Institutional HoldersBeta

Who holds a company, from every 13F filed for the quarter, one row per filer exactly as filed, against the latest share count the company reported.

ARROW FINANCIAL CORP

CIK 0000717538AROW· quarter ending 2026-06-30

Shares outstanding

18,523,723

as of 2026-07-31 · 10-Q cover page, filed 2026-08-06

Held by 13F filers

10,685,714

57.7% of shares outstanding

Holders

147

+8 vs 2026-03-31 · 25 new, 17 exited

Value

$429.2M

shares +17.3% vs prior quarter

Share classes (cover page of the 10-Q filed 2026-08-06, as of 2026-07-31)

Class	Listed	Shares outstanding	Held by 13F filers	% of class	Holders	CUSIP
Common stock	AROW · NASDAQ	18,523,723	10,685,714	57.7%	147	042744102

Each class is compared with its own share count; classes are not added together. A class that is not exchange-listed cannot be held by 13F filers.

Securities (CUSIPs held in 13F this quarter)

tick to combine

Count	CUSIP	Class (as filers write it)	Holders	Shares held	Class shares	% of class	Value	Options	Mapped via
	042744102	COM	147	10,685,714	18,523,723	57.7%	$429.2M	—	13DG	holders →

Totals combine the ticked CUSIPs and update as you tick: common-stock classes by default; preferreds, notes, warrants and depositary shares are listed but not counted. "holders →" shows a single CUSIP on its own. Bonds are held as a principal amount, not shares. Options positions are never counted as holdings.

Top holders (147 of 147 · 042744102)

