Vault-13

ARROW FINL CORP AROW

COM · Common Stock · CUSIP 042744102

146 institutional holders +7 vs Q1 2026
10,683,18210.7m shares reported held*
57.7% of all shares outstanding*
$429.1mreported value*
23 new 61 added 35 reduced 15 sold out net bought ≈ $53.8m (+1.5m 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 ($49.2k this quarter). Holder counts are more reliable. Shares outstanding: 18.5m as of 2026-07-31, 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 ≈ $40.16.

Trends to Q2 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: 139Q2 26: 146146Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 2026146

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q3 24: 47 bought or addedQ3 24: 32 cut or sold outQ4 24: 49 bought or addedQ4 24: 37 cut or sold outQ4 24Q1 25: 51 bought or addedQ1 25: 42 cut or sold outQ2 25: 54 bought or addedQ2 25: 43 cut or sold outQ2 25Q3 25: 56 bought or addedQ3 25: 39 cut or sold outQ4 25: 67 bought or addedQ4 25: 42 cut or sold outQ4 25Q1 26: 74 bought or addedQ1 26: 54 cut or sold outQ2 26: 84 bought or addedQ2 26: 50 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20244732
Q4 20244937
Q1 20255142
Q2 20255443
Q3 20255639
Q4 20256742
Q1 20267454
Q2 20268450

Calls vs puts

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

CallsPuts
$0$2k$4k$6k$8kQ3 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 —Q2 26 calls: $0Q2 26 puts: $0Q2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$0$8.0k—
Q4 2025$0$0—
Q1 2026$0$0—
Q2 2026$0$0—

Biggest buyers

Rhino Investment Partners, Inc New +847,563+847.6k
STATE STREET CORP Added +151,943+151.9k
BlackRock, Inc. Added +148,528+148.5k
ACADIAN ASSET MANAGEMENT LLC Added +92,609+92.6k
AMERICAN CENTURY COMPANIES INC Added +89,734+89.7k
TWO SIGMA INVESTMENTS, LP Added +58,344+58.3k
FMR LLC Added +47,060+47.1k
MORGAN STANLEY Added +46,673+46.7k
CITADEL ADVISORS LLC Added +40,151+40.2k
GEODE CAPITAL MANAGEMENT, LLC Added +38,798+38.8k

Biggest sellers

MARSHALL WACE, LLP Sold out -109,416-109.4k
MILLENNIUM MANAGEMENT LLC Sold out -49,794-49.8k
RENAISSANCE TECHNOLOGIES LLC Reduced -43,563-43.6k
Qube Research & Technologies Ltd Sold out -37,039-37.0k
UBS Group AG Reduced -30,960-31.0k
JANE STREET GROUP, LLC Sold out -21,088-21.1k
Arrow Financial Corp Reduced -18,876-18.9k
VANGUARD CAPITAL MANAGEMENT LLC Reduced -13,808-13.8k
Squarepoint Ops LLC Reduced -11,656-11.7k
FRANKLIN RESOURCES INC Reduced -10,099-10.1k

