Arrow Financial AROW Insider Ownership

NASDAQ AROW

$37.49 +0.65 (+1.76%)

At close: Oct 20, 2026 · 4:00 PM EDT

Insider Holdings by Owner

786.58K Shares

Insider Ownership Statistics

as of 30 Sep, 2026

Insider Ownership

3.47%

▲+0.155% pp QoQ

Shares Held by Insiders

574.80K

filed for Sep 2026

▲+4.68% QoQ

Shares Outstanding

16.55Mn

16,545,170 shares

Direct Holdings

558.89K

Indirect: 15.91K

Net Shares Traded (QoQ)

+25.72K

net buying in Sep 2026

Insiders Holding Shares

with Form 4 holdings on file

Shares Owned by Insiders

Shares held % of outstanding

Latest —

Average ownership —

Peak ownership —

Shares Purchased/Sold by Insiders

Bought Sold

Latest quarter —

Net over range —

Buying quarters —

Insider Ownership Summary

Updated Oct 11, 2026

Over the past 12 months, Arrow Financial insiders bought $194,310 of stock on the open market (6.3K shares) and sold $158,605 (4.11K shares).

A count shows 3 insiders buying AROW stock on the open market over the past 12 months and one insider selling.
Among Arrow Financial insiders, David S. Demarco (President & CEO) led open-market buying over the past 12 months with $96,452 of purchases (3.04K shares); the latest was on December 24, 2025.
On the sell side, Mark Behan (Director) led open-market sales of Arrow Financial stock over the past 12 months with $158,605 (4.11K shares), most recently on June 17, 2026.
Outside the open market, Arrow Financial insiders received 46.89K shares in stock awards, acquired 23.6K shares through option exercises and conversions, gave up 18.28K shares to cover taxes or exercise prices and gave away 3.91K shares as gifts over the past 12 months.
Per Business Quant, AROW insiders together hold 574.8K shares based on their latest Form 4 filings, up 4.68% from 549.08K shares at the end of Q2 2026 and up 21.91% from 471.48K shares at the end of Q3 2025.
Direct holdings account for 558.89K shares (97.23%) of AROW's insider total, and indirect holdings through trusts, partnerships and family members for 15.91K shares (2.77%).
Business Quant counts 21 insiders with holdings in Arrow Financial stock, among the officers, directors and 10% owners who have filed a Form 4 in the past two years.
Arrow Financial's three largest insider shareholders, based on their latest Form 4 filings, are David S. Demarco (President & CEO, 98.86K shares), Gary C. Dake (Director, 64.64K shares) and David G. Kruczlnicki (Director, 60.85K shares).
Of the shares held by AROW insiders, 17.20% belong to David S. Demarco.
Institutions accounted for 64.06% of AROW's outstanding shares in Q2 2026, insiders about 3.47% per their latest Form 4 filings, and other investors, including the public, about 32.47%.
In the past year, 19 insiders of Arrow Financial submitted 84 Form 4 filings reporting trades, awards or other transactions.
These insider figures for Arrow Financial are based on Form 4 filings through September 24, 2026.

