AROW · Arrow Financial Corp · Shareholders & Ownership

$38.68 +0.06 (+0.16%) At close · Nov 12

Russell 2000 member Rebalance outlook locked

Market Cap

$716.94M

18.54M

Volume · Nov 12 74.2K Avg daily vol (3M) 81.9K

Every disclosed holder of AROW in one list: 13F institutions, Schedule 13D and 13G filers, insiders (Forms 3, 4 and 5) and registered funds, each from its own latest filing. Holders nest by CIK and SEC reporting links, never by name, and each is summed once.

How the holder list picks a filing →

Who Owns AROW

13F quarter Sep 30, 2026, combined view: filers that have not filed yet carry their Jun 30, 2026 positions

Holder group	Holders	Shares	% Out	Summed
Institutional (13F)	149	10,771,560	58.11%	Yes
Insiders (Forms 3, 4, 5)	21	575,093	3.10%	Yes
13D/G-only blocks	0	0	0.00%	Yes
Remaining	—	7,188,449	38.78%	Rest
Registered funds (N-PORT, not summed)	172	3,964,201	21.39%	No

Shares outstanding: 18,535,102, the issuer's latest cover-page count restated onto today's split basis.

13D/G-only counts each filer's latest 13D or 13G that no 13F report of the listing contains, that names no 13F filer and that no counted insider files. Funds are never summed: their shares sit inside their advisers' 13F reports.

