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
17 Jun 26	SellUS$158,605	Mark Behan	Individual	4,110	US$38.59
24 Dec 25	BuyUS$96,452	David DeMarco	Individual	3,035	US$31.78
10 Nov 25	BuyUS$49,550	Daniel White	Individual	1,644	US$30.14
04 Nov 25	BuyUS$48,308	Penko Ivanov	Individual	1,620	US$29.82
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

Insider Trading Volume

Insider Buying: AROW insiders have only sold shares in the past 3 months.

Ownership Breakdown

What is the ownership structure of AROW?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	477,138	2.58%
Private Companies	1,878,839	10.1%
General Public	6,428,644	34.7%
Institutions	9,739,102	52.6%

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

Top Shareholders

Top 25 shareholders own 54.45% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
10.1%	Arrow Bank National Association	1,878,839	US$73.7m	0.38%	100.0%
10%	North Country Investment Advisers, Inc.	1,859,963	US$73.0m	0%	6.39%
7.56%	BlackRock, Inc.	1,399,785	US$54.9m	11.9%	no data
3.92%	Dimensional Fund Advisors LP	725,492	US$28.5m	-0.68%	no data
3.89%	Vanguard Capital Management, LLC	719,795	US$28.3m	-1.32%	no data
2.65%	State Street Investment Management	490,098	US$19.2m	44.9%	no data
2.34%	American Century Investment Management Inc	432,990	US$17.0m	26.1%	0.01%
2.21%	Geode Capital Management, LLC	409,589	US$16.1m	10.5%	no data
1.86%	Acadian Asset Management LLC	345,161	US$13.5m	36.7%	0.01%
1.01%	Renaissance Technologies LLC	186,721	US$7.3m	-18.9%	0.01%
1.01%	Hotchkis and Wiley Capital Management, LLC	186,239	US$7.3m	59.3%	0.02%
0.81%	Arrowstreet Capital, Limited Partnership	149,239	US$5.9m	30.4%	no data
0.77%	Northern Trust Global Investments	141,937	US$5.6m	6.34%	no data
0.74%	Vanguard Portfolio Management, LLC	136,862	US$5.4m	12.6%	no data
0.66%	Charles Schwab Investment Management, Inc.	122,261	US$4.8m	0%	no data
0.66%	Connor, Clark & Lunn Investment Management Ltd.	121,870	US$4.8m	18%	0.01%
0.65%	Rockefeller & Co. LLC	120,712	US$4.7m	0.34%	0.01%
0.52%	David DeMarco	96,959	US$3.8m	2.9%	no data
0.52%	AQR Capital Management, LLC	95,545	US$3.8m	112%	no data
0.48%	BNY Asset Management	89,370	US$3.5m	5.37%	no data
0.47%	Two Sigma Investments, LP	86,517	US$3.4m	7.64%	no data
0.44%	Voya Investment Management LLC	82,267	US$3.2m	-9.22%	no data
0.41%	Martingale Asset Management, L.P.	75,510	US$3.0m	4.43%	0.07%
0.36%	Goldman Sachs Asset Management, L.P.	66,910	US$2.6m	34.5%	no data
0.36%	Epoch Investment Partners, Inc.	66,157	US$2.6m	124%	0.03%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/08/16 02:28
End of Day Share Price	2026/08/14 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

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 4 analysts. 3 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
Feddie Strickland	Hovde Group, LLC
Damon DelMonte	Keefe, Bruyette, & Woods
Manuel Navas	Piper Sandler Companies