Arrow Financial Corporation (NASDAQ:AROW) declared that its Board of Directors has initiated a stock buyback program, which allows the company to buyback $5.00 million in outstanding shares on Friday, October 27th, EventVestor reports. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
Separately, BidaskClub raised shares of Arrow Financial Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th.
Shares of Arrow Financial Corporation (NASDAQ:AROW) traded up 2.36% during mid-day trading on Friday, hitting $36.85. 29,746 shares of the stock traded hands. The stock has a market cap of $512.73 million, a P/E ratio of 18.89 and a beta of 0.65. The firm’s 50 day moving average price is $33.68 and its 200-day moving average price is $32.16. Arrow Financial Corporation has a 12-month low of $29.67 and a 12-month high of $40.49.
Arrow Financial Corporation (NASDAQ:AROW) last issued its earnings results on Monday, October 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). The business had revenue of $26.79 million for the quarter. Arrow Financial Corporation had a return on equity of 11.77% and a net margin of 25.36%. Analysts predict that Arrow Financial Corporation will post $2.08 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, November 30th. This is a boost from Arrow Financial Corporation’s previous quarterly dividend of $0.24. Arrow Financial Corporation’s dividend payout ratio (DPR) is 48.60%.
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Arrow Financial Corporation Company Profile
Arrow Financial Corporation (Arrow) is a bank holding company. The Company’s banking subsidiaries are Glens Falls National Bank and Trust Company (Glens Falls National) and Saratoga National Bank and Trust Company (Saratoga National). It operates in community banking industry segment. The Company’s business consists primarily of the ownership, supervision and control of its two banks.
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