Vault-13

ARROW FINL CORP AROW

COM · Common Stock · CUSIP 042744102

139 institutional holders +3 vs Q4 2025
9,106,7339.1m shares reported held*
55.1% of all shares outstanding*
$305.7mreported value*
19 new 55 added 38 reduced 16 sold out net sold ≈ $4.5m (-274.8k shares)

* 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

050100150Q3 22: 91Q4 22: 95Q1 23: 95Q2 23: 95Q3 23: 94Q4 23: 111Q1 24: 102Q2 24: 95Q3 24: 106Q4 24: 109Q1 25: 113Q2 25: 108Q3 25: 118Q4 25: 136Q1 26: 139139Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 202291
Q4 202295
Q1 202395
Q2 202395
Q3 202394
Q4 2023111
Q1 2024102
Q2 202495
Q3 2024106
Q4 2024109
Q1 2025113
Q2 2025108
Q3 2025118
Q4 2025136
Q1 2026139

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q2 24: 42 bought or addedQ2 24: 43 cut or sold outQ3 24: 47 bought or addedQ3 24: 32 cut or sold outQ3 24Q4 24: 49 bought or addedQ4 24: 37 cut or sold outQ1 25: 51 bought or addedQ1 25: 42 cut or sold outQ1 25Q2 25: 54 bought or addedQ2 25: 43 cut or sold outQ3 25: 56 bought or addedQ3 25: 39 cut or sold outQ3 25Q4 25: 67 bought or addedQ4 25: 42 cut or sold outQ1 26: 74 bought or addedQ1 26: 54 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20244243
Q3 20244732
Q4 20244937
Q1 20255142
Q2 20255443
Q3 20255639
Q4 20256742
Q1 20267454

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2k$4k$6k$8kQ2 25 calls: $0Q2 25 puts: $2.0kQ2 25P/C —Q3 25 calls: $0Q3 25 puts: $8.0kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —
Numbers
QuarterCallsPutsP/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 +109,533+109.5k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Added +69,350+69.3k
MARSHALL WACE, LLP Added +59,029+59.0k
AQR CAPITAL MANAGEMENT LLC Added +51,040+51.0k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +47,752+47.8k
UBS Group AG Added +39,011+39.0k
Qube Research & Technologies Ltd New +37,039+37.0k
GOLDMAN SACHS GROUP INC Added +31,334+31.3k
LAZARD ASSET MANAGEMENT LLC New +29,628+29.6k
Connor, Clark & Lunn Investment Management Ltd. Added +28,932+28.9k

Biggest sellers

Rhino Investment Partners, Inc Sold out -789,305-789.3k
TWO SIGMA ADVISERS, LP Sold out -50,419-50.4k
STATE STREET CORP Reduced -30,930-30.9k
BARCLAYS PLC Reduced -21,935-21.9k
RENAISSANCE TECHNOLOGIES LLC Reduced -21,921-21.9k
JANE STREET GROUP, LLC Reduced -21,455-21.5k
WELLS FARGO & COMPANY/MN Reduced -12,103-12.1k
LPL Financial LLC Reduced -11,738-11.7k
VOYA INVESTMENT MANAGEMENT LLC Reduced -11,279-11.3k
Waldron Private Wealth LLC Sold out -10,955-11.0k

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)

BuyingSelling
404Q2 24: 0 buyingQ2 24: 1 sellingQ3 24: 0 buyingQ3 24: 1 sellingQ3 24Q4 24: 0 buyingQ4 24: 1 sellingQ1 25: 1 buyingQ1 25: 1 sellingQ1 25Q2 25: 0 buyingQ2 25: 1 sellingQ3 25: 2 buyingQ3 25: 0 sellingQ3 25Q4 25: 3 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20240—1$94.5k—
Q3 20240—1$116.4k$60.2k
Q4 20240—1$178.5k$178.5k
Q1 20251$99.9k1$162.1k$162.1k
Q2 20250—1$99.4k$99.4k
Q3 20252$542.3k0——
Q4 20253$194.3k0——
Q1 20260—0——

