Arrow Financial Corporation (AROW) to Issue Quarterly Dividend of $0.30 on November 23rd

Arrow Financial Corporation (NASDAQ:AROW) declared a quarterly dividend on Thursday, October 29th. Shareholders of record on Wednesday, November 11th will be paid a dividend of $0.30 per share by the financial services provider on Monday, November 23rd. This represents a $1.20 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, November 10th.

Arrow Financial has a dividend payout ratio of 41.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Arrow Financial to earn $4.30 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 27.9%.

Arrow Financial Stock Performance

Arrow Financial stock opened at $38.36 on Friday. Arrow Financial has a fifty-two week low of $27.06 and a fifty-two week high of $42.70. The firm’s 50 day simple moving average is $37.85 and its 200-day simple moving average is $36.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $710.43 million, a P/E ratio of 11.44 and a beta of 0.76.

Arrow Financial (NASDAQ:AROW) last issued its quarterly earnings results on Thursday, October 29th. The financial services provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.94 by $0.03. The business had revenue of $60.15 million during the quarter, compared to the consensus estimate of $57.82 million. Arrow Financial had a net margin of 16.56% and a return on equity of 13.18%. As a group, equities research analysts predict that Arrow Financial will post 3.53 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on AROW shares. Piper Sandler reiterated an “overweight” rating and set a $46.00 price objective (up from $43.00) on shares of Arrow Financial in a research report on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of Arrow Financial in a report on Thursday, October 22nd. Finally, Raymond James Financial assumed coverage on Arrow Financial in a research report on Tuesday, September 1st. They issued an “outperform” rating and a $44.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $41.62.

About Arrow Financial

Arrow Financial Corporation (NASDAQ: AROW) is a bank holding company headquartered in Glens Falls, New York. Through its banking subsidiaries, the company provides commercial and consumer banking services to individuals, families, businesses and municipalities.

Arrow’s offerings include checking and savings accounts, certificates of deposit, residential mortgages, home equity financing, consumer loans, commercial lending, treasury management and online banking. Through affiliated businesses, it also provides investment management, trust and financial planning services, as well as insurance products.

The company’s banking operations serve communities primarily in eastern New York, including the Capital Region, the Adirondacks and the surrounding areas.