Zacks Investment Research upgraded shares of Arrow Financial (NASDAQ:AROW – Get Rating) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The brokerage currently has $36.00 price target on the financial services provider’s stock.
According to Zacks, “Arrow Financial Corporation is registered as a bank holding company. They own two nationally chartered banks, Glens Falls National Bank and Trust Company, and Saratoga National Bank and Trust Company, as well as two non-bank subsidiaries, the operations of which are not significant. They own directly or indirectly all voting stock of all its subsidiaries. The business of the Company consists primarily of the ownership, supervision and control of its bank subsidiaries. “
Separately, StockNews.com started coverage on Arrow Financial in a report on Thursday, March 31st. They set a hold rating on the stock.
Arrow Financial (NASDAQ:AROW – Get Rating) last posted its quarterly earnings data on Tuesday, April 26th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.07. Arrow Financial had a return on equity of 13.64% and a net margin of 33.05%. As a group, research analysts predict that Arrow Financial will post 2.92 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.25%. Arrow Financial’s dividend payout ratio is 35.47%.
Several institutional investors and hedge funds have recently modified their holdings of AROW. Nisa Investment Advisors LLC acquired a new position in shares of Arrow Financial in the 1st quarter valued at about $25,000. City State Bank acquired a new position in shares of Arrow Financial in the 4th quarter valued at about $28,000. Great West Life Assurance Co. Can increased its holdings in shares of Arrow Financial by 71.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 944 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 395 shares during the period. Citigroup Inc. increased its holdings in shares of Arrow Financial by 52.1% in the 3rd quarter. Citigroup Inc. now owns 1,878 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 643 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Arrow Financial by 14.3% in the 3rd quarter. Royal Bank of Canada now owns 3,693 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 463 shares during the period. Institutional investors own 43.75% of the company’s stock.
Arrow Financial Company Profile (Get Rating)
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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.
- Get a free copy of the StockNews.com research report on Arrow Financial (AROW)
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