Arrow Financial Co. (NASDAQ:AROW) to Issue Quarterly Dividend of $0.28

Arrow Financial Co. (NASDAQ:AROW - Get Free Report) announced a quarterly dividend on Thursday, October 3rd, Zacks reports. Stockholders of record on Tuesday, October 15th will be paid a dividend of 0.28 per share by the financial services provider on Tuesday, October 29th. This represents a $1.12 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Tuesday, October 15th. This is an increase from Arrow Financial's previous quarterly dividend of $0.27.

Arrow Financial has increased its dividend by an average of 4.3% per year over the last three years. Arrow Financial has a payout ratio of 43.2% meaning its dividend is sufficiently covered by earnings.

Arrow Financial Price Performance

Shares of NASDAQ:AROW traded up $0.42 on Friday, hitting $28.05. The stock had a trading volume of 19,887 shares, compared to its average volume of 42,075. Arrow Financial has a twelve month low of $16.85 and a twelve month high of $32.92. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.92 and a current ratio of 0.92. The firm's 50 day moving average price is $28.99 and its 200-day moving average price is $26.30. The company has a market capitalization of $468.38 million, a price-to-earnings ratio of 16.47 and a beta of 0.73.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter. The business had revenue of $55.83 million for the quarter. Arrow Financial had a net margin of 14.94% and a return on equity of 8.46%.

Insider Buying and Selling at Arrow Financial

In related news, Director Raymond F. O'conor sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.09, for a total transaction of $60,180.00. Following the completion of the sale, the director now directly owns 43,176 shares of the company's stock, valued at approximately $1,299,165.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 6,000 shares of company stock worth $172,520. Company insiders own 3.55% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on AROW. StockNews.com upgraded shares of Arrow Financial from a "sell" rating to a "hold" rating in a research report on Tuesday, July 30th. Hovde Group began coverage on shares of Arrow Financial in a research report on Monday, September 9th. They set a "market perform" rating and a $31.00 target price on the stock.

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.