None reported in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Arrow Financial Corp 6.35% of their portfolio Glens Falls, NY 1,878,8391.9m $63.1m $63.1m 6.35% Added +7.1k +7,104
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,251,2571.3m $42.0m $42.0m 0.00% Added +171 +171
3 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 730,471730.5k $24.5m $24.5m 0.01% Added +1.9k +1,937
4 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 637,527637.5k $21.4m $21.4m 0.00% First filing
5 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 370,791370.8k $12.5m $12.5m 0.00% Added +7.1k +7,067
6 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 343,256343.3k $11.5m $11.5m 0.01% Added +20.3k +20,292
7 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 338,155338.2k $11.4m $11.4m 0.00% Reduced -30.9k -30,930
8 ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio Boston, MA 252,552252.6k $8.5m $8.5m 0.01% Added +109.5k +109,533
9 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 230,284230.3k $7.7m $7.7m 0.01% Reduced -21.9k -21,921
10 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 186,239186.2k $6.3m $6.3m 0.02% Added +69.3k +69,350
11 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 177,809177.8k $6.0m $6.0m 0.00% Reduced -10.1k -10,088
12 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 133,471133.5k $4.5m $4.5m 0.00% Added +5.5k +5,459
13 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 122,261122.3k $4.1m $4.1m 0.00% Reduced -5.3k -5,264
14 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 121,575121.6k $4.1m $4.1m 0.00% First filing
15 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 120,305120.3k $4.0m $4.0m 0.01% Added +463 +463
16 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 114,449114.4k $3.8m $3.8m 0.00% Added +47.8k +47,752
17 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 109,416109.4k $3.7m $3.7m 0.00% Added +59.0k +59,029
18 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 103,260103.3k $3.5m $3.5m 0.01% Added +28.9k +28,932
19 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 97,02797.0k $3.3m $3.3m 0.00% Added +51.0k +51,040
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 95,41395.4k $3.2m $3.2m 0.00% Added +31.3k +31,334
21 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 91,91691.9k $3.1m $3.1m 0.00% First filing
22 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 90,62690.6k $3.0m $3.0m 0.00% Reduced -11.3k -11,279
23 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 86,51786.5k $2.9m $2.9m 0.00% Added +6.1k +6,143
24 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 84,81284.8k $2.8m $2.8m 0.00% Reduced -1.9k -1,864
25 MARTINGALE ASSET MANAGEMENT L P 0.06% of their portfolio BOSTON, MA 72,30872.3k $2.4m $2.4m 0.06% Added +23.4k +23,399
26 SEGALL BRYANT & HAMILL, LLC 0.03% of their portfolio CHICAGO, IL 69,10369.1k $2.3m $2.3m 0.03% Reduced -160 -160
27 JOHNSON INVESTMENT COUNSEL INC 0.02% of their portfolio Cincinnati, OH 62,19262.2k $2.1m $2.1m 0.02% Added +310 +310
28 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 49,79449.8k $1.7m $1.7m 0.00% Added +18.8k +18,793
29 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 49,16749.2k $1.7m $1.7m 0.00% Added +468 +468
30 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 47,98648.0k $1.6m $1.6m 0.00% Added +8.4k +8,388
31 UBS Group AG 0.00% of their portfolio ZURICH, V8 44,10944.1k $1.5m $1.5m 0.00% Added +39.0k +39,011
32 LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio LOS ANGELES, CA 41,07841.1k $1.4m $1.4m 0.01% Added +22.3k +22,278
33 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 37,03937.0k $1.2m $1.2m 0.00% New
