Arrow Financial Corporation Declares Quarterly Dividend of $0.30 (NASDAQ:AROW)

Key Points

• Arrow Financial Corporation declared a quarterly dividend of $0.30 per share, payable on August 25 to shareholders of record on August 11. The dividend implies an annualized yield of about 3.1%.
• The company has raised its dividend every year for the past 7 years, and its payout ratio of 41.1% suggests the dividend is currently well covered by earnings.
• Arrow Financial recently reported Q2 EPS of $0.71, missing analyst expectations of $0.85. Analysts currently have an average Hold rating on the stock with an average price target of $39.83.

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) declared a quarterly dividend on Thursday, July 23rd. Stockholders of record on Tuesday, August 11th will be given a dividend of 0.30 per share by the financial services provider on Tuesday, August 25th. This represents a c) annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, August 11th.

Arrow Financial has raised its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 7 years. Arrow Financial has a payout ratio of 41.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Arrow Financial to earn $4.40 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 27.3%.

Arrow Financial Price Performance

Shares of AROW stock traded down $1.59 during trading hours on Thursday, hitting $39.14. 171,607 shares of the company's stock were exchanged, compared to its average volume of 91,208. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.06. The firm has a market cap of $646.95 million, a P/E ratio of 12.67 and a beta of 0.76. The firm has a 50 day moving average of $38.94 and a two-hundred day moving average of $35.92. Arrow Financial has a fifty-two week low of $25.83 and a fifty-two week high of $42.70.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.14). Arrow Financial had a net margin of 20.72% and a return on equity of 12.38%. Sell-side analysts forecast that Arrow Financial will post 3.8 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on AROW shares. Wall Street Zen lowered shares of Arrow Financial from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Keefe, Bruyette & Woods began coverage on shares of Arrow Financial in a research report on Thursday, June 25th. They set a "market perform" rating and a $42.00 price target for the company. Zacks Research raised shares of Arrow Financial to a "hold" rating in a research note on Monday, June 15th. Piper Sandler started coverage on Arrow Financial in a report on Friday, June 12th. They issued an "overweight" rating and a $43.00 price objective on the stock. Finally, Weiss Ratings upgraded Arrow Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $39.83.

About Arrow Financial

Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that conducts its primary operations through its subsidiary, Glens Falls National Bank & Trust Company. The company provides a comprehensive suite of retail and commercial banking services, including checking and savings accounts, consumer and commercial lending, mortgage financing, and cash management solutions. Through its branch network, Arrow Financial serves individuals, small- and medium-sized businesses, and nonprofit organizations across the Adirondack region, Upper Hudson Valley, Mohawk Valley and parts of Central New York.

In addition to traditional banking, Arrow Financial has developed a robust wealth management and trust services division.

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