Arrow Financial Corporation (AROW) to Issue Quarterly Dividend of $0.30 on May 26th

Arrow Financial Corporation (NASDAQ:AROW) declared a quarterly dividend on Thursday, April 30th. Stockholders of record on Tuesday, May 12th will be given a dividend of 0.30 per share by the financial services provider on Tuesday, May 26th. This represents a c) annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, May 12th.

Arrow Financial has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Arrow Financial has a dividend payout ratio of 41.1% meaning its dividend is sufficiently covered by earnings.

Arrow Financial Price Performance

AROW opened at $37.14 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.92 and a current ratio of 0.92. Arrow Financial has a 52-week low of $24.41 and a 52-week high of $38.09. The stock has a market capitalization of $613.81 million, a PE ratio of 14.02 and a beta of 0.78. The stock’s 50 day moving average price is $34.42 and its 200-day moving average price is $32.40.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.06. Arrow Financial had a return on equity of 12.54% and a net margin of 20.72%.The company had revenue of $53.79 million for the quarter, compared to analyst estimates of $43.80 million.

Institutional Investors Weigh In On Arrow Financial

Several hedge funds have recently added to or reduced their stakes in the stock. Arrow Financial Corp boosted its holdings in Arrow Financial by 0.8% in the fourth quarter. Arrow Financial Corp now owns 1,871,735 shares of the financial services provider’s stock worth $58,772,000 after acquiring an additional 14,403 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Arrow Financial by 2.0% in the third quarter. Vanguard Group Inc. now owns 889,234 shares of the financial services provider’s stock worth $25,165,000 after purchasing an additional 17,050 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Arrow Financial by 1.2% in the fourth quarter. Renaissance Technologies LLC now owns 252,205 shares of the financial services provider’s stock worth $7,919,000 after purchasing an additional 2,917 shares during the last quarter. Rhino Investment Partners Inc raised its stake in shares of Arrow Financial by 13.9% in the third quarter. Rhino Investment Partners Inc now owns 227,804 shares of the financial services provider’s stock worth $6,447,000 after purchasing an additional 27,856 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Arrow Financial by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 119,842 shares of the financial services provider’s stock worth $3,763,000 after purchasing an additional 511 shares during the last quarter. 46.71% of the stock is owned by institutional investors.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.