Arrow Financial

AROW • NASDAQ

Arrow Financial is a banks - regional company in the financial services sector on NASDAQ, led by David S. DeMarco, with a market cap of $529.4M. As of Q3 2025, 51% of shares are held by 113 institutional investors, with ARROW FINANCIAL CORP as the largest holder at 11.28%.

President and Chief Executive OfficerDavid S. DeMarco

Market Cap$529.4M

Banks - Regional

Financial Services

Employees537.0

Websitearrowfinancial.com

Country

United States of America

Overview

Overview of institutional ownership in AROW as of Q3 2025 with a market cap of $466.1M

All Institutions

Institutions: 113
Value Held: $239.3M
Shares Held: 8.5M
Avg Position: $2.1M
Median Position: $239.9K

Hedge Funds

Hedge Funds: 9
Value Held: $19.8M
Shares Held: 699.2K
Avg Position: $2.2M
Median Position: $928.1K

Ownership Breakdown

Institutional (non-HF)

47.1%

$219.5M

Hedge Funds

4.25%

$19.8M

Retail & Other

48.65%

$226.7M

Based on market cap of $466.1M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in AROW as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
ARROW FINANCIAL CORP Institution	David S. DeMarco CEO	$52.6M 5.37% of portfolio	11.28% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$978.0M
B BlackRock, Inc. Institution	-	$35.9M 0.00% of portfolio	7.69% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$25.2M 0.00% of portfolio	5.40% 889.2K shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$21.0M 0.00% of portfolio	4.50% 740.5K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$10.7M 0.00% of portfolio	2.29% 376.9K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$10.5M 0.00% of portfolio	2.25% 371.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
A AMERICAN CENTURY COMPANIES INC Institution	-	$9.2M 0.00% of portfolio	1.97% 324.0K shares	Q2 2020 Held for 5y 5m	$195.93B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$7.1M 0.01% of portfolio	1.51% 249.3K shares	≤ Q2 2013 Held for 12y 5m+	$75.8B
R rhino investment partners, Inc Hedge Fund•Value	John Keith Schneider President	$6.4M 2.08% of portfolio	1.38% 227.8K shares	Q4 2024 Held for 11 months	$309.3M
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$5.6M 0.00% of portfolio	1.21% 199.4K shares	Q3 2013 Held for 12y 2m	$1.65T

Net Capital Flow

Institutional buying and selling activity for AROW in Q3 2025

Traded: −$659.3K
Buyers: 55
Sellers: 38
Total Bought: +$9.0M
Total Sold: −$9.7M
Avg Position: $2.0M

Biggest Buyers

Institution	Net Bought	Current Position
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$1.0M +36.2K shares	$1.7M 61.0K shares
GOLDMAN SACHS GROUP INC Institution	+$925.4K +32.7K shares	$2.1M 72.7K shares
SummerHaven Investment Management, LLC Long Only Manager	+$870.7K +30.8K shares	$870.7K 30.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$834.2K +29.5K shares	$834.2K 29.5K shares
R rhino investment partners, Inc Hedge Fund•Value	+$788.3K +27.9K shares	$6.4M 227.8K shares
J JANE STREET GROUP, LLC Institution	+$542.4K +19.2K shares	$1.1M 38.9K shares
VANGUARD GROUP INC Institution	+$482.5K +17.1K shares	$25.2M 889.2K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$452.6K +16.0K shares	$1.4M 50.1K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$441.7K +15.6K shares	$928.1K 32.8K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$393.9K +13.9K shares	$1.7M 61.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
FIRST TRUST ADVISORS LP ETF Provider	−$1.4M −47.9K shares	$257.7K 9.1K shares
B BlackRock, Inc. Institution	−$1.2M −41.1K shares	$35.9M 1.3M shares
FRANKLIN RESOURCES INC Institution	−$997.6K −37.8K shares	Sold Off 0 shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	−$923.0K −32.6K shares	$193.4K 6.8K shares
ARROW FINANCIAL CORP Institution	−$877.0K −31.0K shares	$52.6M 1.9M shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	−$696.1K −24.6K shares	$3.5M 122.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$545.7K −20.7K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$387.6K −14.7K shares	Sold Off 0 shares
MORGAN STANLEY RIA/Wealth	−$356.2K −12.6K shares	$5.6M 199.4K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$354.2K −12.5K shares	$7.1M 249.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited AROW in Q3 2025