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 since 1 Apr 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
404Q4 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 26Q2 26: 0 buyingQ2 26: 1 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
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——
Q2 20260—1$158.6k—
Q3 20260—0——
DateInsiderTradeSharesPrice ValueTheir holding
2026-06-17 Behan Mark Director Sold 4,110 $38.59 $158.6k4.1k shares -32%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Arrow Financial Corp 6.83% of their portfolio Glens Falls, NY 1,859,9631.9m $76.2m $76.2m 6.83% Reduced -18.9k -18,876
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,399,7851.4m $57.4m $57.4m 0.00% Added +148.5k +148,528
3 Rhino Investment Partners, Inc 7.89% of their portfolio WEST CONSHOHOCKEN, PA 847,563847.6k $26.1m $26.1m 7.89% New
4 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 725,492725.5k $29.7m $29.7m 0.01% Reduced -5.0k -4,979
5 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 623,719623.7k $25.6m $25.6m 0.00% Reduced -13.8k -13,808
6 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 490,098490.1k $20.1m $20.1m 0.00% Added +151.9k +151,943
7 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 432,990433.0k $17.7m $17.7m 0.01% Added +89.7k +89,734
8 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 409,589409.6k $16.8m $16.8m 0.00% Added +38.8k +38,798
9 ACADIAN ASSET MANAGEMENT LLC 0.02% of their portfolio Boston, MA 345,161345.2k $14.1m $14.1m 0.02% Added +92.6k +92,609
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 224,482224.5k $9.2m $9.2m 0.00% Added +46.7k +46,673
11 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 189,939189.9k $7.8m $7.8m 0.02% Added +3.7k +3,700
12 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 186,721186.7k $7.7m $7.7m 0.01% Reduced -43.6k -43,563
13 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 149,239149.2k $6.1m $6.1m 0.00% Added +34.8k +34,790
14 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 144,861144.9k $5.9m $5.9m 0.00% Added +58.3k +58,344
15 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 141,937141.9k $5.8m $5.8m 0.00% Added +8.5k +8,466
16 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 136,862136.9k $5.6m $5.6m 0.00% Added +15.3k +15,287
17 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 125,799125.8k $5.2m $5.2m 0.00% Added +3.5k +3,538
18 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 121,870121.9k $5.0m $5.0m 0.01% Added +18.6k +18,610
19 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 120,712120.7k $4.9m $4.9m 0.01% Added +407 +407
20 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 116,804116.8k $4.8m $4.8m 0.00% Added +19.8k +19,777
21 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 99,24899.2k $4.1m $4.1m 0.00% Added +3.8k +3,835
22 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 96,07696.1k $3.9m $3.9m 0.00% Added +4.2k +4,160
23 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 89,37089.4k $3.7m $3.7m 0.00% Added +4.6k +4,558
24 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 82,26782.3k $3.4m $3.4m 0.00% Reduced -8.4k -8,359
25 MARTINGALE ASSET MANAGEMENT L P 0.07% of their portfolio BOSTON, MA 75,51075.5k $3.1m $3.1m 0.07% Added +3.2k +3,202
26 FMR LLC 0.00% of their portfolio BOSTON, MA 65,19265.2k $2.7m $2.7m 0.00% Added +47.1k +47,060
27 SEGALL BRYANT & HAMILL, LLC 0.03% of their portfolio CHICAGO, IL 64,79464.8k $2.7m $2.7m 0.03% Reduced -4.3k -4,309
28 JOHNSON INVESTMENT COUNSEL INC 0.02% of their portfolio Cincinnati, OH 62,19262.2k $2.5m $2.5m 0.02% Unchanged
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 59,18859.2k $2.4m $2.4m 0.00% Added +40.2k +40,151
30 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 55,66855.7k $2.3m $2.3m 0.00% Added +7.7k +7,682
31 TRUST CO OF VERMONT 0.08% of their portfolio BRATTLEBORO, VT 54,36554.4k $2.2m $2.2m 0.08% First filing
32 LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio LOS ANGELES, CA 52,90852.9k $2.2m $2.2m 0.01% Added +11.8k +11,830
33 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 50,71850.7k $2.1m $2.1m 0.00% Added +1.6k +1,551
34 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 41,83341.8k $1.7m $1.7m 0.00% Added +10.8k +10,844
35 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 35,26035.3k $1.4m $1.4m 0.00% Reduced -231 -231
36 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 31,92931.9k $1.3m $1.3m 0.00% Reduced -767 -767
37 Integrated Quantitative Investments LLC 0.21% of their portfolio BELLEVUE, WA 31,12431.1k $1.3m $1.3m 0.21% Added +7.2k +7,151
38 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 30,15730.2k $1.2m $1.2m 0.00% Added +529 +529
39 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 28,21728.2k $1.2m $1.2m 0.00% Added +13.3k +13,266
40 SummerHaven Investment Management, LLC 0.61% of their portfolio STAMFORD, CT 27,57427.6k $1.1m $1.1m 0.61% Unchanged
41 Forty-three Eighteen Advisors, LLC 0.74% of their portfolio BENTONVILLE, AR 26,82626.8k $1.1m $1.1m 0.74% New
42 Gallagher Fiduciary Advisors, LLC 0.03% of their portfolio ROLLING MEADOWS, IL 25,10625.1k $1.0m $1.0m 0.03% Reduced -589 -589
43 Atria Investments, Inc 0.01% of their portfolio Charlotte, NC 24,99925.0k $1.0m $1.0m 0.01% Reduced -612 -612
44 CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio PROVIDENCE, RI 24,47124.5k $1.0m $1.0m 0.01% Added +13.4k +13,361
45 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 24,39624.4k $1,000.0k $1,000.0k 0.00% Unchanged
46 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 22,10322.1k $906.0k $906.0k 0.00% Added +7.1k +7,060
47 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 22,08322.1k $741.3k $741.3k 0.00% Added +6.4k +6,445
