Hovde Group Cuts Arrow Financial (NASDAQ:AROW) Price Target to $32.00

Arrow Financial (NASDAQ:AROW) had its price target lowered by analysts at Hovde Group from $34.50 to $32.00 in a report issued on Friday. The firm presently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 10.38% from the stock’s current price.

Separately, Piper Sandler initiated coverage on shares of Arrow Financial in a research note on Friday, December 20th. They issued a “neutral” rating and a $32.00 price objective for the company.

Arrow Financial Stock Performance

NASDAQ AROW opened at $28.99 on Friday. The stock has a market capitalization of $485.26 million, a price-to-earnings ratio of 14.79 and a beta of 0.75. The business’s 50 day moving average is $31.12 and its two-hundred day moving average is $29.15. Arrow Financial has a 12-month low of $21.50 and a 12-month high of $34.63. 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 (NASDAQ:AROW) last announced its quarterly earnings data on Thursday, October 31st. The financial services provider reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. Arrow Financial had a return on equity of 8.59% and a net margin of 15.00%. The firm had revenue of $57.58 million for the quarter.

Insider Activity

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $28.04, for a total value of $56,080.00. Following the sale, the director now owns 41,176 shares of the company’s stock, valued at $1,154,575.04. This represents a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 6,000 shares of company stock worth $178,460 over the last 90 days. 3.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in Arrow Financial by 12.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 129,326 shares of the financial services provider’s stock valued at $3,369,000 after buying an additional 13,829 shares during the last quarter. IFG Advisory LLC purchased a new stake in shares of Arrow Financial in the second quarter valued at $207,000. Rhumbline Advisers boosted its stake in shares of Arrow Financial by 6.4% during the second quarter. Rhumbline Advisers now owns 24,650 shares of the financial services provider’s stock valued at $642,000 after acquiring an additional 1,485 shares during the last quarter. Private Advisor Group LLC increased its position in Arrow Financial by 74.1% during the 2nd quarter. Private Advisor Group LLC now owns 19,934 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 8,483 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its stake in Arrow Financial by 2.8% in the 2nd quarter. ClariVest Asset Management LLC now owns 37,247 shares of the financial services provider’s stock valued at $970,000 after purchasing an additional 1,017 shares during the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Company Profile

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.