Arrow Financial Co. (NASDAQ:AROW) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Wednesday, September 2nd will be paid a dividend of 0.26 per share by the financial services provider on Tuesday, September 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date is Tuesday, September 1st.
Arrow Financial has raised its dividend by an average of 4.0% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Arrow Financial has a payout ratio of 45.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Arrow Financial to earn $2.44 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 42.6%.
Shares of AROW traded down $0.64 on Friday, hitting $27.00. The company’s stock had a trading volume of 202 shares, compared to its average volume of 27,350. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.24. The firm’s fifty day moving average price is $28.27 and its 200-day moving average price is $29.75. Arrow Financial has a fifty-two week low of $20.78 and a fifty-two week high of $38.31. The firm has a market capitalization of $415.95 million, a price-to-earnings ratio of 11.17 and a beta of 0.64.
Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.07. Arrow Financial had a return on equity of 12.32% and a net margin of 26.09%. The business had revenue of $32.01 million during the quarter, compared to analyst estimates of $30.58 million. As a group, equities analysts predict that Arrow Financial will post 2.45 earnings per share for the current fiscal year.
Several equities analysts recently issued reports on AROW shares. BidaskClub lowered Arrow Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 9th. Zacks Investment Research upgraded Arrow Financial from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, June 30th.
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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.
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