Arrow Financial (AROW) Declares $0.27 Dividend

Arrow Financial said on May 3, 2023 that its board of directors declared a regular quarterly dividend of $0.27 per share ($1.08 annualized). Previously, the company paid $0.27 per share.

Shares must be purchased before the ex-div date of June 1, 2023 to qualify for the dividend. Shareholders of record as of June 2, 2023 will receive the payment on June 15, 2023.

At the current share price of $20.72 / share, the stock's dividend yield is 5.21%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.01%, the lowest has been 2.24%, and the highest has been 4.99%. The standard deviation of yields is 0.46 (n=236).

The current dividend yield is 4.74 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.37. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.13%, demonstrating that it has increased its dividend over time.

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What is the Fund Sentiment?

There are 236 funds or institutions reporting positions in Arrow Financial. This is an increase of 6 owner(s) or 2.61% in the last quarter. Average portfolio weight of all funds dedicated to AROW is 0.04%, an increase of 25.50%. Total shares owned by institutions increased in the last three months by 1.14% to 8,012K shares. The put/call ratio of AROW is 0.14, indicating a bullish outlook.

Analyst Price Forecast Suggests 37.84% Upside

As of April 24, 2023, the average one-year price target for Arrow Financial is 28.56. The forecasts range from a low of 28.28 to a high of $29.40. The average price target represents an increase of 37.84% from its latest reported closing price of 20.72.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Arrow Financial is 165MM, an increase of 14.45%. The projected annual non-GAAP EPS is 3.47.

What are Other Shareholders Doing?

Arrow Financial holds 1,577K shares representing 9.53% ownership of the company. In it's prior filing, the firm reported owning 1,600K shares, representing a decrease of 1.45%. The firm increased its portfolio allocation in AROW by 64,696.15% over the last quarter.

FLPSX - Fidelity Low-Priced Stock Fund holds 415K shares representing 2.51% ownership of the company. In it's prior filing, the firm reported owning 415K shares, representing a decrease of 0.01%. The firm decreased its portfolio allocation in AROW by 12.00% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 407K shares representing 2.46% ownership of the company. In it's prior filing, the firm reported owning 388K shares, representing an increase of 4.87%. The firm increased its portfolio allocation in AROW by 14.19% over the last quarter.

IWM - iShares Russell 2000 ETF holds 340K shares representing 2.05% ownership of the company. In it's prior filing, the firm reported owning 314K shares, representing an increase of 7.58%. The firm increased its portfolio allocation in AROW by 15.27% over the last quarter.

Geode Capital Management holds 284K shares representing 1.71% ownership of the company. In it's prior filing, the firm reported owning 272K shares, representing an increase of 4.04%. The firm increased its portfolio allocation in AROW by 13.40% over the last quarter.

Arrow Financial Background Information
(This description is provided by the company.)

Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, New York, serving the financial needs of northeastern New York. The Company is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.

This story originally appeared on Fintel.