AROWNasdaqNational Commercial BanksFiscal year ends December 31
ARROW FINANCIAL CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$36.84−0.01 (-0.03%)
Close on Oct 19, 2026
- Market cap
- $606.64M
- P/E (TTM)
- 11.9
- Dividend yield
- 3.09%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
57.7%
11M of 19M shares
Institutional holders
146
25 new, 15 sold out
Net institutional buying
2M
In Q2 2026
Insider trades, 12 months
4 buys · 1 sales
Net bought $35.71K
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| BlackRock, Inc. | 1,254,712 | 7.40% | 13G (passive) amendment | Dec 31, 2023 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of AROW | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Arrow Financial Corp | 1,859,963 | 10.04% | $76.24M | −18,876 | 6.83% |
| BlackRock, Inc. | 1,399,785 | 7.56% | $57.38M | +148,528 | 0.00% |
| rhino investment partners, Inc | 847,563 | 4.58% | $26.08M | New | 7.89% |
| Dimensional Fund Advisors LP | 725,492 | 3.92% | $29.74M | −4,979 | 0.01% |
| Vanguard Capital Management LLC | 623,719 | 3.37% | $25.57M | −13,808 | 0.00% |
| State Street Corp | 490,098 | 2.65% | $20.09M | +151,943 | 0.00% |
| American Century Companies Inc | 432,990 | 2.34% | $17.75M | +89,734 | 0.01% |
| Geode Capital Management, LLC | 409,589 | 2.21% | $16.79M | +38,798 | 0.00% |
| Acadian Asset Management LLC | 345,161 | 1.86% | $14.14K | +92,609 | 0.02% |
| Morgan Stanley | 224,482 | 1.21% | $9.20M | +46,673 | 0.00% |
| Hotchkis & Wiley Capital Management LLC | 189,939 | 1.03% | $7.79M | +3,700 | 0.02% |
| Renaissance Technologies LLC | 186,721 | 1.01% | $7.65M | −43,563 | 0.01% |
| Arrowstreet Capital, Limited Partnership | 149,239 | 0.81% | $6.12M | +34,790 | 0.00% |
| Two Sigma Investments, LP | 144,861 | 0.78% | $5.94M | +58,344 | 0.00% |
| Northern Trust Corp | 141,937 | 0.77% | $5.82M | +8,466 | 0.00% |
| Vanguard Portfolio Management LLC | 136,862 | 0.74% | $5.61M | +15,287 | 0.00% |
| Charles Schwab Investment Management Inc | 125,799 | 0.68% | $5.16M | +3,538 | 0.00% |
| Connor, Clark & Lunn Investment Management Ltd. | 121,870 | 0.66% | $5.00M | +18,610 | 0.01% |
| Rockefeller Capital Management L.P. | 120,712 | 0.65% | $4.95M | +407 | 0.01% |
| Aqr Capital Management LLC | 116,804 | 0.63% | $4.79M | +19,777 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 146 | 11M | 57.7% | 25 / 61 | 35 / 15 | 2M | 0M |
| Q1 2026 | 139 | 9M | 49.2% | 24 / 54 | 38 / 16 | 2M | 1M |
| Q4 2025 | 135 | 9M | 51.1% | 24 / 44 | 37 / 5 | 1M | 0M |
| Q3 2025 | 117 | 8M | 45.9% | 19 / 37 | 31 / 8 | 0M | 0M |
| Q2 2025 | 106 | 9M | 46.6% | 11 / 46 | 26 / 17 | 0M | 0M |
| Q1 2025 | 112 | 9M | 47.2% | 14 / 38 | 36 / 8 | 1M | 0M |
| Q4 2024 | 108 | 9M | 46.1% | 15 / 39 | 27 / 10 | 1M | 0M |
| Q3 2024 | 105 | 8M | 45.0% | 15 / 34 | 29 / 3 | 2M | 0M |
| Q2 2024 | 94 | 8M | 43.9% | 10 / 34 | 26 / 17 | 1M | 1M |
| Q1 2024 | 101 | 8M | 44.3% | 8 / 31 | 36 / 17 | 1M | 0M |
| Q4 2023 | 110 | 8M | 42.9% | 28 / 35 | 35 / 11 | 1M | 0M |
| Q3 2023 | 93 | 8M | 40.9% | 11 / 58 | 24 / 11 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of AROW | Value | % of fund | As of |
