ARROW FINL CORP AROW
COM · Common Stock · CUSIP 042744102
- SectorFinancials
- IndustryNational Commercial Banks
- HeadquartersGlens Falls, NY
- Websitearrowfinancial.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($24.3k this quarter). Holder counts are more reliable. Shares outstanding: 16.5m as of 2026-04-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $33.57.
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 91 |
| Q4 2022 | 95 |
| Q1 2023 | 95 |
| Q2 2023 | 95 |
| Q3 2023 | 94 |
| Q4 2023 | 111 |
| Q1 2024 | 102 |
| Q2 2024 | 95 |
| Q3 2024 | 106 |
| Q4 2024 | 109 |
| Q1 2025 | 113 |
| Q2 2025 | 108 |
| Q3 2025 | 118 |
| Q4 2025 | 136 |
| Q1 2026 | 139 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 42 | 43 |
| Q3 2024 | 47 | 32 |
| Q4 2024 | 49 | 37 |
| Q1 2025 | 51 | 42 |
| Q2 2025 | 54 | 43 |
| Q3 2025 | 56 | 39 |
| Q4 2025 | 67 | 42 |
| Q1 2026 | 74 | 54 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $0 | $2.0k | — |
| Q3 2025 | $0 | $8.0k | — |
| Q4 2025 | $0 | $0 | — |
| Q1 2026 | $0 | $0 | — |
Biggest buyers
| ACADIAN ASSET MANAGEMENT LLC | Added | +109.5k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | Added | +69.3k |
| MARSHALL WACE, LLP | Added | +59.0k |
| AQR CAPITAL MANAGEMENT LLC | Added | +51.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +47.8k |
| UBS Group AG | Added | +39.0k |
| Qube Research & Technologies Ltd | New | +37.0k |
| GOLDMAN SACHS GROUP INC | Added | +31.3k |
| LAZARD ASSET MANAGEMENT LLC | New | +29.6k |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +28.9k |
Biggest sellers
| Rhino Investment Partners, Inc | Sold out | -789.3k |
| TWO SIGMA ADVISERS, LP | Sold out | -50.4k |
| STATE STREET CORP | Reduced | -30.9k |
| BARCLAYS PLC | Reduced | -21.9k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -21.9k |
| JANE STREET GROUP, LLC | Reduced | -21.5k |
| WELLS FARGO & COMPANY/MN | Reduced | -12.1k |
| LPL Financial LLC | Reduced | -11.7k |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -11.3k |
| Waldron Private Wealth LLC | Sold out | -11.0k |
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
No one currently above 5% in the filings since 19 Dec 2024.
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26)
Insider purchases and sales in Q1 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 1 | $94.5k | — |
| Q3 2024 | 0 | — | 1 | $116.4k | $60.2k |
| Q4 2024 | 0 | — | 1 | $178.5k | $178.5k |
| Q1 2025 | 1 | $99.9k | 1 | $162.1k | $162.1k |
| Q2 2025 | 0 | — | 1 | $99.4k | $99.4k |
| Q3 2025 | 2 | $542.3k | 0 | — | — |
| Q4 2025 | 3 | $194.3k | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| Arrow Financial Corp 6.35% of their portfolio | 1.9m $63.1m | Added +7.1k |
| BlackRock, Inc. 0.00% of their portfolio | 1.3m $42.0m | Added +171 |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 730.5k $24.5m | Added +1.9k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 637.5k $21.4m | First filing |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 370.8k $12.5m | Added +7.1k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 343.3k $11.5m | Added +20.3k |
| STATE STREET CORP 0.00% of their portfolio | 338.2k $11.4m | Reduced -30.9k |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 252.6k $8.5m | Added +109.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 230.3k $7.7m | Reduced -21.9k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 186.2k $6.3m | Added +69.3k |
| MORGAN STANLEY 0.00% of their portfolio | 177.8k $6.0m | Reduced -10.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 133.5k $4.5m | Added +5.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 122.3k $4.1m | Reduced -5.3k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 121.6k $4.1m | First filing |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 120.3k $4.0m | Added +463 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 114.4k $3.8m | Added +47.8k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 109.4k $3.7m | Added +59.0k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 103.3k $3.5m | Added +28.9k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 97.0k $3.3m | Added +51.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 95.4k $3.2m | Added +31.3k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 91.9k $3.1m | First filing |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 90.6k $3.0m | Reduced -11.3k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 86.5k $2.9m | Added +6.1k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 84.8k $2.8m | Reduced -1.9k |
| MARTINGALE ASSET MANAGEMENT L P 0.06% of their portfolio | 72.3k $2.4m | Added +23.4k |
| SEGALL BRYANT & HAMILL, LLC 0.03% of their portfolio | 69.1k $2.3m | Reduced -160 |
| JOHNSON INVESTMENT COUNSEL INC 0.02% of their portfolio | 62.2k $2.1m | Added +310 |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 49.8k $1.7m | Added +18.8k |
| Nuveen, LLC 0.00% of their portfolio | 49.2k $1.7m | Added +468 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 48.0k $1.6m | Added +8.4k |
| UBS Group AG 0.00% of their portfolio | 44.1k $1.5m | Added +39.0k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 41.1k $1.4m | Added +22.3k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 37.0k $1.2m | New |