change vs 2026-03-31

#	Filer	Shares	% of class	Value	Change
1	Arrow Financial Corp	1,859,963	10.04%	$76.2M	-18,876 (-1.0%)
2	BlackRock, Inc.	1,399,785	7.56%	$57.4M	+148,528 (+11.9%)
3	Rhino Investment Partners, Inc	847,563	4.58%	$26.1M	NEW
4	DIMENSIONAL FUND ADVISORS LP	725,492	3.92%	$29.7M	-4,979 (-0.7%)
5	VANGUARD CAPITAL MANAGEMENT LLC	623,719	3.37%	$25.6M	-13,808 (-2.2%)
6	STATE STREET CORP	490,098	2.65%	$20.1M	+151,943 (+44.9%)
7	AMERICAN CENTURY COMPANIES INC	432,990	2.34%	$17.7M	+89,734 (+26.1%)
8	GEODE CAPITAL MANAGEMENT, LLC	409,589	2.21%	$16.8M	+38,798 (+10.5%)
9	ACADIAN ASSET MANAGEMENT LLC	345,161	1.86%	$14.1M	+92,609 (+36.7%)
10	MORGAN STANLEY	224,482	1.21%	$9.2M	+46,673 (+26.2%)
11	HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	189,939	1.03%	$7.8M	+3,700 (+2.0%)
12	RENAISSANCE TECHNOLOGIES LLC	186,721	1.01%	$7.7M	-43,563 (-18.9%)
13	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	149,239	0.81%	$6.1M	+34,790 (+30.4%)
14	TWO SIGMA INVESTMENTS, LP	144,861	0.78%	$5.9M	+58,344 (+67.4%)
15	NORTHERN TRUST CORP	141,937	0.77%	$5.8M	+8,466 (+6.3%)
16	VANGUARD PORTFOLIO MANAGEMENT LLC	136,862	0.74%	$5.6M	+15,287 (+12.6%)
17	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	125,799	0.68%	$5.2M	+3,538 (+2.9%)
18	Connor, Clark & Lunn Investment Management Ltd.	121,870	0.66%	$5.0M	+18,610 (+18.0%)
19	Rockefeller Capital Management L.P.	120,712	0.65%	$4.9M	+407 (+0.3%)
20	AQR CAPITAL MANAGEMENT LLC	116,804	0.63%	$4.8M	+19,777 (+20.4%)
21	GOLDMAN SACHS GROUP INC	99,248	0.54%	$4.1M	+3,835 (+4.0%)
22	VANGUARD FIDUCIARY TRUST CO	96,076	0.52%	$3.9M	+4,160 (+4.5%)
23	Bank of New York Mellon Corp	89,370	0.48%	$3.7M	+4,558 (+5.4%)
24	VOYA INVESTMENT MANAGEMENT LLC	82,267	0.44%	$3.4M	-8,359 (-9.2%)
25	MARTINGALE ASSET MANAGEMENT L P	75,510	0.41%	$3.1M	+3,202 (+4.4%)
26	FMR LLC	65,192	0.35%	$2.7M	+47,060 (+259.5%)
27	SEGALL BRYANT & HAMILL, LLC	64,794	0.35%	$2.7M	-4,309 (-6.2%)
28	JOHNSON INVESTMENT COUNSEL INC	62,192	0.34%	$2.5M	—
29	CITADEL ADVISORS LLC	59,188	0.32%	$2.4M	+40,151 (+210.9%)
30	PRICE T ROWE ASSOCIATES INC /MD/	55,668	0.30%	$2.3M	+7,682 (+16.0%)
31	TRUST CO OF VERMONT	54,365	0.29%	$2.2M	NEW
32	LOS ANGELES CAPITAL MANAGEMENT LLC	52,908	0.29%	$2.2M	+11,830 (+28.8%)
33	Nuveen, LLC	50,718	0.27%	$2.1M	+1,551 (+3.2%)
34	Quantinno Capital Management LP	41,833	0.23%	$1.7M	+10,844 (+35.0%)
35	HighTower Advisors, LLC	35,260	0.19%	$1.4M	-231 (-0.7%)
36	BANK OF AMERICA CORP /DE/	31,929	0.17%	$1.3M	-767 (-2.3%)
37	Integrated Quantitative Investments LLC	31,124	0.17%	$1.3M	+7,151 (+29.8%)
38	LAZARD ASSET MANAGEMENT LLC	30,157	0.16%	$1.2M	+529 (+1.8%)
39	AMERIPRISE FINANCIAL INC	28,217	0.15%	$1.2M	+13,266 (+88.7%)
40	SummerHaven Investment Management, LLC	27,574	0.15%	$1.1M	—
41	Forty-three Eighteen Advisors, LLC	26,826	0.14%	$1.1M	NEW
42	Gallagher Fiduciary Advisors, LLC	25,106	0.14%	$1.0M	-589 (-2.3%)
43	Atria Investments, Inc	24,999	0.13%	$1.0M	-612 (-2.4%)
44	CITIZENS FINANCIAL GROUP INC/RI	24,471	0.13%	$1.0M	+13,361 (+120.3%)
45	Private Advisor Group, LLC	24,396	0.13%	$1000K	—
46	Creative Planning	22,103	0.12%	$906K	+7,060 (+46.9%)
47	ALLIANCEBERNSTEIN L.P.	22,083	0.12%	$741K	+6,445 (+41.2%)
48	COMMONWEALTH EQUITY SERVICES, LLC	20,924	0.11%	$858K	-1,569 (-7.0%)
49	RHUMBLINE ADVISERS	20,853	0.11%	$855K	-257 (-1.2%)
50	US BANCORP \DE\	20,067	0.11%	$823K	-4 (-0.0%)
51	Legato Capital Management LLC	19,976	0.11%	$819K	+1,250 (+6.7%)
52	Invesco Ltd.	18,838	0.10%	$772K	-3,857 (-17.0%)
53	SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC	16,986	0.09%	$696K	+484 (+2.9%)
54	Midwest Trust Co	16,854	0.09%	$691K	-2,000 (-10.6%)
55	XTX Topco Ltd	16,566	0.09%	$679K	NEW
56	DEUTSCHE BANK AG\	16,031	0.09%	$657K	+3,650 (+29.5%)
57	STATE OF WISCONSIN INVESTMENT BOARD	15,799	0.09%	$648K	+300 (+1.9%)
58	ALPS ADVISORS INC	15,446	0.08%	$633K	+196 (+1.3%)
59	CITIGROUP INC	14,620	0.08%	$599K	+11,588 (+382.2%)
60	EDMP, INC.	14,237	0.08%	$584K	—
61	WELLS FARGO & COMPANY/MN	14,045	0.08%	$576K	+5,281 (+60.3%)
62	Thrivent Financial for Lutherans	13,825	0.07%	$567K	+5,366 (+63.4%)
63	UBS Group AG	13,149	0.07%	$539K	-30,960 (-70.2%)
64	SEI INVESTMENTS CO	12,328	0.07%	$505K	-6,368 (-34.1%)
65	Janney Montgomery Scott LLC	12,209	0.07%	$500K	+1,856 (+17.9%)
66	PRUDENTIAL FINANCIAL INC	10,766	0.06%	$441K	NEW
67	FRANKLIN RESOURCES INC	10,764	0.06%	$441K	-10,099 (-48.4%)
68	IEQ CAPITAL, LLC	10,604	0.06%	$435K	+209 (+2.0%)
69	LSV ASSET MANAGEMENT	10,600	0.06%	$434K	—
