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 ($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
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 |
| Q2 2026 | 146 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2026 | 84 | 50 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/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 | +847.6k |
| STATE STREET CORP | Added | +151.9k |
| BlackRock, Inc. | Added | +148.5k |
| ACADIAN ASSET MANAGEMENT LLC | Added | +92.6k |
| AMERICAN CENTURY COMPANIES INC | Added | +89.7k |
| TWO SIGMA INVESTMENTS, LP | Added | +58.3k |
| FMR LLC | Added | +47.1k |
| MORGAN STANLEY | Added | +46.7k |
| CITADEL ADVISORS LLC | Added | +40.2k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +38.8k |
Biggest sellers
| MARSHALL WACE, LLP | Sold out | -109.4k |
| MILLENNIUM MANAGEMENT LLC | Sold out | -49.8k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -43.6k |
| Qube Research & Technologies Ltd | Sold out | -37.0k |
| UBS Group AG | Reduced | -31.0k |
| JANE STREET GROUP, LLC | Sold out | -21.1k |
| Arrow Financial Corp | Reduced | -18.9k |
| VANGUARD CAPITAL MANAGEMENT LLC | Reduced | -13.8k |
| Squarepoint Ops LLC | Reduced | -11.7k |
| FRANKLIN RESOURCES INC | Reduced | -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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2026 | 0 | — | 1 | $158.6k | — |
| Q3 2026 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-06-17 | Behan Mark Director | Sold | $158.6k4.1k shares |
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
| Manager | Shares | Change |
|---|---|---|
| Arrow Financial Corp 6.83% of their portfolio | 1.9m $76.2m | Reduced -18.9k |
| BlackRock, Inc. 0.00% of their portfolio | 1.4m $57.4m | Added +148.5k |
| Rhino Investment Partners, Inc 7.89% of their portfolio | 847.6k $26.1m | New |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 725.5k $29.7m | Reduced -5.0k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 623.7k $25.6m | Reduced -13.8k |
| STATE STREET CORP 0.00% of their portfolio | 490.1k $20.1m | Added +151.9k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 433.0k $17.7m | Added +89.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 409.6k $16.8m | Added +38.8k |
| ACADIAN ASSET MANAGEMENT LLC 0.02% of their portfolio | 345.2k $14.1m | Added +92.6k |
| MORGAN STANLEY 0.00% of their portfolio | 224.5k $9.2m | Added +46.7k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 189.9k $7.8m | Added +3.7k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 186.7k $7.7m | Reduced -43.6k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 149.2k $6.1m | Added +34.8k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 144.9k $5.9m | Added +58.3k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 141.9k $5.8m | Added +8.5k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 136.9k $5.6m | Added +15.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 125.8k $5.2m | Added +3.5k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 121.9k $5.0m | Added +18.6k |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 120.7k $4.9m | Added +407 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 116.8k $4.8m | Added +19.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 99.2k $4.1m | Added +3.8k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 96.1k $3.9m | Added +4.2k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 89.4k $3.7m | Added +4.6k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 82.3k $3.4m | Reduced -8.4k |
| MARTINGALE ASSET MANAGEMENT L P 0.07% of their portfolio | 75.5k $3.1m | Added +3.2k |
| FMR LLC 0.00% of their portfolio | 65.2k $2.7m | Added +47.1k |
| SEGALL BRYANT & HAMILL, LLC 0.03% of their portfolio | 64.8k $2.7m | Reduced -4.3k |
| JOHNSON INVESTMENT COUNSEL INC 0.02% of their portfolio | 62.2k $2.5m | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 59.2k $2.4m | Added +40.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 55.7k $2.3m | Added +7.7k |
| TRUST CO OF VERMONT 0.08% of their portfolio | 54.4k $2.2m | First filing |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 52.9k $2.2m | Added +11.8k |
| Nuveen, LLC 0.00% of their portfolio | 50.7k $2.1m | Added +1.6k |
| Quantinno Capital Management LP 0.00% of their portfolio | 41.8k $1.7m | Added +10.8k |
| HighTower Advisors, LLC 0.00% of their portfolio | 35.3k $1.4m | Reduced -231 |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 31.9k $1.3m | Reduced -767 |
| Integrated Quantitative Investments LLC 0.21% of their portfolio | 31.1k $1.3m | Added +7.2k |
| LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio | 30.2k $1.2m | Added +529 |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 28.2k $1.2m | Added +13.3k |
