Arrow Financial (NASDAQ:AROW) Price Target Cut to $32.00 by Analysts at Hovde Group

Arrow Financial (NASDAQ:AROW) had its price target cut by stock analysts at Hovde Group from $34.50 to $32.00 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s price target points to a potential upside of 12.32% from the stock’s current price.

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

Arrow Financial Stock Down 1.7 %

AROW stock opened at $28.49 on Friday. The stock has a market cap of $476.89 million, a P/E ratio of 14.54 and a beta of 0.75. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock’s fifty day simple moving average is $31.11 and its two-hundred day simple moving average is $29.22. Arrow Financial has a 1-year low of $21.50 and a 1-year high of $34.63.

Arrow Financial (NASDAQ:AROW) last released its earnings results on Thursday, October 31st. The financial services provider reported $0.53 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.53. The firm had revenue of $57.58 million for the quarter. Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%.

Insiders Place Their Bets

In other Arrow Financial news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $32.69, for a total value of $65,380.00. Following the sale, the director now directly owns 37,859 shares in the company, valued at $1,237,610.71. This represents a 5.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 6,000 shares of company stock worth $178,460 over the last 90 days. Corporate insiders own 3.55% of the company’s stock.

Institutional Trading of Arrow Financial

A number of large investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased its stake in Arrow Financial by 13.0% in the third quarter. BNP Paribas Financial Markets now owns 3,449 shares of the financial services provider’s stock valued at $99,000 after acquiring an additional 398 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Arrow Financial during the 3rd quarter valued at about $164,000. IFG Advisory LLC bought a new position in shares of Arrow Financial during the 2nd quarter valued at about $207,000. Carl P. Sherr & Co. LLC purchased a new position in shares of Arrow Financial during the 3rd quarter valued at about $216,000. Finally, Atria Investments Inc lifted its position in Arrow Financial by 32.6% in the 3rd quarter. Atria Investments Inc now owns 16,856 shares of the financial services provider’s stock worth $483,000 after buying an additional 4,148 shares during the last quarter. Institutional investors own 46.71% of the company’s stock.

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.