Arrow Financial Co. (NASDAQ:AROW) Declares Quarterly Dividend of $0.27

Arrow Financial Co. (NASDAQ:AROW – Get a rating) announced a quarterly dividend on Wednesday, July 27, Zacks reports. Shareholders of record on Thursday, September 1 will receive a dividend of 0.27 per share from the financial services provider on Thursday, September 15. This represents an annualized dividend of $1.08 and a yield of 3.26%. The ex-dividend date is Wednesday, August 31.

Arrow Financial has increased its dividend by an average of 3.7% per year over the past three years and has increased its dividend every year for the past 21 years. Arrow Financial has a dividend payout ratio of 32.1%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Arrow Financial to earn $3.36 per share next year, meaning the company should continue to be able to cover its $1.08 annual dividend. with an expected future payout ratio of 32.1%.

Arrow Financial Stock down 2.1%

AROW stock traded down $0.70 at midday Monday, hitting $33.15. 319 shares of the company were traded, against an average volume of 21,723. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt ratio of 0.14. Arrow Financial has a 12-month low of $30.50 and a 12-month high of $38.24. The company has a 50-day moving average price of $33.04 and a 200-day moving average price of $32.84. The stock has a market capitalization of $530.96 million, a price-earnings ratio of 11.16 and a beta of 0.60.

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Arrow Financial (NASDAQ:AROW – Get a rating) last released its quarterly earnings data on Wednesday, July 27. The financial services provider reported earnings per share (EPS) of $0.75 for the quarter, beating the consensus estimate of $0.71 by $0.04. Arrow Financial had a return on equity of 13.24% and a net margin of 32.14%. The company posted revenue of $36.78 million for the quarter, versus a consensus estimate of $35.25 million. On average, analysts expect Arrow Financial to post an EPS of 2.98 for the current year.

Institutional investors weigh in on Arrow Financial

A number of institutional investors have recently changed their positions in AROW. Great West Life Assurance Co. Can increased its equity stake in Arrow Financial to 71.9% in Q1. Great West Life Assurance Co. Can now owns 944 shares of the financial services provider valued at $32,000 after acquiring 395 additional shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Arrow Financial shares by 40.5% in the second quarter. BNP Paribas Arbitrage SA now owns 4,205 shares of the financial services provider valued at $134,000 after acquiring 1,213 additional shares in the last quarter. Legal & General Group Plc increased its equity stake in Arrow Financial by 6.9% in Q2. Legal & General Group Plc now owns 6,654 shares of the financial services provider valued at $212,000 after acquiring 429 additional shares in the last quarter. MetLife Investment Management LLC increased its position in Arrow Financial by 47.6% in Q1. MetLife Investment Management LLC now owns 7,031 shares of the financial services provider valued at $228,000 after purchasing an additional 2,267 shares during the period. Finally, LPL Financial LLC strengthened its position in Arrow Financial by 3.8% during the 2nd quarter. LPL Financial LLC now owns 7,904 shares of the financial services provider valued at $251,000 after purchasing an additional 292 shares during the period. 43.75% of the shares are currently held by institutional investors.

Arrow Financial Company Profile

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Arrow Financial Corporation, a bank holding company, provides corporate and personal banking, financial products and services. The Company’s deposit products include demand deposits, interest-bearing checking accounts, savings deposits, term deposits and other term deposits. Its lending activities include commercial loans, such as term loans, term notes and lines of credit; and commercial real estate loans to finance real estate purchases, refinances, expansions and improvements of commercial properties, as well as loans for commercial construction and land development to finance projects.

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Dividend history for Arrow Financial (NASDAQ:AROW)

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