Arrow Financial Co. Plans Quarterly Dividend of $0.27 (NASDAQ:AROW)

Arrow Financial Co. (NASDAQ:AROWGet Rating) declared a quarterly dividend on Friday, April 29th, Wall Street Journal reports. Stockholders of record on Wednesday, June 1st will be given a dividend of 0.27 per share by the financial services provider on Wednesday, June 15th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Tuesday, May 31st.

Arrow Financial has increased its dividend payment by an average of 3.7% per year over the last three years and has raised its dividend every year for the last 21 years. Arrow Financial has a dividend payout ratio of 33.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Arrow Financial to earn $3.25 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 33.2%.

NASDAQ AROW opened at $31.30 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s 50 day moving average price is $32.86 and its 200-day moving average price is $34.72. Arrow Financial has a 52-week low of $30.50 and a 52-week high of $38.26. The company has a market cap of $500.80 million, a PE ratio of 10.28 and a beta of 0.63.

Arrow Financial (NASDAQ:AROWGet Rating) last released its quarterly earnings data on Tuesday, April 26th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.07. Arrow Financial had a net margin of 33.05% and a return on equity of 13.60%. On average, analysts forecast that Arrow Financial will post 2.92 earnings per share for the current fiscal year.

AROW has been the subject of several recent analyst reports. StockNews.com initiated coverage on shares of Arrow Financial in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research upgraded shares of Arrow Financial from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Friday.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its stake in Arrow Financial by 4.1% in the third quarter. Bank of New York Mellon Corp now owns 112,011 shares of the financial services provider’s stock valued at $3,849,000 after acquiring an additional 4,378 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Arrow Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 110,319 shares of the financial services provider’s stock worth $3,887,000 after buying an additional 2,449 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in shares of Arrow Financial by 5.2% in the fourth quarter. Parametric Portfolio Associates LLC now owns 72,519 shares of the financial services provider’s stock worth $2,555,000 after buying an additional 3,596 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Arrow Financial by 26.5% in the fourth quarter. Wells Fargo & Company MN now owns 64,138 shares of the financial services provider’s stock worth $2,260,000 after buying an additional 13,418 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Arrow Financial by 2.4% in the fourth quarter. California State Teachers Retirement System now owns 21,092 shares of the financial services provider’s stock worth $743,000 after buying an additional 503 shares during the last quarter. Institutional investors own 43.59% of the company’s stock.

Arrow Financial Company Profile (Get Rating)

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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Dividend History for Arrow Financial (NASDAQ:AROW)

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