Arrow Financial Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqGS:AROW Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
10 Sep 25	BuyUS$145,499	Penko Ivanov	Individual	5,000	US$29.10
27 Aug 25	BuyUS$353,486	Penko Ivanov	Individual	12,000	US$29.50
06 Aug 25	BuyUS$37,763	Penko Ivanov	Individual	1,425	US$26.50
31 Jan 25	BuyUS$99,880	Daniel White	Individual	3,668	US$27.23

Insider Trading Volume

Insider Buying: AROW insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of AROW?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	532,237	3.23%
Private Companies	1,888,320	11.5%
Institutions	6,687,406	40.6%
General Public	7,361,063	44.7%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 47.34% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
11.5%	Arrow Bank National Association	1,888,320	US$55.4m	0.06%	no data
7.94%	BlackRock, Inc.	1,308,419	US$38.4m	-2.47%	no data
5.3%	The Vanguard Group, Inc.	872,184	US$25.6m	4.61%	no data
4.53%	Dimensional Fund Advisors LP	746,581	US$21.9m	0.43%	no data
2.27%	State Street Global Advisors, Inc.	373,150	US$11.0m	-3%	no data
2.26%	Geode Capital Management, LLC	372,478	US$10.9m	-1.92%	no data
2%	American Century Investment Management Inc	328,677	US$9.6m	1.76%	no data
1.59%	Renaissance Technologies LLC	261,805	US$7.7m	13%	0.01%
1.21%	Rhino Investment Partners, Inc.	199,948	US$5.9m	1.87%	1.46%
0.89%	Voya Investment Management LLC	146,773	US$4.3m	-2.74%	no data
0.83%	Northern Trust Global Investments	136,624	US$4.0m	-4.85%	no data
0.77%	Charles Schwab Investment Management, Inc.	126,837	US$3.7m	2.06%	no data
0.74%	Hotchkis and Wiley Capital Management, LLC	122,030	US$3.6m	13.1%	0.01%
0.72%	Rockefeller & Co. LLC	118,825	US$3.5m	0.45%	0.01%
0.71%	Eaton Vance Management	117,289	US$3.4m	-2.99%	no data
0.57%	Morgan Stanley, Investment Banking and Brokerage Investments	94,694	US$2.8m	4.32%	no data
0.53%	BNY Asset Management	87,512	US$2.6m	1.6%	no data
0.48%	Connor, Clark & Lunn Investment Management Ltd.	79,141	US$2.3m	-7.73%	0.01%
0.42%	Thomas Murphy	69,205	US$2.0m	0%	no data
0.39%	Gary Dake	64,635	US$1.9m	2.04%	no data
0.36%	Johnson Investment Counsel, Inc.	59,622	US$1.8m	0.88%	0.01%
0.36%	David Kruczlnicki	58,839	US$1.7m	0.52%	no data
0.35%	Trust Company of Vermont	57,365	US$1.7m	0%	0.07%
0.35%	First Trust Advisors LP	56,976	US$1.7m	4.05%	no data
0.29%	Teachers Insurance and Annuity Association-College Retirement Equities Fund	48,182	US$1.4m	-16.5%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/09/21 22:30
End of Day Share Price	2025/09/19 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Arrow Financial Corporation is covered by 5 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Nicholas Cucharale	Hovde Group, LLC
Feddie Strickland	Hovde Group, LLC
Frank Schiraldi	Piper Sandler Companies