|---|---|---|---|---|---|
| iShares Russell 2000 ETF | 466,373 | 2.52% | $19.12M | 0.02% | Jun 30, 2026 |
| Vanguard Total Stock Market Index Fund | 444,987 | 2.40% | $18.24M | 0.00% | Jun 30, 2026 |
| Avantis U.S. Small Cap Value ETF | 334,619 | 1.81% | $12.28M | 0.05% | May 31, 2026 |
| Fidelity Small Cap Index Fund | 180,716 | 0.98% | $7.20M | 0.02% | Jul 31, 2026 |
| Vanguard Extended Market Index Fund | 164,894 | 0.89% | $6.76M | 0.01% | Jun 30, 2026 |
| iShares Russell 2000 Value ETF | 160,164 | 0.86% | $6.57M | 0.05% | Jun 30, 2026 |
| State Street(R) SPDR(R) S&P(R) Regional Banking ETF | 127,851 | 0.69% | $5.24M | 0.11% | Jun 30, 2026 |
| U.S. Targeted Value Portfolio | 115,759 | 0.62% | $4.61M | 0.03% | Jul 31, 2026 |
| Dimensional U.S. Targeted Value ETF | 95,077 | 0.51% | $3.79M | 0.03% | Jul 31, 2026 |
| U.S. Micro Cap Portfolio | 94,463 | 0.51% | $3.76M | 0.05% | Jul 31, 2026 |
| Vanguard Russell 2000 Index Fund | 83,558 | 0.45% | $3.07M | 0.02% | May 31, 2026 |
| U.S. Small Cap Portfolio | 75,117 | 0.41% | $2.99M | 0.02% | Jul 31, 2026 |
| Fidelity Extended Market Index Fund | 74,543 | 0.40% | $2.74M | 0.01% | May 31, 2026 |
| Schwab U.S. Small-Cap ETF | 68,716 | 0.37% | $2.52M | 0.01% | May 31, 2026 |
| VIP Disciplined Small Cap Portfolio | 58,208 | 0.31% | $2.39M | 0.35% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| David S. DeMarco | President & CEO | 98,861 | 0.53% | Sep 9, 2026 |
| Marc Yrsha | SEVP, Chief Banking Officer | 14,132 | 0.08% | Feb 2, 2026 |
| Penko Krassimir Ivanov | SEVP, Treasurer and CFO | 31,045 | 0.17% | Feb 2, 2026 |
| Michael Joseph Jacobs | EVP, Chief Information Officer | 12,571 | 0.07% | Feb 2, 2026 |
| Brooke M. Pancoe | EVP, Chief HR Officer | 7,170 | 0.04% | Feb 2, 2026 |
| Andrew J. Wise | SEVP, Chief Risk Officer | 25,818 | 0.14% | Feb 2, 2026 |
| David D. Kaiser | CCO & SEVP | 32,132 | 0.17% | Feb 3, 2025 |
| Kristine D. Duffy | Director | 7,670 | 0.04% | Sep 25, 2026 |
| Rocco F. Arcuri Sr. | Director | 16,066 | 0.09% | Sep 25, 2026 |
| David G. Kruczlnicki | Director | 71,781 | 0.39% | Sep 25, 2026 |
| Gregory J. Champion | Director | 12,505 | 0.07% | Sep 25, 2026 |
| Tenee R. Casaccio | Director | 29,169 | 0.16% | Sep 25, 2026 |
| Raymond F. O'Conor | Director | 48,461 | 0.26% | Sep 25, 2026 |
| Philip C. Morris | Director | 9,006 | 0.05% | Sep 25, 2026 |
| Daniel James White | Director | 8,478 | 0.05% | Sep 25, 2026 |
| Darrin Jahnel | Director | 1,124 | 0.01% | Sep 25, 2026 |
| Mark Behan | Director | 11,112 | 0.06% | Sep 25, 2026 |
| James M. Dawsey | Director | 21,137 | 0.11% | Sep 25, 2026 |
| Colin L. Read | Director | 33,777 | 0.18% | Sep 25, 2026 |
| Elizabeth Miller | Director | 46,423 | 0.25% | Mar 20, 2026 |
| Gary C. Dake | Director | 73,480 | 0.40% | Apr 10, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Tenee R. Casaccio Director | Sep 23, 2026 | Other | +304 | $36.97 | $11.24K | 29,169 |
| Raymond F. O'Conor Director | Sep 23, 2026 | Other | +203 | $36.97 | $7.50K | 31,148 |
| David G. Kruczlnicki Director | Sep 23, 2026 | Other | +228 | $36.97 | $8.43K | 60,847 |
