Arrow Financial Corporation (NASDAQ:AROW) to Issue Quarterly Dividend of $0.29

Arrow Financial Corporation (NASDAQ:AROW - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Stockholders of record on Monday, August 11th will be given a dividend of 0.29 per share by the financial services provider on Monday, August 25th. This represents a $1.16 annualized dividend and a dividend yield of 4.31%. This is a 3.6% increase from Arrow Financial's previous quarterly dividend of $0.28.

Arrow Financial has a dividend payout ratio of 38.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Arrow Financial to earn $2.92 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 38.4%.

Arrow Financial Trading Up 0.8%

Shares of AROW stock traded up $0.21 during trading on Thursday, hitting $26.94. 6,250 shares of the stock traded hands, compared to its average volume of 42,319. The firm has a market capitalization of $449.09 million, a P/E ratio of 15.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.93 and a quick ratio of 0.93. The firm's fifty day moving average price is $26.35 and its 200-day moving average price is $26.18. Arrow Financial has a 52-week low of $22.72 and a 52-week high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. Arrow Financial had a return on equity of 8.01% and a net margin of 12.51%. As a group, research analysts forecast that Arrow Financial will post 2.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Arrow Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Piper Sandler decreased their price objective on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Monday, May 5th.

Insider Transactions at Arrow Financial

In other news, Director Raymond F. O'conor sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $23.78, for a total value of $47,560.00. Following the sale, the director directly owned 29,293 shares in the company, valued at $696,587.54. This represents a 6.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.55% of the company's stock.

Institutional Trading of Arrow Financial

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new stake in shares of Arrow Financial in the first quarter valued at approximately $311,000. Jane Street Group LLC boosted its holdings in shares of Arrow Financial by 131.3% in the 1st quarter. Jane Street Group LLC now owns 27,272 shares of the financial services provider's stock valued at $717,000 after purchasing an additional 15,482 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Arrow Financial by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,796 shares of the financial services provider's stock valued at $258,000 after purchasing an additional 390 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Arrow Financial by 31.0% in the 1st quarter. AQR Capital Management LLC now owns 12,470 shares of the financial services provider's stock valued at $328,000 after purchasing an additional 2,949 shares during the last quarter. 46.71% of the stock is currently owned by institutional investors and hedge funds.

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.

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