| HighTower Advisors, LLC 0.00% of their portfolio | 35.5k $1.2m | Added +15.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 32.7k $1.1m | Added +4.6k |
| Quantinno Capital Management LP 0.00% of their portfolio | 31.0k $1.0m | Added +4.5k |
| LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio | 29.6k $994.6k | New |
| SummerHaven Investment Management, LLC 0.57% of their portfolio | 27.6k $925.7k | Reduced -3.2k |
| Gallagher Fiduciary Advisors, LLC 0.03% of their portfolio | 25.7k $862.6k | Reduced -2.7k |
| Atria Investments, Inc 0.01% of their portfolio | 25.6k $859.8k | Reduced -2.7k |
| Private Advisor Group, LLC 0.00% of their portfolio | 24.4k $819.0k | Unchanged |
| Integrated Quantitative Investments LLC 0.15% of their portfolio | 24.0k $804.8k | Added +3.6k |
| Invesco Ltd. 0.00% of their portfolio | 22.7k $761.9k | Reduced -1.3k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 22.5k $755.1k | Reduced -365 |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 21.1k $708.7k | Reduced -1.0k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 21.1k $707.9k | Reduced -21.5k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 20.9k $700.4k | Added +10.1k |
| US BANCORP \DE\ 0.00% of their portfolio | 20.1k $673.8k | Reduced -376 |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 19.0k $639.1k | Reduced -8.6k |
| Midwest Trust Co 0.01% of their portfolio | 18.9k $632.9k | Added +2.0k |
| Legato Capital Management LLC 0.06% of their portfolio | 18.7k $628.6k | Added +3.6k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 18.7k $627.6k | New |
| FMR LLC 0.00% of their portfolio | 18.1k $608.7k | Added +12.8k |
| Squarepoint Ops LLC 0.00% of their portfolio | 17.3k $581.4k | New |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.02% of their portfolio | 16.5k $554.0k | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 15.6k $491.0k | Unchanged |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 15.5k $520.3k | Unchanged |
| ALPS ADVISORS INC 0.00% of their portfolio | 15.2k $511.9k | New |
| Creative Planning 0.00% of their portfolio | 15.0k $505.0k | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 15.0k $501.9k | Reduced -739 |
| EDMP, INC. 0.39% of their portfolio | 14.2k $477.9k | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 12.4k $415.6k | Added +5.5k |
| CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio | 11.1k $373.0k | Unchanged |
| LSV ASSET MANAGEMENT 0.00% of their portfolio | 10.6k $356.0k | Added +8.2k |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 10.4k $349.0k | Added +1.0k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 10.4k $348.0k | Added +1.2k |
| Washington Trust Advisors, Inc. 0.03% of their portfolio | 10.3k $346.1k | Reduced -800 |
| Hillsdale Investment Management Inc. 0.01% of their portfolio | 10.0k $334.4k | Added +9.7k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 9.9k $331.0k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 8.8k $294.2k | Reduced -12.1k |
| Mariner, LLC 0.00% of their portfolio | 8.8k $294.0k | Added +1.7k |
| DELPHI MANAGEMENT INC /MA/ 0.34% of their portfolio | 8.6k $288.0k | New |
| Odyssean, LLC 0.10% of their portfolio | 8.5k $286.8k | New |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 8.5k $284.0k | New |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 8.1k $270.7k | Added +20 |
| Angel Oak Capital Advisors, LLC 0.30% of their portfolio | 8.0k $268.6k | Reduced -3.0k |
| PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC 0.04% of their portfolio | 8.0k $268.6k | Reduced -3.0k |
| LPL Financial LLC 0.00% of their portfolio | 7.8k $261.3k | Reduced -11.7k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 7.8k $260.7k | Added +170 |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.02% of their portfolio | 7.6k $281.9k | Reduced -1.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 7.0k $232.6k | Reduced -7.0k |
| Corient Private Wealth LP 0.00% of their portfolio | 6.7k $226.4k | New |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 6.7k $225.4k | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 6.7k $223.3k | Unchanged |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 6.1k $204.5k | Reduced -1.1k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 5.1k $172.4k | First filing |
| Plante Moran Financial Advisors, LLC 0.01% of their portfolio | 4.9k $164.7k | Unchanged |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 4.6k $154.4k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 4.2k $142.2k | Reduced -1.0k |
| CWM, LLC 0.00% of their portfolio | 3.6k $119.2k | Added +991 |
| BARCLAYS PLC 0.00% of their portfolio | 3.4k $114.3k | Reduced -21.9k |
| CITIGROUP INC 0.00% of their portfolio | 3.0k $101.8k | Added +543 |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 2.6k $87.1k | Added +73 |
| ADIRONDACK TRUST CO 0.03% of their portfolio | 2.5k $82.4k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 2.3k $76.0k | Reduced -3.7k |
| Pinnacle Wealth Planning Services, Inc. 0.01% of their portfolio | 1.7k $58.6k | Reduced -2.3k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 1.6k $54.0k | Added +64 |
| Clean Yield Group 0.01% of their portfolio | 1.5k $48.9k | Unchanged |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 1.4k $48.1k | Reduced -91 |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 1.4k $48.0k | Added +1.0k |