Holders of AROW

One row per holder Every filing By ultimate parent

All 13F Funds Insiders 13D/G Non-US

#	Holder	Shares	% Out	Change	As of	Notes
1	Arrow Financial Corp 13F CIK 717538 · Bank · Sep 30, 2026	1,833,064	9.89%	-26,899	Sep 30, 2026
2	BlackRock, Inc. 13F CIK 2012383 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	1,399,785	7.55%	+148,528	Jun 30, 2026	carried, not yet filed for the newest quarter
2.1	iShares Russell 2000 ETF Fund S000004344 · Registered fund · Jun 30, 2026 iShares Trust, not summed	466,373	2.52%	+57,175	Jun 30, 2026	iShares Trust, not summed
2.2	iShares Russell 2000 Value ETF Fund S000004342 · Registered fund · Jun 30, 2026 iShares Trust, not summed	160,164	0.86%	+27,682	Jun 30, 2026	iShares Trust, not summed
2.3	iShares Micro-Cap ETF Fund S000004439 · Registered fund · Jun 30, 2026 iShares Trust, not summed	55,070	0.30%	+13,793	Jun 30, 2026	iShares Trust, not summed
2.4	iShares Core S&P Total U.S. Stock Market ETF Fund S000004317 · Registered fund · Jun 30, 2026 iShares Trust, not summed	36,488	0.20%	+816	Jun 30, 2026	iShares Trust, not summed
2.5	Master Small Cap Index Series Fund S000002716 · Registered fund · Jun 30, 2026 Quantitative Master Series LLC, not summed	30,883	0.17%	+3,007	Jun 30, 2026	Quantitative Master Series LLC, not summed
3	Rhino Investment Partners, Inc 13F CIK 1828776 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	847,563	4.57%	+847,563	Jun 30, 2026	carried, not yet filed for the newest quarter
4	DIMENSIONAL FUND ADVISORS LP 13F CIK 354204 · Registered investment adviser · Sep 30, 2026	731,020	3.94%	+5,528	Sep 30, 2026
4.1	U.S. Targeted Value Portfolio Fund S000000970 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	115,759	0.62%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
4.2	Dimensional U.S. Targeted Value ETF Fund S000070901 · Registered fund · Jul 31, 2026 Dimensional ETF Trust, not summed	95,077	0.51%	-172	Jul 31, 2026	Dimensional ETF Trust, not summed
4.3	U.S. MICRO CAP PORTFOLIO Fund S000000948 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	94,463	0.51%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
4.4	U.S. SMALL CAP PORTFOLIO Fund S000000971 · Registered fund · Jul 31, 2026 DFA INVESTMENT DIMENSIONS GROUP INC, not summed	75,117	0.41%	0	Jul 31, 2026	DFA INVESTMENT DIMENSIONS GROUP INC, not summed
4.5	Dimensional U.S. Small Cap ETF Fund S000070906 · Registered fund · Jul 31, 2026 Dimensional ETF Trust, not summed	54,441	0.29%	0	Jul 31, 2026	Dimensional ETF Trust, not summed
5	VANGUARD CAPITAL MANAGEMENT LLC 13F CIK 2100119 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	623,719	3.37%	-13,808	Jun 30, 2026	carried, not yet filed for the newest quarter
6	GEODE CAPITAL MANAGEMENT, LLC 13F CIK 1214717 · Registered investment adviser · Sep 30, 2026	527,505	2.85%	+117,916	Sep 30, 2026
7	AMERICAN CENTURY COMPANIES INC 13F CIK 748054 · Unknown · Sep 30, 2026	520,762	2.81%	+87,772	Sep 30, 2026
8	STATE STREET CORP 13F CIK 93751 · Bank · Sep 30, 2026	466,215	2.52%	-23,883	Sep 30, 2026
8.1	State Street(R) SPDR(R) S&P(R) Regional Banking ETF Fund S000012325 · Registered fund · Jun 30, 2026 SPDR SERIES TRUST, not summed	127,851	0.69%	—	Jun 30, 2026	SPDR SERIES TRUST, not summed
8.2	STATE STREET SMALL/MID CAP EQUITY INDEX PORTFOLIO Fund S000050332 · Registered fund · Jun 30, 2026 STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed	5,865	0.03%	0	Jun 30, 2026	STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed
8.3	State Street Total Return V.I.S. Fund Fund S000001637 · Registered fund · Jun 30, 2026 STATE STREET VARIABLE INSURANCE SERIES FUNDS INC, not summed	394	0.00%	+7	Jun 30, 2026	STATE STREET VARIABLE INSURANCE SERIES FUNDS INC, not summed
8.4	State Street Balanced Index Fund Fund S000082802 · Registered fund · Jun 30, 2026 STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed	114	0.00%	0	Jun 30, 2026	STATE STREET INSTITUTIONAL INVESTMENT TRUST, not summed
