Arrow Financial (NASDAQ:AROW) shares widen after dividend announcement

Shares of Arrow Financial Co. (NASDAQ:AROW – Get Rating) widened ahead of trading on Friday after the company announced a dividend. The stock had previously closed at $32.01, but opened at $33.25. Arrow Financial shares last traded at $32.97, with a volume of 10 shares traded. The newly announced dividend which will be paid on Thursday, December 15. Shareholders of record on Thursday, December 1 will receive a dividend of $0.27. This represents a dividend of $1.08 on an annualized basis and a yield of 3.28%. The ex-date of this dividend is Wednesday, November 30. Arrow Financial’s dividend payout ratio is currently 36.41%.

Analysts set new price targets

A number of equity research analysts have weighed in on the company. Piper Sandler reduced her price target on Arrow Financial to $33.00 in a Wednesday, October 5 research note. StockNews.com supported Arrow Financial’s coverage in a Wednesday, October 12 research note. They issued a “hold” rating for the company.

Arrow financial price performance

The company has a debt ratio of 0.14, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $544.01 million, a PE ratio of 11.43 and a beta of 0.61. The company has a 50-day simple moving average of $31.43 and a 200-day simple moving average of $32.05.

Arrow Financial (NASDAQ:AROW – Get Rating) last released its results on Wednesday, July 27. The financial services provider reported earnings per share of $0.75 for the quarter, beating the consensus estimate of $0.71 by $0.04. The company posted revenue of $36.78 million for the quarter, versus analyst estimates of $35.25 million. Arrow Financial had a return on equity of 13.24% and a net margin of 32.14%. Sell-side analysts expect Arrow Financial Co. to post EPS of 2.89 for the current fiscal year.

Arrow Financial Institutional Trading

Major investors have recently been buying and selling shares of the company. Financial Counselors Inc. increased its stake in shares of Arrow Financial by 23.1% during the first quarter. Financial Counselors Inc. now owns 14,665 shares of the financial services provider valued at $475,000 after acquiring 2,750 additional shares in the last quarter. Nisa Investment Advisors LLC bought a new stock position in Arrow Financial in Q1 for about $25,000. The Swiss National Bank increased its equity stake in Arrow Financial by 7.7% during the first quarter. The Swiss National Bank now owns 37,918 shares of the financial services provider valued at $1,229,000 after buying an additional 2,700 shares during the period. Bank of New York Mellon Corp increased its stake in Arrow Financial shares by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 99,807 shares of the financial services provider valued at $3,236,000 after purchasing an additional 864 shares during the period. Finally, American Century Companies Inc. increased its stake in Arrow Financial shares by 28.8% during the 1st quarter. American Century Companies Inc. now owns 59,937 shares of the financial services provider valued at $1,943,000 after purchasing an additional 13,391 shares during the period. Institutional investors and hedge funds hold 44.87% of the company’s shares.

About Arrow Financial

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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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