Hovde Group Boosts Arrow Financial (NASDAQ:AROW) Price Target to $34.50

Arrow Financial (NASDAQ:AROW) had its target price raised by investment analysts at Hovde Group from $33.50 to $34.50 in a report released on Monday, MarketBeat.com reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s price target suggests a potential downside of 2.65% from the company’s current price.

AROW has been the topic of several other research reports. Wall Street Zen downgraded Arrow Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $31.25.

Arrow Financial Stock Performance

NASDAQ AROW opened at $35.44 on Monday. The company has a market capitalization of $582.63 million, a PE ratio of 13.37 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. Arrow Financial has a 52-week low of $22.72 and a 52-week high of $35.63. The company has a 50-day simple moving average of $32.08 and a 200 day simple moving average of $29.68.

Arrow Financial (NASDAQ:AROW) last released its earnings results on Thursday, January 29th. The financial services provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04. 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 for the quarter, compared to analysts’ expectations of $43.40 million. On average, research analysts predict that Arrow Financial will post 2.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director Daniel James White acquired 1,644 shares of the firm’s 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 purchase, the director owned 6,890 shares in the company, valued at $207,664.60. This trade represents a 31.34% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David S. Demarco bought 3,035 shares of the business’s stock in a transaction on Wednesday, December 24th. The stock was bought at an average price of $31.78 per share, with a total value of $96,452.30. Following the purchase, the chief executive officer owned 3,035 shares in the company, valued at $96,452.30. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 3.28% of the company’s stock.

Hedge Funds Weigh In On Arrow Financial

Hedge funds have recently bought and sold shares of the company. SummerHaven Investment Management LLC bought a new position in shares of Arrow Financial in the third quarter worth $871,000. Los Angeles Capital Management LLC purchased a new position in Arrow Financial during the second quarter worth about $276,000. Midwest Trust Co purchased a new position in Arrow Financial during the second quarter worth about $445,000. Johnson Investment Counsel Inc. increased its stake in Arrow Financial by 0.9% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 59,622 shares of the financial services provider’s stock worth $1,575,000 after acquiring an additional 520 shares during the last quarter. Finally, Atria Investments Inc raised its holdings in shares of Arrow Financial by 20.8% in the 2nd quarter. Atria Investments Inc now owns 25,512 shares of the financial services provider’s stock valued at $674,000 after acquiring an additional 4,399 shares in the last quarter. Hedge funds and other 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.