| Rocco F. Arcuri Sr. Director | Sep 23, 2026 | Other | +186 | $36.97 | $6.88K | 16,066 |
| Kristine D. Duffy Director | Sep 23, 2026 | Other | +203 | $36.97 | $7.50K | 6,624 |
| Colin L. Read Director | Sep 23, 2026 | Other | +194 | $36.97 | $7.17K | 33,777 |
| James M. Dawsey Director | Sep 23, 2026 | Other | +389 | $36.97 | $14.38K | 21,137 |
| Mark Behan Director | Sep 23, 2026 | Other | +211 | $36.97 | $7.80K | 11,112 |
| Darrin Jahnel Director | Sep 23, 2026 | Other | +298 | $36.97 | $11.02K | 1,124 |
| Daniel James White Director | Sep 23, 2026 | Other | +228 | $36.97 | $8.43K | 8,478 |
| Philip C. Morris Director | Sep 23, 2026 | Other | +203 | $36.97 | $7.50K | 9,006 |
| Gregory J. Champion Director | Sep 23, 2026 | Other | +423 | $36.97 | $15.64K | 12,505 |
| David S. DeMarco President & CEO | Sep 4, 2026 | Tax withholding | −1,504 | $39.57 | $59.51K | 95,826 |
| David S. DeMarco President & CEO | Sep 4, 2026 | Option exercise | +1,771 | $30.26 | $53.59K | 97,301 |
| Raymond F. O'Conor Director | Sep 3, 2026 | Gift | −140 | – | – | 30,945 |
| David S. DeMarco President & CEO | Aug 28, 2026 | Tax withholding | −3,752 | $38.16 | $143.18K | 95,530 |
| David S. DeMarco President & CEO | Aug 28, 2026 | Option exercise | +4,379 | $30.26 | $132.51K | 99,238 |
| Mark Behan Director | Aug 17, 2026 | Option exercise | +1,093 | $27.04 | $29.55K | 11,611 |
| Mark Behan Director | Aug 17, 2026 | Tax withholding | −760 | $38.86 | $29.53K | 10,851 |
| David S. DeMarco President & CEO | Aug 17, 2026 | Tax withholding | −2,596 | $39.25 | $101.89K | 94,859 |
| David S. DeMarco President & CEO | Aug 17, 2026 | Option exercise | +3,346 | $27.04 | $90.48K | 97,455 |
| Mark Behan Director | Aug 12, 2026 | Tax withholding | −901 | $39.13 | $35.26K | 10,518 |
| Mark Behan Director | Aug 12, 2026 | Option exercise | +1,126 | $31.34 | $35.29K | 11,419 |
| Mark Behan Director | Aug 6, 2026 | Tax withholding | −608 | $39.97 | $24.30K | 10,293 |
| Mark Behan Director | Aug 6, 2026 | Option exercise | +773 | $31.47 | $24.33K | 10,901 |
| Raymond F. O'Conor Director | Aug 4, 2026 | Tax withholding | −878 | $40.79 | $35.81K | 31,085 |
| Raymond F. O'Conor Director | Aug 4, 2026 | Option exercise | +1,061 | $33.78 | $35.84K | 31,963 |
| Mark Behan Director | Aug 4, 2026 | Tax withholding | −804 | $40.79 | $32.80K | 9,745 |
| Mark Behan Director | Aug 4, 2026 | Option exercise | +1,160 | $27.35 | $31.73K | 10,905 |
| Mark Behan Director | Aug 4, 2026 | Tax withholding | −777 | $40.79 | $31.69K | 10,128 |
| Mark Behan Director | Aug 4, 2026 | Option exercise | +1,195 | $27.47 | $32.83K | 10,549 |
| Raymond F. O'Conor Director | Jun 24, 2026 | Option exercise | +1,126 | $31.34 | $35.29K | 31,776 |
| Raymond F. O'Conor Director | Jun 24, 2026 | Tax withholding | −874 | $40.36 | $35.27K | 30,902 |
| Mark Behan Director | Jun 18, 2026 | Tax withholding | −923 | $38.80 | $35.81K | 9,354 |
| Mark Behan Director | Jun 18, 2026 | Option exercise | +1,061 | $33.78 | $35.84K | 10,277 |
| David G. Kruczlnicki Director | Jun 17, 2026 | Other | +219 | $38.49 | $8.43K | 60,619 |