70	Washington Trust Advisors, Inc.	10,310	0.06%	$423K	—
71	MetLife Investment Management, LLC	9,861	0.05%	$404K	—
72	Sequoia Financial Advisors, LLC	9,798	0.05%	$402K	NEW
73	Mariner, LLC	9,596	0.05%	$393K	+838 (+9.6%)
74	RAYMOND JAMES FINANCIAL INC	9,141	0.05%	$375K	+1,078 (+13.4%)
75	STIFEL FINANCIAL CORP	8,991	0.05%	$369K	NEW
76	Russell Investments Group, Ltd.	8,702	0.05%	$357K	+7,270 (+507.7%)
77	DELPHI MANAGEMENT INC /MA/	8,555	0.05%	$351K	-35 (-0.4%)
78	Odyssean, LLC	8,542	0.05%	$350K	—
79	IFG Advisory, LLC	7,937	0.04%	$325K	NEW
80	JPMORGAN CHASE & CO	7,769	0.04%	$320K	+793 (+11.4%)
81	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	7,571	0.04%	$310K	-195 (-2.5%)
82	BARCLAYS PLC	7,489	0.04%	$307K	+4,085 (+120.0%)
83	Rafferty Asset Management, LLC	7,253	0.04%	$297K	NEW
84	StoneX Group Inc.	6,739	0.04%	$257K	NEW
85	NEW YORK STATE COMMON RETIREMENT FUND	6,651	0.04%	$273K	—
86	MERCER GLOBAL ADVISORS INC /ADV	6,588	0.04%	$270K	NEW
87	PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC	6,000	0.03%	$246K	-2,000 (-25.0%)
88	SG Americas Securities, LLC	5,889	0.03%	$241K	NEW
89	FIRST TRUST ADVISORS LP	5,826	0.03%	$239K	NEW
90	King Wealth Management Group	5,718	0.03%	$234K	NEW
91	Squarepoint Ops LLC	5,664	0.03%	$232K	-11,656 (-67.3%)
92	Integrated Wealth Concepts LLC	5,610	0.03%	$230K	NEW
93	INTECH INVESTMENT MANAGEMENT LLC	5,452	0.03%	$223K	-641 (-10.5%)
94	LPL Financial LLC	5,302	0.03%	$217K	-2,483 (-31.9%)
95	Aptus Capital Advisors, LLC	5,226	0.03%	$214K	NEW
96	One Day In July LLC	5,161	0.03%	$212K	NEW
97	Vanguard Global Advisers, LLC	5,136	0.03%	$211K	—
98	Aquatic Capital Management LLC	5,025	0.03%	$206K	NEW
99	BNP PARIBAS FINANCIAL MARKETS	4,957	0.03%	$203K	+721 (+17.0%)
100	MANUFACTURERS LIFE INSURANCE COMPANY, THE	4,920	0.03%	$202K	NEW
101	Plante Moran Financial Advisors, LLC	4,905	0.03%	$201K	—
102	Police & Firemen's Retirement System of New Jersey	4,600	0.02%	$189K	—
103	ROYAL BANK OF CANADA	2,978	0.02%	$122K	+710 (+31.3%)
104	OSAIC HOLDINGS, INC.	2,595	0.01%	$106K	+1 (+0.0%)
105	ADIRONDACK TRUST CO	2,456	0.01%	$101K	—
106	Pinnacle Wealth Planning Services, Inc.	1,745	0.01%	$72K	—
107	Legal & General Group Plc	1,604	0.01%	$66K	+261 (+19.4%)
108	CANADA LIFE ASSURANCE Co	1,507	0.01%	$62K	-114 (-7.0%)
109	Clean Yield Group	1,458	0.01%	$60K	—
110	BROWN, LISLE/CUMMINGS, INC.	1,332	0.01%	$55K	+10 (+0.8%)
111	Ameritas Investment Partners, Inc.	1,323	0.01%	$54K	—
112	Tower Research Capital LLC (TRC)	1,288	0.01%	$53K	-141 (-9.9%)
113	SIGNATUREFD, LLC	1,159	0.01%	$48K	+9 (+0.8%)
114	Global Retirement Partners, LLC	821	0.00%	$34K	NEW
115	Arax Advisory Partners	708	0.00%	$29K	+569 (+409.4%)
116	State of Alaska, Department of Revenue	675	0.00%	$27K	—
117	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	585	0.00%	$24K	—
118	NISA INVESTMENT ADVISORS, LLC	526	0.00%	$22K	+511 (+3406.7%)
119	GAMMA Investing LLC	471	0.00%	$19K	+6 (+1.3%)
120	PNC Financial Services Group, Inc.	358	0.00%	$15K	-157 (-30.5%)
121	EverSource Wealth Advisors, LLC	337	0.00%	$14K	-342 (-50.4%)
122	Sterling Capital Management LLC	331	0.00%	$14K	-186 (-36.0%)
123	HARBOUR INVESTMENTS, INC.	320	0.00%	$13K	—
124	Allworth Financial LP	298	0.00%	$12K	+154 (+106.9%)
125	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	226	0.00%	$9K	-655 (-74.3%)
126	BROWN BROTHERS HARRIMAN & CO	166	0.00%	$7K	—
127	JONES FINANCIAL COMPANIES LLLP	163	0.00%	$7K	+3 (+1.9%)
128	ROTHSCHILD INVESTMENT LLC	118	0.00%	$5K	+24 (+25.5%)
129	Smartleaf Asset Management LLC	96	0.00%	$4K	—
130	Parallel Advisors, LLC	79	0.00%	$3K	—
131	Essential Partners LLC	78	0.00%	$3K	-12 (-13.3%)
132	SBI Securities Co., Ltd.	64	0.00%	$3K	-3 (-4.5%)
133	Quarry LP	55	0.00%	$2K	NEW
134	PICTON MAHONEY ASSET MANAGEMENT	54	0.00%	$2K	NEW
135	IFP Advisors, Inc	40	0.00%	$2K	+11 (+37.9%)
136	Optiver Holding B.V.	38	0.00%	$2K	-128 (-77.1%)
137	Larson Financial Group LLC	35	0.00%	$1K	+29 (+483.3%)
138	Basecamp Wealth Advisors LLC	27	0.00%	$1K	+5 (+22.7%)
139	Farther Finance Advisors, LLC	24	0.00%	$986	-71 (-74.7%)
140	MassMutual Private Wealth & Trust, FSB	17	0.00%	$697	—
141	Fortitude Family Office, LLC	10	0.00%	$410	NEW
142	Clearstead Advisors, LLC	6	0.00%	$246	NEW
143	Covestor Ltd	5	0.00%	$0	+3 (+150.0%)
144	True Wealth Design, LLC	3	0.00%	$123	-8 (-72.7%)
145	JPL Wealth Management, LLC	2	0.00%	$82	—
146	HUNTINGTON NATIONAL BANK	1	0.00%	$41	—
147	SJS Investment Consulting Inc.	1	0.00%	$41	NEW