9	VANGUARD TOTAL STOCK MARKET INDEX FUND Fund S000002848 · Registered fund · Jun 30, 2026 VANGUARD INDEX FUNDS, not summed	444,987	2.40%	-22,300	Jun 30, 2026	VANGUARD INDEX FUNDS, not summed
10	Avantis U.S. Small Cap Value ETF Fund S000066459 · Registered fund · Aug 31, 2026 American Century ETF Trust, not summed	411,097	2.22%	+76,478	Aug 31, 2026	American Century ETF Trust, not summed
11	ACADIAN ASSET MANAGEMENT LLC 13F CIK 916542 · Unknown · Sep 30, 2026	231,843	1.25%	-113,318	Sep 30, 2026
12	MORGAN STANLEY 13F CIK 895421 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	224,482	1.21%	+46,673	Jun 30, 2026	carried, not yet filed for the newest quarter
12.1	E*TRADE No Fee Total Market Index Fund Fund S000090722 · Registered fund · Jul 31, 2026 E Trade Trust, not summed	278	0.00%	+219	Jul 31, 2026	E Trade Trust, not summed
13	RENAISSANCE TECHNOLOGIES LLC 13F CIK 1037389 · Registered investment adviser · Sep 30, 2026	195,505	1.05%	+8,784	Sep 30, 2026
14	HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 13F CIK 1164833 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	189,939	1.02%	+3,700	Jun 30, 2026	carried, not yet filed for the newest quarter
14.1	Hotchkis and Wiley Small Cap Diversified Value Fund Fund S000045868 · Registered fund · Jun 30, 2026 HOTCHKIS & WILEY FUNDS/DE/, not summed	48,700	0.26%	0	Jun 30, 2026	HOTCHKIS & WILEY FUNDS/DE/, not summed
15	VANGUARD EXTENDED MARKET INDEX FUND Fund S000002841 · Registered fund · Jun 30, 2026 VANGUARD INDEX FUNDS, not summed	164,894	0.89%	+7,696	Jun 30, 2026	VANGUARD INDEX FUNDS, not summed
16	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 13F CIK 1164508 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	149,239	0.81%	+34,790	Jun 30, 2026	carried, not yet filed for the newest quarter
17	TWO SIGMA INVESTMENTS, LP 13F CIK 1179392 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	144,861	0.78%	+58,344	Jun 30, 2026	carried, not yet filed for the newest quarter
18	NORTHERN TRUST CORP 13F CIK 73124 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	141,937	0.77%	+8,466	Jun 30, 2026	carried, not yet filed for the newest quarter
18.1	Small Cap Index Fund Fund S000001245 · Registered fund · Jun 30, 2026 Northern Funds, not summed	8,463	0.05%	+639	Jun 30, 2026	Northern Funds, not summed
18.2	Small Cap Core Fund Fund S000001244 · Registered fund · Jun 30, 2026 Northern Funds, not summed	3,373	0.02%	-144	Jun 30, 2026	Northern Funds, not summed
19	VANGUARD PORTFOLIO MANAGEMENT LLC 13F CIK 2100121 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	136,862	0.74%	+15,287	Jun 30, 2026	carried, not yet filed for the newest quarter
20	CHARLES SCHWAB INVESTMENT MANAGEMENT INC 13F CIK 884546 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	125,799	0.68%	+3,538	Jun 30, 2026	carried, not yet filed for the newest quarter
20.1	Schwab U.S. Small-Cap ETF Fund S000026636 · Registered fund · Aug 31, 2026 SCHWAB STRATEGIC TRUST, not summed	68,101	0.37%	-615	Aug 31, 2026	SCHWAB STRATEGIC TRUST, not summed
20.2	Schwab Small-Cap Index Fund Fund S000005912 · Registered fund · Jul 31, 2026 SCHWAB CAPITAL TRUST, not summed	39,917	0.22%	+3,757	Jul 31, 2026	SCHWAB CAPITAL TRUST, not summed
20.3	Schwab U.S. Broad Market ETF Fund S000026631 · Registered fund · Aug 31, 2026 SCHWAB STRATEGIC TRUST, not summed	9,966	0.05%	0	Aug 31, 2026	SCHWAB STRATEGIC TRUST, not summed
20.4	Schwab Total Stock Market Index Fund Fund S000005913 · Registered fund · Jul 31, 2026 SCHWAB CAPITAL TRUST, not summed	6,961	0.04%	0	Jul 31, 2026	SCHWAB CAPITAL TRUST, not summed
21	Rockefeller Capital Management L.P. 13F CIK 1739439 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	120,712	0.65%	+407	Jun 30, 2026	carried, not yet filed for the newest quarter
22	AQR CAPITAL MANAGEMENT LLC 13F CIK 1167557 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	116,804	0.63%	+19,777	Jun 30, 2026	carried, not yet filed for the newest quarter
