Arrow Financial Co. (NASDAQ:AROW) Increases Dividend to $0.28 Per Share

Arrow Financial Co. (NASDAQ:AROW) announced a dividend on Saturday, February 1st,investing.com reports. Shareholders of record on Tuesday, February 11th will be paid a dividend of 0.28 per share by the financial services provider on Monday, February 24th. This represents a dividend yield of 4.21%. The ex-dividend date is Monday, February 10th. This is a boost from Arrow Financial’s previous dividend of $0.25.

Arrow Financial has raised its dividend payment by an average of 4.4% annually over the last three years. Arrow Financial has a payout ratio of 37.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Arrow Financial to earn $2.70 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 41.5%.

Arrow Financial Stock Performance

Shares of NASDAQ AROW opened at $26.61 on Friday. The business’s 50-day simple moving average is $29.23 and its 200-day simple moving average is $29.49. Arrow Financial has a 52 week low of $21.50 and a 52 week high of $34.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $445.45 million, a price-to-earnings ratio of 13.58 and a beta of 0.77.

Arrow Financial (NASDAQ:AROW) last released its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.12). Arrow Financial had a net margin of 15.00% and a return on equity of 8.59%. As a group, equities research analysts expect that Arrow Financial will post 2.11 earnings per share for the current fiscal year.

Insider Activity at Arrow Financial

In related news, Director Raymond F. O’conor sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $32.69, for a total transaction of $65,380.00. Following the transaction, the director now directly owns 37,859 shares in the company, valued at $1,237,610.71. The trade was a 5.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 6,000 shares of company stock worth $180,080 in the last ninety days. 3.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AROW has been the subject of a number of recent analyst reports. Hovde Group decreased their price target on shares of Arrow Financial from $34.50 to $32.00 and set a “market perform” rating for the company in a report on Friday, December 27th. Piper Sandler started coverage on Arrow Financial in a research note on Friday, December 20th. They set a “neutral” rating and a $32.00 target price for the company.

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.