Exited since 2026-03-31 (17 filers; largest 17 shown)

MARSHALL WACE, LLP	−109,416
MILLENNIUM MANAGEMENT LLC	−49,794
Qube Research & Technologies Ltd	−37,039
JANE STREET GROUP, LLC	−21,088
Hillsdale Investment Management Inc.	−9,960
Angel Oak Capital Advisors, LLC	−8,000
OCCUDO QUANTITATIVE STRATEGIES LP	−7,649
Corient Private Wealth LLC	−6,744
JACOBS LEVY EQUITY MANAGEMENT, INC	−6,714
CWM, LLC	−3,552
Advisory Services Network, LLC	−242
MAI Capital Management	−184
QUADRANT CAPITAL GROUP LLC	−157
Root Financial Partners, LLC	−24
City State Bank	−9
SIMPLEX TRADING, LLC	−9
Sunbelt Securities, Inc.	−2

Large holders from 13D/13G (latest per reporting person, last 2 years)

Filed when a holder crosses 5% or changes materially, so often more current than the quarter-end 13F. Percentages are the filer's own, against the share count they used.

Reporting person	Form	Filed	Event	Shares	% of class
The Vanguard Group	SCHEDULE 13G/A	2026-03-26	2026-03-13	0	0%

Source: SEC Form 13F-HR information tables for the quarter ending 2026-06-30 (filed within 45 days of quarter end; amendments applied; values normalised to dollars), the share count from the company's latest 10-K/10-Q XBRL cover page, and Schedule 13D/13G filings. Each row is a legal 13F filer as filed — related entities (e.g. Vanguard's advisers) are not merged. Retail brokerage accounts are not reported on 13F, so the remainder is mostly retail and insiders.