vanguard Group Inc. now owns 585,803 shares of the financial services provider’s stock worth $18,540,000 after purchasing an additional 4,641 shares during the period. Arrow Financial Corp increased its position in shares of Arrow Financial by 2.9% in the third quarter. Arrow Financial Corp now owns 1,439,384 shares of the financial services provider’s stock worth $49,443,000 after purchasing an additional 40,738 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Arrow Financial by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 494,114 shares of the financial services provider’s stock worth $15,639,000 after purchasing an additional 26,749 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Arrow Financial by 35.8% in the third quarter. First Trust Advisors LP now owns 28,731 shares of the financial services provider’s stock worth $987,000 after purchasing an additional 7,567 shares during the period. Institutional investors own 39.97% of the company’s stock.

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About Arrow Financial

Arrow Financial Corporation (Arrow) is a bank holding company. The Company’s banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and Saratoga National Bank and Trust Company (Saratoga National). It operates in community banking industry segment. The Company’s business consists primarily of the ownership, supervision and control of its two banks.

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