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
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
06 Aug 25	BuyUS$37,763	Penko Ivanov	Individual	1,425	US$26.50

Insider Trading Volume

Insider Buying: Insufficient data to determine if 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	543,971	3.29%
Private Companies	1,871,735	11.3%
General Public	6,426,032	38.9%
Institutions	7,669,905	46.5%

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

Top Shareholders

Top 25 shareholders own 50.56% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
11.3%	Arrow Bank National Association	1,871,735	US$62.2m	0.78%	100.0%
7.58%	BlackRock, Inc.	1,251,086	US$41.6m	-1.28%	no data
5.31%	The Vanguard Group, Inc.	876,807	US$29.1m	-1.4%	no data
4.78%	Rhino Investment Partners, Inc.	789,305	US$26.2m	246%	7.33%
4.41%	Dimensional Fund Advisors LP	728,534	US$24.2m	-1.61%	no data
2.24%	State Street Global Advisors, Inc.	369,085	US$12.3m	-2.08%	no data
2.2%	Geode Capital Management, LLC	363,724	US$12.1m	-2.01%	no data
1.96%	American Century Investment Management Inc	322,964	US$10.7m	-0.32%	no data
1.53%	Renaissance Technologies LLC	252,205	US$8.4m	1.17%	0.01%
0.87%	Acadian Asset Management LLC	143,019	US$4.8m	135%	0.01%
0.78%	Northern Trust Global Investments	128,012	US$4.3m	-5.53%	no data
0.77%	Charles Schwab Investment Management, Inc.	127,525	US$4.2m	-1.58%	no data
0.73%	Rockefeller & Co. LLC	119,842	US$4.0m	0.43%	0.01%
0.71%	Hotchkis and Wiley Capital Management, LLC	116,889	US$3.9m	3.73%	0.01%
0.62%	Voya Investment Management LLC	101,905	US$3.4m	-16.6%	no data
0.61%	Eaton Vance Management	101,534	US$3.4m	-13.6%	no data
0.57%	David DeMarco	94,224	US$3.1m	59.2%	no data
0.52%	BNY Asset Management	86,676	US$2.9m	-2.24%	no data
0.52%	Morgan Stanley	86,363	US$2.9m	5.38%	no data
0.49%	Two Sigma Investments, LP	80,374	US$2.7m	30.7%	no data
0.45%	Connor, Clark & Lunn Investment Management Ltd.	74,328	US$2.5m	-4.37%	0.01%
0.42%	Segall Bryant & Hamill, LLC	69,263	US$2.3m	0%	0.03%
0.4%	Arrowstreet Capital, Limited Partnership	66,697	US$2.2m	196%	no data
0.39%	Gary Dake	64,635	US$2.1m	0%	no data
0.37%	Johnson Investment Counsel, Inc.	61,882	US$2.1m	3.15%	0.02%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/03/25 12:01
End of Day Share Price	2026/03/25 00:00
Earnings	2025/12/31
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 2 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
Feddie Strickland	Hovde Group, LLC
Longdley Zephirin	Zephirin Group, Inc.