48 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 20,92420.9k $857.7k $857.7k 0.00% Reduced -1.6k -1,569
49 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 20,85320.9k $854.8k $854.8k 0.00% Reduced -257 -257
50 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 20,06720.1k $822.5k $822.5k 0.00% Reduced -4 -4
51 Legato Capital Management LLC 0.07% of their portfolio San Francisco, CA 19,97620.0k $818.8k $818.8k 0.07% Added +1.2k +1,250
52 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 18,83818.8k $772.2k $772.2k 0.00% Reduced -3.9k -3,857
53 SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.01% of their portfolio BALA CYNWYD, PA 16,98617.0k $696.3k $696.3k 0.01% Added +484 +484
54 Midwest Trust Co 0.01% of their portfolio Overland Park, KS 16,85416.9k $690.8k $690.8k 0.01% Reduced -2.0k -2,000
55 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 16,56616.6k $679.0k $679.0k 0.01% New
56 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 16,03116.0k $657.1k $657.1k 0.00% Added +3.6k +3,650
57 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 15,79915.8k $647.6k $647.6k 0.00% Added +300 +300
58 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 15,44615.4k $633.1k $633.1k 0.00% Added +196 +196
59 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 14,62014.6k $599.3k $599.3k 0.00% Added +11.6k +11,588
60 EDMP, INC. 0.47% of their portfolio LUTZ, FL 14,23714.2k $583.6k $583.6k 0.47% Unchanged
61 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 14,04514.0k $575.7k $575.7k 0.00% Added +5.3k +5,281
62 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 13,82513.8k $567.0k $567.0k 0.00% Added +5.4k +5,366
63 UBS Group AG 0.00% of their portfolio ZURICH, V8 13,14913.1k $539.0k $539.0k 0.00% Reduced -31.0k -30,960
64 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 12,32812.3k $505.3k $505.3k 0.00% Reduced -6.4k -6,368
65 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 12,20912.2k $500.0k $500.0k 0.00% Added +1.9k +1,856
66 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 10,76610.8k $441.3k $441.3k 0.00% New
67 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 10,76410.8k $441.2k $441.2k 0.00% Reduced -10.1k -10,099
68 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 10,60410.6k $434.7k $434.7k 0.00% Added +209 +209
69 LSV ASSET MANAGEMENT 0.00% of their portfolio CHICAGO, IL 10,60010.6k $434.0k $434.0k 0.00% Unchanged
70 Washington Trust Advisors, Inc. 0.03% of their portfolio WELLESLEY, MA 10,31010.3k $422.6k $422.6k 0.03% Unchanged
71 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 9,8619.9k $404.2k $404.2k 0.00% Unchanged
72 Sequoia Financial Advisors, LLC 0.00% of their portfolio Akron, OH 9,7989.8k $401.6k $401.6k 0.00% New
73 Mariner, LLC 0.00% of their portfolio Overland Park, KS 9,5969.6k $393.4k $393.4k 0.00% Added +838 +838
74 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 9,1419.1k $374.7k $374.7k 0.00% Added +1.1k +1,078
75 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 8,9919.0k $368.5k $368.5k 0.00% New
76 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 8,7028.7k $356.7k $356.7k 0.00% Added +7.3k +7,270
77 DELPHI MANAGEMENT INC /MA/ 0.34% of their portfolio BROOKLINE, MA 8,5558.6k $351.0k $351.0k 0.34% Reduced -35 -35
78 Odyssean, LLC 0.06% of their portfolio DARIEN, CT 8,5428.5k $350.1k $350.1k 0.06% Unchanged
79 IFG Advisory, LLC 0.01% of their portfolio ATLANTA, GA 7,9377.9k $325.3k $325.3k 0.01% New
80 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,7697.8k $319.5k $319.5k 0.00% Added +793 +793
81 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 7,5717.6k $310.3k $310.3k 0.00% Reduced -195 -195
82 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 7,4897.5k $307.0k $307.0k 0.00% Added +4.1k +4,085
83 Rafferty Asset Management, LLC 0.00% of their portfolio New York, NY 7,2537.3k $297.3k $297.3k 0.00% New
84 StoneX Group Inc. 0.01% of their portfolio NEW YORK, NY 6,7396.7k $256.8k $256.8k 0.01% New
85 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 6,6516.7k $272.6k $272.6k 0.00% Unchanged
86 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 6,5886.6k $270.0k $270.0k 0.00% New
87 PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC 0.03% of their portfolio MINNEAPOLIS, MN 6,0006.0k $245.9k $245.9k 0.03% Reduced -2.0k -2,000
88 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 5,8895.9k $241.0k $241.0k 0.00% New
89 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 5,8265.8k $238.8k $238.8k 0.00% New
90 King Wealth Management Group 0.03% of their portfolio SARATOGA SPRINGS, NY 5,7185.7k $234.0k $234.0k 0.03% New
91 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 5,6645.7k $232.2k $232.2k 0.00% Reduced -11.7k -11,656
92 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 5,6105.6k $230.0k $230.0k 0.00% New
93 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 5,4525.5k $223.5k $223.5k 0.00% Reduced -641 -641
94 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 5,3025.3k $217.3k $217.3k 0.00% Reduced -2.5k -2,483
95 Aptus Capital Advisors, LLC 0.00% of their portfolio FAIRHOPE, AL 5,2265.2k $214.2k $214.2k 0.00% New
96 One Day In July LLC 0.01% of their portfolio BURLINGTON, VT 5,1615.2k $211.5k $211.5k 0.01% New
97 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 5,1365.1k $210.5k $210.5k 0.00% Unchanged
98 Aquatic Capital Management LLC 0.01% of their portfolio CHICAGO, IL 5,0255.0k $206.0k $206.0k 0.01% New
99 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,9575.0k $203.2k $203.2k 0.00% Added +721 +721
100 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 4,9204.9k $201.7k $201.7k 0.00% New