34 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 35,49135.5k $1.2m $1.2m 0.00% Added +15.4k +15,360
35 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 32,69632.7k $1.1m $1.1m 0.00% Added +4.6k +4,641
36 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 30,98931.0k $1.0m $1.0m 0.00% Added +4.5k +4,510
37 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 29,62829.6k $994.6k $994.6k 0.00% New
38 SummerHaven Investment Management, LLC 0.57% of their portfolio STAMFORD, CT 27,57427.6k $925.7k $925.7k 0.57% Reduced -3.2k -3,193
39 Gallagher Fiduciary Advisors, LLC 0.03% of their portfolio ROLLING MEADOWS, IL 25,69525.7k $862.6k $862.6k 0.03% Reduced -2.7k -2,725
40 Atria Investments, Inc 0.01% of their portfolio Charlotte, NC 25,61125.6k $859.8k $859.8k 0.01% Reduced -2.7k -2,726
41 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 24,39624.4k $819.0k $819.0k 0.00% Unchanged
42 Integrated Quantitative Investments LLC 0.15% of their portfolio BELLEVUE, WA 23,97324.0k $804.8k $804.8k 0.15% Added +3.6k +3,644
43 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 22,69522.7k $761.9k $761.9k 0.00% Reduced -1.3k -1,269
44 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 22,49322.5k $755.1k $755.1k 0.00% Reduced -365 -365
45 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 21,11021.1k $708.7k $708.7k 0.00% Reduced -1.0k -1,021
46 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 21,08821.1k $707.9k $707.9k 0.00% Reduced -21.5k -21,455
47 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 20,86320.9k $700.4k $700.4k 0.00% Added +10.1k +10,099
48 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 20,07120.1k $673.8k $673.8k 0.00% Reduced -376 -376
49 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 19,03719.0k $639.1k $639.1k 0.00% Reduced -8.6k -8,566
50 Midwest Trust Co 0.01% of their portfolio Overland Park, KS 18,85418.9k $632.9k $632.9k 0.01% Added +2.0k +2,000
51 Legato Capital Management LLC 0.06% of their portfolio San Francisco, CA 18,72618.7k $628.6k $628.6k 0.06% Added +3.6k +3,644
52 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 18,69618.7k $627.6k $627.6k 0.00% New
53 FMR LLC 0.00% of their portfolio BOSTON, MA 18,13218.1k $608.7k $608.7k 0.00% Added +12.8k +12,777
54 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 17,32017.3k $581.4k $581.4k 0.00% New
55 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.02% of their portfolio BALA CYNWYD, PA 16,50216.5k $554.0k $554.0k 0.02% New
56 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 15,63815.6k $491.0k $491.0k 0.00% Unchanged
57 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 15,49915.5k $520.3k $520.3k 0.00% Unchanged
58 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 15,25015.2k $511.9k $511.9k 0.00% New
59 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 15,04315.0k $505.0k $505.0k 0.00% New
60 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 14,95115.0k $501.9k $501.9k 0.00% Reduced -739 -739
61 EDMP, INC. 0.39% of their portfolio LUTZ, FL 14,23714.2k $477.9k $477.9k 0.39% Unchanged
62 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 12,38112.4k $415.6k $415.6k 0.00% Added +5.5k +5,546
63 CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio PROVIDENCE, RI 11,11011.1k $373.0k $373.0k 0.01% Unchanged
64 LSV ASSET MANAGEMENT 0.00% of their portfolio CHICAGO, IL 10,60010.6k $356.0k $356.0k 0.00% Added +8.2k +8,200
65 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 10,39510.4k $349.0k $349.0k 0.00% Added +1.0k +1,037
66 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 10,35310.4k $348.0k $348.0k 0.00% Added +1.2k +1,155
