Johnson Investment Counsel Inc. Raises Stock Holdings in Arrow Financial Corporation (NASDAQ:AROW)

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

Other institutional investors and hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Arrow Financial by 130.7% during the 4th 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 during the last quarter. State of Tennessee Department of Treasury purchased a new stake in Arrow Financial during the fourth quarter worth about $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Arrow Financial by 4.9% during the fourth 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 during the last quarter. MetLife Investment Management LLC increased its holdings in Arrow Financial by 9.4% during the fourth 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 during the last quarter. Finally, Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of Arrow Financial during the 4th quarter worth approximately $316,000. 46.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arrow Financial

In other news, Director Raymond F. O'conor sold 2,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $23.78, for a total transaction of $47,560.00. Following the completion of the transaction, the director now directly owns 29,293 shares in the company, valued at $696,587.54. The trade was a 6.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.55% of the stock is owned by corporate insiders.

Arrow Financial Price Performance

Shares of NASDAQ AROW opened at $25.09 on Friday. The stock has a market cap of $418.25 million, a PE ratio of 14.76 and a beta of 0.78. 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 debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a fifty day moving average of $25.44 and a 200-day moving average of $26.64.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced 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). The company had revenue of $50.37 million during the quarter, compared to analysts' expectations of $39.26 million. Arrow Financial had a net margin of 12.51% and a return on equity of 8.01%. Equities research analysts anticipate that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Tuesday, May 13th were paid a dividend of $0.28 per share. The ex-dividend date was Tuesday, May 13th. This represents a $1.12 annualized dividend and a yield of 4.46%. Arrow Financial's dividend payout ratio is currently 65.88%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AROW shares. Wall Street Zen lowered shares of Arrow Financial from a "hold" rating to a "sell" rating in a research note on Friday, May 30th. Piper Sandler decreased their target price on Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Monday, May 5th.

Arrow Financial Profile

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.

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