23	Connor, Clark & Lunn Investment Management Ltd. 13F CIK 1596800 · Registered investment adviser · Sep 30, 2026	114,421	0.62%	-7,449	Sep 30, 2026
24	GOLDMAN SACHS GROUP INC 13F CIK 886982 · Holding company · Jun 30, 2026 carried, not yet filed for the newest quarter	99,248	0.54%	+3,835	Jun 30, 2026	carried, not yet filed for the newest quarter
24.1	Goldman Sachs Small Cap Value Insights Fund Fund S000014929 · Registered fund · Jul 31, 2026 Goldman Sachs Trust, not summed	11,804	0.06%	0	Jul 31, 2026	Goldman Sachs Trust, not summed
24.2	Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF Fund S000048296 · Registered fund · Aug 31, 2026 Goldman Sachs ETF Trust, not summed	10,276	0.06%	+565	Aug 31, 2026	Goldman Sachs ETF Trust, not summed
24.3	Goldman Sachs Absolute Return Tracker Fund Fund S000020314 · Registered fund · Aug 31, 2026 GOLDMAN SACHS TRUST, not summed	9,036	0.05%	+427	Aug 31, 2026	GOLDMAN SACHS TRUST, not summed
25	DeMarco David S. Insider CIK 1463249 · Sep 4, 2026 President & CEO, issuer-wide	98,861	0.53%	+296	Sep 4, 2026	President & CEO, issuer-wide
26	VANGUARD FIDUCIARY TRUST CO 13F CIK 933478 · Unknown · Jun 30, 2026 carried, not yet filed for the newest quarter	96,076	0.52%	+4,160	Jun 30, 2026	carried, not yet filed for the newest quarter
27	VANGUARD RUSSELL 2000 INDEX FUND Fund S000030003 · Registered fund · Aug 31, 2026 VANGUARD SCOTTSDALE FUNDS, not summed	94,107	0.51%	+10,549	Aug 31, 2026	VANGUARD SCOTTSDALE FUNDS, not summed
28	Bank of New York Mellon Corp 13F CIK 1390777 · Bank · Sep 30, 2026	88,966	0.48%	-404	Sep 30, 2026
29	VOYA INVESTMENT MANAGEMENT LLC 13F CIK 1068837 · Registered investment adviser · Sep 30, 2026	82,975	0.45%	+708	Sep 30, 2026
30	FIRST TRUST ADVISORS LP 13F CIK 1125816 · Registered investment adviser · Sep 30, 2026	77,375	0.42%	+71,549	Sep 30, 2026
30.1	First Trust NASDAQ ABA Community Bank Index Fund Fund S000026211 · Registered fund · Jun 30, 2026 First Trust Exchange-Traded Fund, not summed	5,826	0.03%	+29	Jun 30, 2026	First Trust Exchange-Traded Fund, not summed
31	SEGALL BRYANT & HAMILL, LLC 13F CIK 1006378 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	64,794	0.35%	-4,309	Jun 30, 2026	carried, not yet filed for the newest quarter
32	DAKE GARY C Insider CIK 1231075 · Apr 9, 2025 Director, issuer-wide	64,635	0.35%	+1,293	Apr 9, 2025	Director, issuer-wide
33	JOHNSON INVESTMENT COUNSEL INC 13F CIK 821197 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	62,192	0.34%	0	Jun 30, 2026	carried, not yet filed for the newest quarter
33.1	JOHNSON OPPORTUNITY FUND Fund S000005718 · Registered fund · Jun 30, 2026 Johnson Mutual Funds Trust, not summed	54,797	0.30%	0	Jun 30, 2026	Johnson Mutual Funds Trust, not summed
34	FMR LLC 13F CIK 315066 · Holding company · Sep 30, 2026	60,919	0.33%	-4,273	Sep 30, 2026
34.1	Fidelity Small Cap Index Fund Fund S000033638 · Registered fund · Jul 31, 2026 Fidelity Salem Street Trust, not summed	180,716	0.98%	+18,163	Jul 31, 2026	Fidelity Salem Street Trust, not summed
34.2	Fidelity Extended Market Index Fund Fund S000006021 · Registered fund · Aug 31, 2026 Fidelity Concord Street Trust, not summed	68,028	0.37%	-6,515	Aug 31, 2026	Fidelity Concord Street Trust, not summed
34.3	VIP Disciplined Small Cap Portfolio Fund S000007725 · Registered fund · Jun 30, 2026 Variable Insurance Products Fund II, not summed	58,208	0.31%	+45,563	Jun 30, 2026	Variable Insurance Products Fund II, not summed
34.4	Fidelity SAI Small-Mid Cap Momentum Index Fund Fund S000050321 · Registered fund · Jul 31, 2026 Fidelity Salem Street Trust, not summed	43,710	0.24%	—	Jul 31, 2026	Fidelity Salem Street Trust, not summed
34.5	Fidelity Total Market Index Fund Fund S000006026 · Registered fund · Aug 31, 2026 Fidelity Concord Street Trust, not summed	27,253	0.15%	-22	Aug 31, 2026	Fidelity Concord Street Trust, not summed
35	KRUCZLNICKI DAVID G Insider CIK 1184681 · Sep 23, 2026 Director, issuer-wide	60,847	0.33%	+228	Sep 23, 2026	Director, issuer-wide