67 Washington Trust Advisors, Inc. 0.03% of their portfolio WELLESLEY, MA 10,31010.3k $346.1k $346.1k 0.03% Reduced -800 -800
68 Hillsdale Investment Management Inc. 0.01% of their portfolio Toronto, A6 9,96010.0k $334.4k $334.4k 0.01% Added +9.7k +9,700
69 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 9,8619.9k $331.0k $331.0k 0.00% Unchanged
70 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 8,7648.8k $294.2k $294.2k 0.00% Reduced -12.1k -12,103
71 Mariner, LLC 0.00% of their portfolio Overland Park, KS 8,7588.8k $294.0k $294.0k 0.00% Added +1.7k +1,737
72 DELPHI MANAGEMENT INC /MA/ 0.34% of their portfolio BROOKLINE, MA 8,5908.6k $288.0k $288.0k 0.34% New
73 Odyssean, LLC 0.10% of their portfolio DARIEN, CT 8,5428.5k $286.8k $286.8k 0.10% New
74 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 8,4598.5k $284.0k $284.0k 0.00% New
75 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 8,0638.1k $270.7k $270.7k 0.00% Added +20 +20
76 Angel Oak Capital Advisors, LLC 0.30% of their portfolio ATLANTA, GA 8,0008.0k $268.6k $268.6k 0.30% Reduced -3.0k -3,000
77 PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC 0.04% of their portfolio MINNEAPOLIS, MN 8,0008.0k $268.6k $268.6k 0.04% Reduced -3.0k -3,000
78 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 7,7857.8k $261.3k $261.3k 0.00% Reduced -11.7k -11,738
79 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 7,7667.8k $260.7k $260.7k 0.00% Added +170 +170
80 OCCUDO QUANTITATIVE STRATEGIES LP 0.02% of their portfolio FORT LAUDERDALE, FL 7,6497.6k $281.9k $281.9k 0.02% Reduced -1.5k -1,480
81 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 6,9767.0k $232.6k $232.6k 0.00% Reduced -7.0k -6,978
82 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 6,7446.7k $226.4k $226.4k 0.00% New
83 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 6,7146.7k $225.4k $225.4k 0.00% New
84 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 6,6516.7k $223.3k $223.3k 0.00% Unchanged
85 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 6,0936.1k $204.5k $204.5k 0.00% Reduced -1.1k -1,103
86 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 5,1365.1k $172.4k $172.4k 0.00% First filing
87 Plante Moran Financial Advisors, LLC 0.01% of their portfolio SOUTHFIELD, MI 4,9054.9k $164.7k $164.7k 0.01% Unchanged
88 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 4,6004.6k $154.4k $154.4k 0.00% Unchanged
89 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,2364.2k $142.2k $142.2k 0.00% Reduced -1.0k -1,023
90 CWM, LLC 0.00% of their portfolio OMAHA, NE 3,5523.6k $119.2k $119.2k 0.00% Added +991 +991
91 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 3,4043.4k $114.3k $114.3k 0.00% Reduced -21.9k -21,935
92 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,0323.0k $101.8k $101.8k 0.00% Added +543 +543
93 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,5942.6k $87.1k $87.1k 0.00% Added +73 +73
94 ADIRONDACK TRUST CO 0.03% of their portfolio SARATOGA SPRINGS, NY 2,4562.5k $82.4k $82.4k 0.03% Unchanged
95 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,2682.3k $76.0k $76.0k 0.00% Reduced -3.7k -3,735
96 Pinnacle Wealth Planning Services, Inc. 0.01% of their portfolio MANSFIELD, OH 1,7451.7k $58.6k $58.6k 0.01% Reduced -2.3k -2,300
97 CANADA LIFE ASSURANCE Co 0.00% of their portfolio WINNIPEG, A2 1,6211.6k $54.0k $54.0k 0.00% Added +64 +64
98 Clean Yield Group 0.01% of their portfolio NORWICH, VT 1,4581.5k $48.9k $48.9k 0.01% Unchanged
99 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,4321.4k $48.1k $48.1k 0.00% Reduced -91 -91
100 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 1,4291.4k $48.0k $48.0k 0.00% Added +1.0k +1,044