Sterne Agee Adjusts AROW Estimates

Sterne Agee has issued a report adjusting the estimates for Arrow Financial Corporation AROW. According to the report, "While we remain positive on the fundamental trends at the institution with the stock trading at 13.3x our revised 2012 estimate and 196% of tangible book value (TBV), we would prefer to establish new positions below $21 or less than 12x our projected 2012 EPS. Over the last 18 years, the company has on average traded at 12.6x trailing earnings." AROW has a Neutral Rating and closed at $23.96 yesterday.