Form 4 Holdings

Insiders Holding AROW

Insiders 24

Shares held 786.58K

Of outstanding 4.75%

#	Insider	Position	Direct	Indirect	Total	Share of Insiders	Last Filed
1	Thomas L Hoy	Chairman Ceo	196,348	0	196,348	25.0%	30 May, 2023
2	David S. Demarco	President Ceo	95,826	0	95,826	12.2%	09 Sep, 2026
3	Gary C Dake	Director	64,635	0	64,635	8.2%	09 Apr, 2025
4	David G Kruczlnicki	Director	60,847	0	60,847	7.7%	24 Sep, 2026
5	Elizabeth Miller	Director	40,576	0	40,576	5.2%	20 Mar, 2026
6	Colin L Read	Director	33,777	0	33,777	4.3%	24 Sep, 2026
7	Raymond F O'Conor	Svp	31,148	0	31,148	4.0%	24 Sep, 2026
8	Penko Krassimir Ivanov	Sevp, Treasurer And Cfo	31,045	0	31,045	3.9%	02 Feb, 2026
9	Tenee R Casaccio	Director	29,169	0	29,169	3.7%	24 Sep, 2026
10	David D Kaiser	Cco Sevp	26,150	0	26,150	3.3%	03 Feb, 2025
11	Andrew J Wise	Sevp, Chief Risk Officer	25,818	0	25,818	3.3%	02 Feb, 2026
12	James M Dawsey	Director	21,137	0	21,137	2.7%	24 Sep, 2026
13	William L Owens	Director	16,493	0	16,493	2.1%	30 May, 2024
14	Rocco F Sr. Arcuri	Director	16,066	0	16,066	2.0%	24 Sep, 2026
15	Michael B Clarke	Director	0	14,850	14,850	1.9%	30 Jun, 2022
16	Marc Yrsha	Sevp, Chief Banking Officer	14,132	0	14,132	1.8%	02 Feb, 2026
17	Michael Joseph Jacobs	Evp, Chief Information Officer	12,571	0	12,571	1.6%	02 Feb, 2026
18	Gregory J Champion	Director	12,505	0	12,505	1.6%	24 Sep, 2026
19	Mark Behan	Director	11,112	0	11,112	1.4%	24 Sep, 2026
20	Philip C Morris	Director	9,006	0	9,006	1.1%	24 Sep, 2026
21	Daniel James White	Director	8,478	0	8,478	1.1%	24 Sep, 2026
22	Brooke M Pancoe	Evp, Chief Hr Officer	7,145	0	7,145	0.9%	02 Feb, 2026
23	Kristine D Duffy	Director	6,624	0	6,624	0.8%	24 Sep, 2026
24	Darrin Jahnel	Director	1,124	0	1,124	0.1%	24 Sep, 2026

Each row is that insider’s most recently reported position, from Form 4 filings over the last 60 months — which is why this total does not tie to the quarterly series above, where a quarter counts only the insiders who filed in it. Shares held through a fund or institutional portfolio are counted on the institutional ownership page instead.

Form 4 Filings

1,690 Insider Transactions

Source SEC Form 4

Latest quarter Sep 2026

Date	Insider	Position	Transaction	Shares	Price	Value	Shares Held After	Ownership
23 Sep, 2026	David G Kruczlnicki	Director	Acquired J	228	$36.97	$8.43K	60,847	Direct
23 Sep, 2026	James M Dawsey	Director	Acquired J	389	$36.97	$14.38K	21,137	Direct
23 Sep, 2026	Kristine D Duffy	Director	Acquired J	203	$36.97	$7.50K	6,624	Direct
23 Sep, 2026	Mark Behan	Director	Acquired J	211	$36.97	$7.80K	11,112	Direct
23 Sep, 2026	Tenee R Casaccio	Director	Acquired J	304	$36.97	$11.24K	29,169	Direct
23 Sep, 2026	Darrin Jahnel	Director	Acquired J	298	$36.97	$11.02K	1,124	Direct
03 Sep, 2026	Raymond F O'Conor	Director	Disposed G	140	$0.00	$0	30,945	Direct
23 Sep, 2026	Colin L Read	Director	Acquired J	194	$36.97	$7.17K	33,777	Direct
23 Sep, 2026	Gregory J Champion	Director	Acquired J	423	$36.97	$15.64K	12,505	Direct
23 Sep, 2026	Philip C Morris	Director	Acquired J	203	$36.97	$7.50K	9,006	Direct
23 Sep, 2026	Daniel James White	Director	Acquired J	228	$36.97	$8.43K	8,478	Direct
23 Sep, 2026	Rocco F Sr. Arcuri	Director	Acquired J	186	$36.97	$6.88K	16,066	Direct
23 Sep, 2026	Raymond F O'Conor	Director	Acquired J	203	$36.97	$7.50K	31,148	Direct
04 Sep, 2026	David S. Demarco	President Ceo	Acquired M	1,771	$30.26	$53.59K	97,301	Direct
04 Sep, 2026	David S. Demarco	President Ceo	Disposed F	1,504	$39.57	$59.51K	95,826	Direct
04 Sep, 2026	David S. Demarco	President Ceo	Disposed M	1,771	$0.00	$0	0	Direct
28 Aug, 2026	David S. Demarco	President Ceo	Acquired M	4,379	$30.26	$132.51K	99,238	Direct
28 Aug, 2026	David S. Demarco	President Ceo	Disposed F	3,752	$38.16	$143.18K	95,530	Direct
28 Aug, 2026	David S. Demarco	President Ceo	Disposed M	4,379	$0.00	$0	0	Direct
17 Aug, 2026	Mark Behan	Director	Acquired M	1,093	$27.04	$29.55K	11,611	Direct

Showing 1 to 20 of 1,690 transactions