| SummerHaven Investment Management, LLC 0.61% of their portfolio | 27.6k $1.1m | Unchanged |
| Forty-three Eighteen Advisors, LLC 0.74% of their portfolio | 26.8k $1.1m | New |
| Gallagher Fiduciary Advisors, LLC 0.03% of their portfolio | 25.1k $1.0m | Reduced -589 |
| Atria Investments, Inc 0.01% of their portfolio | 25.0k $1.0m | Reduced -612 |
| CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio | 24.5k $1.0m | Added +13.4k |
| Private Advisor Group, LLC 0.00% of their portfolio | 24.4k $1,000.0k | Unchanged |
| Creative Planning 0.00% of their portfolio | 22.1k $906.0k | Added +7.1k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 22.1k $741.3k | Added +6.4k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 20.9k $857.7k | Reduced -1.6k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 20.9k $854.8k | Reduced -257 |
| US BANCORP \DE\ 0.00% of their portfolio | 20.1k $822.5k | Reduced -4 |
| Legato Capital Management LLC 0.07% of their portfolio | 20.0k $818.8k | Added +1.2k |
| Invesco Ltd. 0.00% of their portfolio | 18.8k $772.2k | Reduced -3.9k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.01% of their portfolio | 17.0k $696.3k | Added +484 |
| Midwest Trust Co 0.01% of their portfolio | 16.9k $690.8k | Reduced -2.0k |
| XTX Topco Ltd 0.01% of their portfolio | 16.6k $679.0k | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 16.0k $657.1k | Added +3.6k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 15.8k $647.6k | Added +300 |
| ALPS ADVISORS INC 0.00% of their portfolio | 15.4k $633.1k | Added +196 |
| CITIGROUP INC 0.00% of their portfolio | 14.6k $599.3k | Added +11.6k |
| EDMP, INC. 0.47% of their portfolio | 14.2k $583.6k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 14.0k $575.7k | Added +5.3k |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 13.8k $567.0k | Added +5.4k |
| UBS Group AG 0.00% of their portfolio | 13.1k $539.0k | Reduced -31.0k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 12.3k $505.3k | Reduced -6.4k |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 12.2k $500.0k | Added +1.9k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 10.8k $441.3k | New |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 10.8k $441.2k | Reduced -10.1k |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 10.6k $434.7k | Added +209 |
| LSV ASSET MANAGEMENT 0.00% of their portfolio | 10.6k $434.0k | Unchanged |
| Washington Trust Advisors, Inc. 0.03% of their portfolio | 10.3k $422.6k | Unchanged |
| MetLife Investment Management, LLC 0.00% of their portfolio | 9.9k $404.2k | Unchanged |
| Sequoia Financial Advisors, LLC 0.00% of their portfolio | 9.8k $401.6k | New |
| Mariner, LLC 0.00% of their portfolio | 9.6k $393.4k | Added +838 |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 9.1k $374.7k | Added +1.1k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 9.0k $368.5k | New |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 8.7k $356.7k | Added +7.3k |
| DELPHI MANAGEMENT INC /MA/ 0.34% of their portfolio | 8.6k $351.0k | Reduced -35 |
| Odyssean, LLC 0.06% of their portfolio | 8.5k $350.1k | Unchanged |
| IFG Advisory, LLC 0.01% of their portfolio | 7.9k $325.3k | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 7.8k $319.5k | Added +793 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 7.6k $310.3k | Reduced -195 |
| BARCLAYS PLC 0.00% of their portfolio | 7.5k $307.0k | Added +4.1k |
| Rafferty Asset Management, LLC 0.00% of their portfolio | 7.3k $297.3k | New |
| StoneX Group Inc. 0.01% of their portfolio | 6.7k $256.8k | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 6.7k $272.6k | Unchanged |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 6.6k $270.0k | New |
| PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC 0.03% of their portfolio | 6.0k $245.9k | Reduced -2.0k |
| SG Americas Securities, LLC 0.00% of their portfolio | 5.9k $241.0k | New |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 5.8k $238.8k | New |
| King Wealth Management Group 0.03% of their portfolio | 5.7k $234.0k | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 5.7k $232.2k | Reduced -11.7k |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 5.6k $230.0k | New |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 5.5k $223.5k | Reduced -641 |
| LPL Financial LLC 0.00% of their portfolio | 5.3k $217.3k | Reduced -2.5k |
| Aptus Capital Advisors, LLC 0.00% of their portfolio | 5.2k $214.2k | New |
| One Day In July LLC 0.01% of their portfolio | 5.2k $211.5k | New |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 5.1k $210.5k | Unchanged |
| Aquatic Capital Management LLC 0.01% of their portfolio | 5.0k $206.0k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 5.0k $203.2k | Added +721 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 4.9k $201.7k | New |