New Positions: 9
New Value: $1.3M
Exited Positions: 8
Exited Value: $2.1M

New Positions

Institution	Position Value
SummerHaven Investment Management, LLC Long Only Manager	$870.7K 30.8K shares
Trexquant Investment LP Hedge Fund•Quant	$200.5K 7.1K shares
Plante Moran Financial Advisors, LLC RIA/Wealth	$138.8K 4.9K shares
Sontag Advisory, LLC RIA/Wealth	$28.6K 1.0K shares
S State of Alaska, Department of Revenue Institution	$19.1K 675.0 shares
Q Quarry LP Institution	$15.3K 539.0 shares
O Optiver Holding B.V. Institution	$4.0K 142.0 shares
Halbert, Hargrove/Russell LLC RIA/Wealth	$1.1K 40.0 shares
Sunbelt Securities, Inc. RIA/Wealth	$57.0 2.0 shares

Exited Positions

Institution	Previous Position
FRANKLIN RESOURCES INC Institution	$997.6K 37.8K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$545.7K 20.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$387.6K 14.7K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$197.6K 7.5K shares
Glenmede Investment Management, LP Long Only Manager	$3.8K 144.0 shares
C COMERICA BANK Institution	$1.6K 61.0 shares
Geneos Wealth Management Inc. RIA/Wealth	$1.1K 41.0 shares
C Covestor Ltd Institution	- 1.0 shares

Options Activity

Institutions with the largest Call and Put options positions in AROW as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with AROW as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
ARROW FINANCIAL CORP Institution	David S. DeMarco CEO	5.37% $52.6M	11.28% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$978.0M
R rhino investment partners, Inc Hedge Fund•Value	John Keith Schneider President	2.08% $6.4M	1.38% 227.8K shares	Q4 2024 Held for 11 months	$309.3M
SummerHaven Investment Management, LLC Long Only Manager	Kurt Jonathon Nelson CEO	0.51% $870.7K	0.19% 30.8K shares	Q3 2025 Held for 2 months	$170.9M
Angel Oak Capital Advisors, LLC Long Only Manager	Manmohan Singh CFO	0.24% $311.3K	0.07% 11.0K shares	Q1 2025 Held for 8 months	$127.6M
T TRUST CO OF VERMONT Institution	-	0.07% $1.6M	0.35% 57.4K shares	≤ Q2 2013 Held for 12y 5m+	$2.3B
PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC RIA/Wealth	Scott Richard Brown Managing Partner	0.04% $311.3K	0.07% 11.0K shares	Q4 2024 Held for 11 months	$761.3M
Gallagher Fiduciary Advisors, LLC Pension/Endowment	Richard Carl Cary President	0.03% $743.7K	0.16% 26.3K shares	Q2 2024 Held for 1y 5m	$2.7B
Washington Trust Advisors, Inc. RIA/Wealth	Kathleen Ryan President	0.02% $325.7K	0.07% 11.5K shares	Q4 2021 Held for 3y 11m	$1.3B
ADIRONDACK TRUST CO RIA/Wealth	Charles Earl Osborne Managing Partner	0.02% $69.5K	0.01% 2.5K shares	Q2 2014 Held for 11y 5m	$297.7M
MARTINGALE ASSET MANAGEMENT L P Long Only Manager	Jennifer Nicol Cooper CEO	0.02% $646.0K	0.14% 22.8K shares	Q1 2025 Held for 8 months	$4.0B