Arrow Financial Co. (NASDAQ:AROW) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Wednesday, September 2nd will be given a dividend of 0.26 per share by the financial services provider on Tuesday, September 15th. This represents a $1.04 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Tuesday, September 1st.
Arrow Financial has increased its dividend payment by an average of 4.0% per year over the last three years and has increased its dividend every year for the last 11 years. Arrow Financial has a payout ratio of 45.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Arrow Financial to earn $2.44 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 42.6%.
Shares of NASDAQ AROW traded down $0.04 during trading hours on Friday, hitting $27.60. 102 shares of the stock were exchanged, compared to its average volume of 27,350. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.24. The company has a market cap of $415.95 million, a PE ratio of 11.19 and a beta of 0.64. The firm has a fifty day moving average price of $28.27 and a 200-day moving average price of $29.75. Arrow Financial has a 12 month low of $20.78 and a 12 month high of $38.31.
AROW has been the topic of a number of recent analyst reports. BidaskClub lowered shares of Arrow Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 9th. Zacks Investment Research upgraded shares of Arrow Financial from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, June 30th.
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 improvements to commercial properties, as well as commercial construction and land development loans to finance projects.
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