Arrow Financial (NASDAQ:AROW) Posts Quarterly Earnings Results, Meets Estimates

Arrow Financial (NASDAQ:AROW) released its quarterly earnings results on Thursday. The financial services provider reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53, Zacks reports. Arrow Financial had a return on equity of 8.46% and a net margin of 14.94%. The business had revenue of $57.58 million during the quarter.

Arrow Financial Stock Up 1.0 %

AROW traded up $0.28 on Friday, reaching $28.82. The company’s stock had a trading volume of 31,235 shares, compared to its average volume of 40,678. The stock has a 50 day moving average of $28.88 and a two-hundred day moving average of $27.06. Arrow Financial has a fifty-two week low of $21.50 and a fifty-two week high of $32.92. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $482.16 million, a price-to-earnings ratio of 15.25 and a beta of 0.72.

Arrow Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 15th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend was Tuesday, October 15th. This is a positive change from Arrow Financial’s previous quarterly dividend of $0.27. Arrow Financial’s dividend payout ratio (DPR) is 59.26%.

Insider Buying and Selling

In related news, Director Raymond F. O’conor sold 2,000 shares of the firm’s 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 transaction, the director now owns 43,176 shares in the company, valued at $1,299,165.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 6,000 shares of company stock worth $172,520 in the last ninety days. 3.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AROW shares. StockNews.com raised Arrow Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Hovde Group started coverage on shares of Arrow Financial in a research note on Monday, September 9th. They issued a “market perform” rating and a $31.00 price objective for the company.

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.