Arrow Financial Corporation (AROW) to Issue Quarterly Dividend of $0.30 on November 23rd

Arrow Financial Corporation (NASDAQ:AROW) announced a quarterly dividend on Wednesday, October 28th. Shareholders of record on Wednesday, November 11th will be given a dividend of $0.30 per share by the financial services provider on Monday, November 23rd. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, November 10th.

Arrow Financial has a dividend payout ratio of 41.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Arrow Financial to earn $4.30 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.9%.

Arrow Financial Stock Performance

Shares of AROW stock opened at $38.47 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. The firm has a market capitalization of $712.46 million, a price-to-earnings ratio of 14.57 and a beta of 0.75. The company has a 50 day moving average price of $37.91 and a 200 day moving average price of $37.06. Arrow Financial has a one year low of $28.92 and a one year high of $42.70.

Arrow Financial (NASDAQ:AROW) last issued its earnings results on Thursday, October 29th. The financial services provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. The firm had revenue of $60.15 million for the quarter, compared to analysts’ expectations of $57.82 million. Arrow Financial had a return on equity of 13.18% and a net margin of 16.56%. Sell-side analysts anticipate that Arrow Financial will post 3.56 EPS for the current year.

Institutional Investors Weigh In On Arrow Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE bought a new stake in Arrow Financial in the second quarter valued at about $1,309,000. Trust Co. of Vermont acquired a new stake in Arrow Financial during the second quarter valued at approximately $2,228,000. Bank of New York Mellon Corp acquired a new stake in Arrow Financial during the second quarter valued at approximately $3,663,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Arrow Financial during the 2nd quarter worth approximately $4,995,000. Finally, BlackRock Inc. bought a new position in Arrow Financial during the 2nd quarter worth approximately $57,377,000. Institutional investors own 46.71% of the company’s stock.

About Arrow Financial

Arrow Financial Corporation (NASDAQ: AROW) is a bank holding company headquartered in Glens Falls, New York. Through its banking subsidiaries, the company provides commercial and consumer banking services to individuals, families, businesses and municipalities.

Arrow’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans, commercial lending, treasury management and online banking. Through affiliated businesses, it also provides investment management, trust and financial planning services, as well as insurance products.

The company’s banking operations serve communities primarily in eastern New York, including the Capital Region, the Adirondacks and the surrounding areas.