Arrow Financial Co. (AROW) to Issue Quarterly Dividend of $0.28 on February 24th

Arrow Financial Co. (NASDAQ:AROW) announced a quarterly dividend on Wednesday, January 29th,investing.com reports. Investors of record on Monday, February 10th will be paid a dividend of 0.28 per share by the financial services provider on Monday, February 24th. This represents a $1.12 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend is Monday, February 10th. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.25.

Arrow Financial has increased its dividend payment by an average of 4.4% annually over the last three years. Arrow Financial has a dividend payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Arrow Financial to earn $2.97 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 37.7%.

Arrow Financial Stock Performance

Shares of AROW opened at $26.89 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a market cap of $450.14 million, a PE ratio of 15.19 and a beta of 0.76. Arrow Financial has a 12-month low of $21.50 and a 12-month high of $34.63. The company’s 50 day simple moving average is $28.74 and its 200-day simple moving average is $29.42.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.12). Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. As a group, equities analysts predict that Arrow Financial will post 2.7 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Hovde Group decreased their price objective on Arrow Financial from $34.50 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, December 27th. Piper Sandler reduced their target price on shares of Arrow Financial from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday.

Insider Transactions at Arrow Financial

In other news, Director Daniel James White purchased 3,668 shares of the stock in a transaction dated Friday, January 31st. The stock was acquired at an average cost of $27.23 per share, for a total transaction of $99,879.64. Following the acquisition, the director now owns 4,338 shares of the company’s stock, valued at $118,123.74. The trade was a 547.46 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Raymond F. O’conor sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $28.85, for a total value of $57,700.00. Following the sale, the director now directly owns 35,859 shares in the company, valued at approximately $1,034,532.15. This represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,000 shares of company stock valued at $173,640. 3.55% of the stock is currently owned by corporate insiders.

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 enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.