Arrow Financial Co. (NASDAQ:AROW) to Issue $0.27 Quarterly Dividend

Arrow Financial Co. (NASDAQ:AROW) announced a quarterly dividend on Tuesday, April 30th, Zacks reports. Investors of record on Monday, May 13th will be paid a dividend of 0.27 per share by the financial services provider on Friday, May 24th. This represents a $1.08 annualized dividend and a yield of 4.64%. The ex-dividend date is Friday, May 10th.

Arrow Financial has raised its dividend payment by an average of 4.3% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Arrow Financial has a payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Arrow Financial to earn $2.82 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 38.3%.

Arrow Financial Stock Up 4.5 %

NASDAQ:AROW opened at $23.28 on Thursday. The stock’s fifty day moving average is $23.67 and its two-hundred day moving average is $24.52. Arrow Financial has a 52 week low of $16.65 and a 52 week high of $29.66. The stock has a market capitalization of $388.54 million, a price-to-earnings ratio of 13.12 and a beta of 0.70. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.07.

Arrow Financial (NASDAQ:AROW) last announced its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). Arrow Financial had a net margin of 15.69% and a return on equity of 8.21%. The business had revenue of $54.54 million during the quarter, compared to analyst estimates of $33.29 million. Research analysts anticipate that Arrow Financial will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AROW shares. Hovde Group started coverage on shares of Arrow Financial in a research report on Tuesday, January 9th. They set a “market perform” rating for the company. StockNews.com cut Arrow Financial from a “hold” rating to a “sell” rating in a research report on Wednesday.

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.