Arrow Financial Co. (AROW) to Issue Quarterly Dividend of $0.27 on May 24th

Arrow Financial Co. (NASDAQ:AROW) announced a quarterly dividend on Tuesday, April 30th, Zacks reports. Stockholders of record on Monday, May 13th will be paid a dividend of 0.27 per share by the financial services provider on Friday, May 24th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date is Friday, May 10th.

Arrow Financial has raised its dividend by an average of 4.3% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Arrow Financial has a payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Arrow Financial to earn $2.71 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 39.9%.

Arrow Financial Price Performance

Shares of NASDAQ:AROW opened at $23.54 on Wednesday. The company has a market cap of $392.88 million, a P/E ratio of 13.69 and a beta of 0.72. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.07. Arrow Financial has a 52 week low of $16.65 and a 52 week high of $29.66. The business has a fifty day simple moving average of $23.61 and a 200-day simple moving average of $24.72.

Arrow Financial (NASDAQ:AROW) last posted its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). Arrow Financial had a net margin of 14.34% and a return on equity of 7.95%. The firm had revenue of $54.54 million for the quarter, compared to analysts’ expectations of $33.29 million. Equities research analysts forecast that Arrow Financial will post 2.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Hovde Group assumed coverage on Arrow Financial in a research report on Tuesday, January 9th. They set a “market perform” rating for the company. StockNews.com downgraded Arrow Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

Arrow Financial Company Profile

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.