Piper Sandler raised the firm’s price target on Arrow Financial to $27 from $20 and keeps a Neutral rating on the shares. The firm notes that the company announced that during the week of November 27 it executed a two-part balance sheet repositioning strategy that involved selling 27,771 shares of Visa Class B common shares at a pre-tax gain of $9.3M, while concurrently selling $100M of lower-yielding AFS securities at a pre-tax loss of $9.2M and reinvesting proceeds into higher yielding AFS securities and fed funds. The two transactions are expected to have a positive impact to earnings, profitability and capital ratios, Piper says.
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Read More on AROW:
- Arrow Financial resumes dividend reinvestment plan, expands stock repurchase
- Arrow Declares December 2023 Cash Dividend; Announces Resumption of Dividend Reinvestment Plan and Expansion of Its Stock Repurchase Program
- Arrow Reports Q3 2023 Net Income of $7.7 Million and Earnings per Share of $0.46, Loans of $3.1 Billion on 9% Annualized Loan Growth
- Arrow Financial reports Q3 EPS 46c vs. last year
