Arrow Financial Corporation (NASDAQ:AROW) Declares Dividend Increase – $0.30 Per Share

Arrow Financial Corporation (NASDAQ:AROW) declared a quarterly dividend on Thursday, January 29th. Stockholders of record on Wednesday, February 11th will be given a dividend of 0.30 per share by the financial services provider on Wednesday, February 25th. This represents a c) dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, February 11th. This is a 3.4% increase from Arrow Financial’s previous quarterly dividend of $0.29.

Arrow Financial has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 7 years. Arrow Financial has a payout ratio of 39.7% 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 $1.16 annual dividend with an expected future payout ratio of 39.7%.

Arrow Financial Stock Up 2.2%

Shares of Arrow Financial stock traded up $0.70 during midday trading on Thursday, reaching $33.13. 163,119 shares of the company’s stock traded hands, compared to its average volume of 66,857. The company has a market cap of $544.66 million, a price-to-earnings ratio of 13.98 and a beta of 0.82. The company’s 50 day simple moving average is $31.83 and its 200 day simple moving average is $29.48. Arrow Financial has a 52 week low of $22.72 and a 52 week high of $34.57. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.04. Arrow Financial had a net margin of 14.65% and a return on equity of 9.46%. The company had revenue of $43.65 million for the quarter, compared to analyst estimates of $43.40 million. Equities analysts expect that Arrow Financial will post 2.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

AROW has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Arrow Financial in a research note on Monday, December 29th. Hovde Group lowered shares of Arrow Financial from an “outperform” rating to a “market perform” rating in a research note on Monday, January 12th. Finally, Wall Street Zen cut Arrow Financial from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $30.75.

Arrow Financial Company Profile

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.