Arrow Financial price target lowered to $30 from $32 at Piper Sandler

Piper Sandler analyst Frank Schiraldi lowered the firm’s price target on Arrow Financial (AROW) to $30 from $32 and keeps a Neutral rating on the shares. The firm notes Arrow missed core expectations in the quarter driven by higher provisioning and expenses. Excluded from core was a $3M loss on a securities repositioning transaction, and nonrecurring items associated with unifying the bank’s subsidiaries. Notwithstanding a stronger net interest margin/net interest income supported by a securities restructuring completed in the quarter, the run rate drove a modest reduction in its EPS expectations.