| James M. Dawsey Director | Jun 17, 2026 | Other | +373 | $38.49 | $14.36K | 20,596 |
| Tenee R. Casaccio Director | Jun 17, 2026 | Other | +292 | $38.49 | $11.24K | 28,660 |
| Philip C. Morris Director | Jun 17, 2026 | Other | +195 | $38.49 | $7.51K | 8,744 |
| Daniel James White Director | Jun 17, 2026 | Other | +219 | $38.49 | $8.43K | 8,234 |
| Gregory J. Champion Director | Jun 17, 2026 | Other | +406 | $38.49 | $15.63K | 12,000 |
| Darrin Jahnel Director | Jun 17, 2026 | Other | +286 | $38.49 | $11.01K | 821 |
| Raymond F. O'Conor Director | Jun 17, 2026 | Other | +195 | $38.49 | $7.51K | 30,650 |
| Mark Behan Director | Jun 17, 2026 | Other | +203 | $38.49 | $7.81K | 9,216 |
| Mark Behan Director | Jun 17, 2026 | Sale | −4,110 | $38.59 | $158.60K | 8,929 |
| Kristine D. Duffy Director | Jun 17, 2026 | Other | +195 | $38.49 | $7.51K | 6,408 |
| Colin L. Read Director | Jun 17, 2026 | Other | +187 | $38.49 | $7.20K | 33,583 |
| Raymond F. O'Conor Director | Jun 10, 2026 | Gift | −300 | – | – | 30,455 |
| Colin L. Read Director | May 26, 2026 | Gift | −119 | – | – | 0 |
| Colin L. Read Director | May 26, 2026 | Gift | +119 | – | – | 33,396 |
| Colin L. Read Director | May 20, 2026 | Gift | −500 | – | – | 119 |
| Colin L. Read Director | May 20, 2026 | Gift | +500 | – | – | 33,277 |
| Philip C. Morris Director | May 19, 2026 | Option exercise | +386 | $31.47 | $12.15K | 8,494 |
| Colin L. Read Director | May 18, 2026 | Gift | −525 | – | – | 619 |
| Colin L. Read Director | May 18, 2026 | Gift | +525 | – | – | 32,777 |
| Colin L. Read Director | May 11, 2026 | Gift | −1,876 | – | – | 1,144 |
| Colin L. Read Director | May 11, 2026 | Gift | +1,876 | – | – | 32,252 |
| Philip C. Morris Director | May 11, 2026 | Option exercise | +546 | $27.04 | $14.76K | 8,108 |
| Philip C. Morris Director | May 11, 2026 | Other | +27 | $36.69 | $991 | 7,562 |
| Philip C. Morris Director | Apr 13, 2026 | Other | +28 | $36.33 | $1.02K | 7,535 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| F. O'Conor Raymond Director | Apr 29, 2025 | 2,000 | $49.72K | May 1, 2025 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Mar 31, 2025 | 2,000 | $52.90K | Apr 1, 2025 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Feb 28, 2025 | 2,000 | $53.76K | Mar 3, 2025 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Jan 31, 2025 | 2,000 | $54.12K | Feb 3, 2025 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Jan 2, 2025 | 2,000 | $57.70K | Jan 2, 2025 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Dec 2, 2024 | 2,000 | $65.20K | Dec 2, 2024 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Oct 29, 2024 | 2,000 | $59.18K | Nov 1, 2024 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Sep 26, 2024 | 2,000 | $57.14K | Oct 1, 2024 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Aug 27, 2024 | 2,000 | $59.26K | Sep 3, 2024 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |
| F. O'Conor Raymond Director | Aug 14, 2024 | 2,000 | $55.50K | Aug 15, 2024 | Stock has been acquired over 40+ year career via Director compensation, stock options, DRIP and stock dividends. |