Arrow Financial Co. (NASDAQ:AROW) Declares Quarterly Dividend of $0.28

Arrow Financial Co. (NASDAQ:AROW) announced a quarterly dividend on Wednesday, April 30th, RTT News reports. Investors of record on Tuesday, May 13th will be paid a dividend of 0.28 per share by the financial services provider on Friday, May 23rd. This represents a $1.12 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Tuesday, May 13th.

Arrow Financial has raised its dividend by an average of 4.4% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Arrow Financial has a dividend payout ratio of 38.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Arrow Financial to earn $2.92 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 38.4%.

Arrow Financial Price Performance

Arrow Financial stock opened at $26.13 on Friday. The stock’s fifty day moving average price is $25.35 and its two-hundred day moving average price is $27.85. The firm has a market cap of $435.61 million, a PE ratio of 14.76 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. Arrow Financial has a one year low of $22.72 and a one year high of $34.63.

Arrow Financial (NASDAQ:AROW) last released its earnings results on Thursday, May 1st. The financial services provider reported $0.38 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.06). Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. The firm had revenue of $50.37 million during the quarter, compared to the consensus estimate of $39.26 million. As a group, research analysts expect that Arrow Financial will post 2.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

AROW has been the subject of several research analyst reports. StockNews.com raised Arrow Financial from a “sell” rating to a “hold” rating in a research note on Friday, May 2nd. Piper Sandler reduced their price target on Arrow Financial from $30.00 to $28.00 and set a “neutral” rating on the stock in a report on Monday, May 5th.

Insiders Place Their Bets

In other news, Director Raymond F. O’conor sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $23.78, for a total transaction of $47,560.00. Following the completion of the sale, the director now owns 29,293 shares of the company’s stock, valued at $696,587.54. This trade represents a 6.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders sold 6,000 shares of company stock worth $153,240. 3.55% of the stock is currently owned by insiders.

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.