Arrow Financial Co. (NASDAQ:AROW) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Investors 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 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend 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 every year for the last 11 years. Arrow Financial has a payout ratio of 45.0% indicating that its dividend is sufficiently covered by earnings. Equities research 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 stock traded down $0.58 during midday trading on Friday, hitting $27.06. The company had a trading volume of 213 shares, compared to its average volume of 27,350. The stock has a market cap of $415.95 million, a price-to-earnings ratio of 11.17 and a beta of 0.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.88. The company’s 50 day simple moving average is $28.27 and its 200 day simple moving average is $29.75. Arrow Financial has a 52-week low of $20.78 and a 52-week high of $38.31.
Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.61 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.07. The firm had revenue of $32.01 million during the quarter, compared to the consensus estimate of $30.58 million. Arrow Financial had a return on equity of 12.32% and a net margin of 26.09%. Analysts anticipate that Arrow Financial will post 2.45 EPS for the current year.
Several brokerages have recently weighed in on AROW. Zacks Investment Research raised shares of Arrow Financial from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Tuesday, June 30th. BidaskClub lowered Arrow Financial from a “sell” rating to a “strong sell” rating in a report on Thursday, July 9th.
Arrow Financial Company Profile
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.
Further Reading: Trading based on a resistance level
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