Johnson Investment Counsel Inc. Acquires 19,200 Shares of Arrow Financial Corporation (NASDAQ:AROW)

Johnson Investment Counsel Inc. lifted its position in shares of Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 48.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,102 shares of the financial services provider's stock after acquiring an additional 19,200 shares during the period. Johnson Investment Counsel Inc. owned approximately 0.35% of Arrow Financial worth $1,554,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in Arrow Financial by 130.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 703 shares in the last quarter. State of Tennessee Department of Treasury bought a new position in shares of Arrow Financial in the 4th quarter valued at $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Arrow Financial by 4.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider's stock worth $270,000 after buying an additional 436 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Arrow Financial by 9.4% during the 4th quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock worth $289,000 after buying an additional 866 shares in the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Arrow Financial during the 4th quarter worth $316,000. Institutional investors and hedge funds own 46.71% of the company's stock.

Insider Activity at Arrow Financial

In other news, Director Raymond F. O'conor sold 2,000 shares of Arrow Financial stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $25.94, for a total transaction of $51,880.00. Following the completion of the transaction, the director now directly owns 31,022 shares in the company, valued at $804,710.68. This trade represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on AROW. Piper Sandler dropped their target price on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Wall Street Zen cut shares of Arrow Financial from a "hold" rating to a "sell" rating in a research report on Friday, May 30th.

Arrow Financial Trading Up 1.2%

NASDAQ:AROW traded up $0.30 during mid-day trading on Tuesday, hitting $26.29. 57,918 shares of the company's stock were exchanged, compared to its average volume of 42,970. Arrow Financial Corporation has a fifty-two week low of $22.72 and a fifty-two week high of $34.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $438.25 million, a P/E ratio of 15.46 and a beta of 0.78. The company has a 50 day simple moving average of $25.48 and a 200-day simple moving average of $26.52.

Arrow Financial (NASDAQ:AROW - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.06). Arrow Financial had a net margin of 12.51% and a return on equity of 8.01%. The company had revenue of $50.37 million during the quarter, compared to analyst estimates of $39.26 million. As a group, research analysts expect that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Tuesday, May 13th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, May 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.26%. Arrow Financial's payout ratio is presently 65.88%.

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.