Arrow Financial Corporation (NASDAQ:AROW) announced that its board has approved a stock repurchase plan, which authorizes the company to repurchase $5.00 million in shares on Friday, October 27th, EventVestor reports. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Separately, BidaskClub raised Arrow Financial Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th.

Arrow Financial Corporation (NASDAQ:AROW) last posted its earnings results on Monday, October 23rd. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). Arrow Financial Corporation had a net margin of 25.36% and a return on equity of 11.77%. The company had revenue of $26.79 million during the quarter.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.25 dividend. The ex-dividend date is Thursday, November 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.83%. This is a positive change from Arrow Financial Corporation’s previous quarterly dividend of $0.24. Arrow Financial Corporation’s dividend payout ratio is presently 48.60%.

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About Arrow Financial Corporation

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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