36	CITADEL ADVISORS LLC 13F CIK 1423053 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	59,188	0.32%	+40,151	Jun 30, 2026	carried, not yet filed for the newest quarter
37	PRICE T ROWE ASSOCIATES INC /MD/ 13F CIK 80255 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	55,668	0.30%	+7,682	Jun 30, 2026	carried, not yet filed for the newest quarter
37.1	T. Rowe Price Extended Equity Market Index Fund Fund S000002090 · Registered fund · Jun 30, 2026 T. ROWE PRICE INDEX TRUST, INC., not summed	13,030	0.07%	0	Jun 30, 2026	T. ROWE PRICE INDEX TRUST, INC., not summed
37.2	T. Rowe Price Small-Cap Index Fund Fund S000051327 · Registered fund · Jun 30, 2026 T. ROWE PRICE INDEX TRUST, INC., not summed	2,456	0.01%	+479	Jun 30, 2026	T. ROWE PRICE INDEX TRUST, INC., not summed
38	TRUST CO OF VERMONT 13F CIK 1134008 · Unknown · Sep 30, 2026	54,365	0.29%	0	Sep 30, 2026
39	Nuveen, LLC 13F CIK 1871926 · Unknown · Sep 30, 2026	53,627	0.29%	+2,909	Sep 30, 2026
39.1	Nuveen Equity Index Fund Fund S000005360 · Registered fund · Jul 31, 2026 TIAA-CREF Funds, not summed	27,683	0.15%	0	Jul 31, 2026	TIAA-CREF Funds, not summed
39.2	Nuveen Small Cap Blend Index Fund Fund S000005367 · Registered fund · Jul 31, 2026 TIAA-CREF Funds, not summed	21,838	0.12%	+1,551	Jul 31, 2026	TIAA-CREF Funds, not summed
39.3	TIAA Separate Account VA-1 - Stock Index Account Fund S000005098 · Registered fund · Jun 30, 2026 TIAA Separate Account VA-1, not summed	476	0.00%	0	Jun 30, 2026	TIAA Separate Account VA-1, not summed
39.4	Nuveen Life Stock Index Fund Fund S000005094 · Registered fund · Jun 30, 2026 TIAA-CREF Life Funds, not summed	204	0.00%	0	Jun 30, 2026	TIAA-CREF Life Funds, not summed
40	LOS ANGELES CAPITAL MANAGEMENT LLC 13F CIK 1177206 · Registered investment adviser · Sep 30, 2026	52,244	0.28%	-664	Sep 30, 2026
41	Miller Elizabeth Insider CIK 1692172 · Mar 18, 2026 Director, issuer-wide	46,423	0.25%	+591	Mar 18, 2026	Director, issuer-wide
42	Quantinno Capital Management LP 13F CIK 1759654 · Registered investment adviser · Jun 30, 2026 carried, not yet filed for the newest quarter	41,833	0.23%	+10,844	Jun 30, 2026	carried, not yet filed for the newest quarter
43	MARTINGALE ASSET MANAGEMENT L P 13F CIK 936944 · Registered investment adviser · Sep 30, 2026	40,100	0.22%	-35,410	Sep 30, 2026
44	VICTORY CAPITAL MANAGEMENT INC 13F CIK 1040188 · Registered investment adviser · Sep 30, 2026	37,570	0.20%	+37,570	Sep 30, 2026
44.1	Victory Extended Market Index Fund Fund S000012941 · Registered fund · Jul 31, 2026 Victory Portfolios III, not summed	1,850	0.01%	+15	Jul 31, 2026	Victory Portfolios III, not summed
45	HighTower Advisors, LLC 13F CIK 1462245 · Registered investment adviser · Sep 30, 2026	35,690	0.19%	+430	Sep 30, 2026
46	Read Colin L Insider CIK 1575917 · Sep 23, 2026 Director, issuer-wide	33,777	0.18%	+194	Sep 23, 2026	Director, issuer-wide
47	Avantis U.S. Small Cap Equity ETF Fund S000074835 · Registered fund · Aug 31, 2026 American Century ETF Trust, not summed	32,677	0.18%	+239	Aug 31, 2026	American Century ETF Trust, not summed
48	Kaiser David D Insider CIK 1632209 · Jan 29, 2025 CCO & SEVP, issuer-wide	32,132	0.17%	+3,524	Jan 29, 2025	CCO & SEVP, issuer-wide
49	BANK OF AMERICA CORP /DE/ 13F CIK 70858 · Bank · Jun 30, 2026 carried, not yet filed for the newest quarter	31,929	0.17%	-767	Jun 30, 2026	carried, not yet filed for the newest quarter
50	O'Conor Raymond F Insider CIK 1463247 · Sep 23, 2026 Director, issuer-wide	31,148	0.17%	+63	Sep 23, 2026	Director, issuer-wide

31 more nested rows are not shown here; Every filing lists them all.

Shares are restated onto today's split basis. Change compares each row with the same holder's previous filing in the same source; a dash means there is none to compare. Nested 13D/G, insider and fund rows are not summed, since a 13F report already holds them.

Showing 1–50 of 266 holders

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Key facts CIK 717538 CUSIP 042744102 13F (30d) 101 filings 87 filers Visit website Investor relations