Arrow Financial Co. (NASDAQ:AROW – Get Rating) saw a significant increase in short interest in December. As of December 15th, there was short interest totalling 104,500 shares, an increase of 23.8% from the November 30th total of 84,400 shares. Based on an average daily volume of 22,400 shares, the days-to-cover ratio is presently 4.7 days.
Arrow Financial Stock Down 0.8 %
Shares of NASDAQ AROW opened at $33.90 on Friday. The stock has a market cap of $560.37 million, a PE ratio of 11.95 and a beta of 0.67. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. Arrow Financial has a 52-week low of $28.50 and a 52-week high of $36.99. The business has a 50-day moving average price of $34.30 and a 200 day moving average price of $32.90.
Arrow Financial (NASDAQ:AROW – Get Rating) last released its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.06. The firm had revenue of $38.73 million during the quarter, compared to the consensus estimate of $36.80 million. Arrow Financial had a return on equity of 13.15% and a net margin of 30.65%. Equities research analysts forecast that Arrow Financial will post 3.02 earnings per share for the current year.
Arrow Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Investors of record on Thursday, December 1st were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Wednesday, November 30th. Arrow Financial’s dividend payout ratio is currently 38.07%.
Hedge Funds Weigh In On Arrow Financial
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Great West Life Assurance Co. Can purchased a new position in shares of Arrow Financial during the 3rd quarter valued at $27,000. Ensign Peak Advisors Inc acquired a new position in shares of Arrow Financial during the third quarter valued at about $28,000. Amalgamated Bank acquired a new position in Arrow Financial in the first quarter worth about $54,000. Tower Research Capital LLC TRC raised its position in Arrow Financial by 236.8% in the third quarter. Tower Research Capital LLC TRC now owns 2,570 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 1,807 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Arrow Financial by 40.5% in the second quarter. BNP Paribas Arbitrage SA now owns 4,205 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 1,213 shares in the last quarter. 44.18% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
AROW has been the subject of several recent analyst reports. StockNews.com initiated coverage on Arrow Financial in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler reduced their price target on Arrow Financial to $33.00 in a research report on Wednesday, October 5th.
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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.
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