Arrow Financial (NASDAQ:AROW) Announces Quarterly Earnings Results

Arrow Financial (NASDAQ:AROW) issued its quarterly earnings results on Thursday. The financial services provider reported $0.53 earnings per share for the quarter, meeting the consensus estimate of $0.53, Zacks reports. Arrow Financial had a return on equity of 8.46% and a net margin of 14.94%. The company had revenue of $57.58 million during the quarter.

Arrow Financial Trading Up 1.0 %

NASDAQ:AROW traded up $0.28 on Friday, hitting $28.82. 31,235 shares of the stock were exchanged, compared to its average volume of 40,678. The stock has a fifty day moving average of $28.88 and a 200-day moving average of $27.06. The stock has a market cap of $482.16 million, a PE ratio of 15.25 and a beta of 0.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.07. Arrow Financial has a fifty-two week low of $21.50 and a fifty-two week high of $32.92.

Arrow Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Tuesday, October 15th were issued a $0.28 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $1.12 dividend on an annualized basis and a yield of 3.89%. This is a boost from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio (DPR) is presently 59.26%.

Analyst Ratings Changes

Several research firms recently weighed in on AROW. Hovde Group initiated coverage on Arrow Financial in a research report on Monday, September 9th. They set a “market perform” rating and a $31.00 target price on the stock. StockNews.com raised shares of Arrow Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th.

Insider Activity

In other news, Director Raymond F. O’conor sold 2,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $30.09, for a total value of $60,180.00. Following the completion of the sale, the director now owns 43,176 shares of the company’s stock, valued at $1,299,165.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 6,000 shares of company stock valued at $172,520 in the last three months. Corporate insiders own 3.55% of the company’s stock.

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.