Arrow Financial (NASDAQ:AROW) Now Covered by Hovde Group

Equities researchers at Hovde Group started coverage on shares of Arrow Financial (NASDAQ:AROW) in a research note issued to investors on Monday, StockNewsAPI reports. The brokerage set a “market perform” rating and a $31.00 price target on the financial services provider’s stock. Hovde Group’s price objective would indicate a potential upside of 8.47% from the stock’s current price.

Separately, StockNews.com raised Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th.

Arrow Financial Stock Performance

AROW opened at $28.58 on Monday. The stock’s 50 day moving average price is $28.79 and its two-hundred day moving average price is $25.75. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07. Arrow Financial has a 12-month low of $16.65 and a 12-month high of $32.92. The firm has a market capitalization of $478.14 million, a P/E ratio of 16.62 and a beta of 0.73.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter. Arrow Financial had a return on equity of 8.46% and a net margin of 14.94%. The firm had revenue of $55.83 million during the quarter.

Insider Buying and Selling at Arrow Financial

In other news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.09, for a total transaction of $60,180.00. Following the transaction, the director now owns 43,176 shares in the company, valued at $1,299,165.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.55% of the company’s stock.

Institutional Trading of Arrow Financial

Several hedge funds and other institutional investors have recently made changes to their positions in AROW. Acadian Asset Management LLC acquired a new position in Arrow Financial in the first quarter valued at approximately $157,000. BNP Paribas Financial Markets grew its stake in Arrow Financial by 90.9% in the 1st quarter. BNP Paribas Financial Markets now owns 7,263 shares of the financial services provider’s stock valued at $182,000 after purchasing an additional 3,459 shares during the period. IFG Advisory LLC bought a new position in Arrow Financial in the 2nd quarter valued at $207,000. State Board of Administration of Florida Retirement System bought a new position in Arrow Financial in the 1st quarter valued at $201,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new position in Arrow Financial in the 4th quarter valued at $230,000. 46.71% of the stock is currently owned by institutional investors.

About Arrow Financial

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.