Who owns Arrow Financial Corporation (AROW)
Which tracked institutional funds hold AROW, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See AROW company fundamentals →
Ownership as of the 2026-Q1 13F filings (latest filed 2026-05-18). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on AROW is one-sided between 2025-Q4 and 2026-Q1: 35 added or opened and 8 trimmed or exited — on balance accumulating.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
AROW’s largest tracked holder by dollar value, BlackRock, Inc., sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 0.0pp gap the other way — the median holder sizes AROW more heavily than its largest holder by dollar value does.
Book-share is each fund’s reported value in AROW divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q1, across 138 tracked filers holding AROW, 77 increased or opened the position and 58 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in AROW between the 2025-Q4 and 2026-Q1 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 10
- VANGUARD CAPITAL MANAGEMENT LLC$21M
- VANGUARD PORTFOLIO MANAGEMENT LLC$4M
- VANGUARD FIDUCIARY TRUST CO$3M
- Qube Research & Technologies Ltd$1M
- LAZARD ASSET MANAGEMENT LLC$995K
- SEI INVESTMENTS CO$628K
Full exits 4
- VANGUARD GROUP INC$24M
- Rhino Investment Partners, Inc$20M
- TRUST CO OF VERMONT$2M
- TWO SIGMA ADVISERS, LP$2M
Largest adds
- Arrow Financial Corp$4M
- ACADIAN ASSET MANAGEMENT LLC$4M
- BlackRock, Inc.$3M
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC$3M
- MARSHALL WACE, LLP$2M
- AQR CAPITAL MANAGEMENT LLC$2M
Largest trims
- BARCLAYS PLC$681K
- JANE STREET GROUP, LLC$628K
- WELLS FARGO & COMPANY/MN$361K
- LPL Financial LLC$352K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| BlackRock, Inc. added | 1,251,257 | $42M | 14.4% | 2026-Q1 |
| DIMENSIONAL FUND ADVISORS LP added | 730,471 | $25M | 8.4% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 637,527 | $21M | 7.3% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 370,791 | $12M | 4.3% | 2026-Q1 |
| AMERICAN CENTURY COMPANIES INC added | 343,256 | $12M | 3.9% | 2026-Q1 |
| STATE STREET CORP trimmed | 338,155 | $11M | 3.9% | 2026-Q1 |
| ACADIAN ASSET MANAGEMENT LLC added | 252,552 | $8M | 2.9% | 2026-Q1 |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 230,284 | $8M | 2.6% | 2026-Q1 |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added | 186,239 | $6M | 2.1% | 2026-Q1 |
| MORGAN STANLEY trimmed | 177,809 | $6M | 2.0% | 2026-Q1 |
| NORTHERN TRUST CORP added | 133,471 | $4M | 1.5% | 2026-Q1 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC trimmed | 122,261 | $4M | 1.4% | 2026-Q1 |
| VANGUARD PORTFOLIO MANAGEMENT LLC new | 121,575 | $4M | 1.4% | 2026-Q1 |
| Rockefeller Capital Management L.P. added | 120,305 | $4M | 1.4% | 2026-Q1 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added | 114,449 | $4M | 1.3% | 2026-Q1 |
| MARSHALL WACE, LLP added | 109,416 | $4M | 1.3% | 2026-Q1 |
| Connor, Clark & Lunn Investment Management Ltd. added | 103,260 | $3M | 1.2% | 2026-Q1 |
| AQR CAPITAL MANAGEMENT LLC added | 95,545 | $3M | 1.1% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 95,413 | $3M | 1.1% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 91,916 | $3M | 1.1% | 2026-Q1 |
| VOYA INVESTMENT MANAGEMENT LLC trimmed | 90,626 | $3M | 1.0% | 2026-Q1 |
| TWO SIGMA INVESTMENTS, LP added | 86,517 | $3M | 1.0% | 2026-Q1 |
| Bank of New York Mellon Corp trimmed | 84,812 | $3M | 1.0% | 2026-Q1 |
| MARTINGALE ASSET MANAGEMENT L P added | 72,308 | $2M | 0.8% | 2026-Q1 |
| SEGALL BRYANT & HAMILL, LLC trimmed | 69,103 | $2M | 0.8% | 2026-Q1 |
| JOHNSON INVESTMENT COUNSEL INC added | 62,192 | $2M | 0.7% | 2026-Q1 |
| MILLENNIUM MANAGEMENT LLC added | 49,794 | $2M | 0.6% | 2026-Q1 |
| Nuveen, LLC added | 49,167 | $2M | 0.6% | 2026-Q1 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 47,986 | $2M | 0.6% | 2026-Q1 |
| UBS Group AG added | 44,109 | $1M | 0.5% | 2026-Q1 |
| LOS ANGELES CAPITAL MANAGEMENT LLC added | 41,078 | $1M | 0.5% | 2026-Q1 |
| Qube Research & Technologies Ltd new | 37,039 | $1M | 0.4% | 2026-Q1 |
| HighTower Advisors, LLC added | 35,491 | $1M | 0.4% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 32,696 | $1M | 0.4% | 2026-Q1 |
| Quantinno Capital Management LP added | 30,989 | $1M | 0.4% | 2026-Q1 |
| LAZARD ASSET MANAGEMENT LLC added | 29,628 | $995K | 0.3% | 2026-Q1 |
| SummerHaven Investment Management, LLC trimmed | 27,574 | $926K | 0.3% | 2026-Q1 |
| Gallagher Fiduciary Advisors, LLC trimmed | 25,695 | $863K | 0.3% | 2026-Q1 |
| Atria Investments, Inc trimmed | 25,611 | $860K | 0.3% | 2026-Q1 |
| Private Advisor Group, LLC | 24,396 | $819K | 0.3% | 2026-Q1 |
| Integrated Quantitative Investments LLC added | 23,973 | $805K | 0.3% | 2026-Q1 |
| Invesco Ltd. trimmed | 22,695 | $762K | 0.3% | 2026-Q1 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 22,493 | $755K | 0.3% | 2026-Q1 |
| RHUMBLINE ADVISERS trimmed | 21,110 | $709K | 0.2% | 2026-Q1 |
| JANE STREET GROUP, LLC trimmed | 21,088 | $708K | 0.2% | 2026-Q1 |
| FRANKLIN RESOURCES INC added | 20,863 | $700K | 0.2% | 2026-Q1 |
| US BANCORP \DE\ trimmed | 20,071 | $674K | 0.2% | 2026-Q1 |
| CITADEL ADVISORS LLC trimmed | 19,037 | $639K | 0.2% | 2026-Q1 |
| Midwest Trust Co added | 18,854 | $633K | 0.2% | 2026-Q1 |
| Legato Capital Management LLC added | 18,726 | $629K | 0.2% | 2026-Q1 |
| SEI INVESTMENTS CO added | 18,696 | $628K | 0.2% | 2026-Q1 |
| FMR LLC added | 18,132 | $609K | 0.2% | 2026-Q1 |
| Squarepoint Ops LLC trimmed | 17,320 | $581K | 0.2% | 2026-Q1 |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC new | 16,502 | $554K | 0.2% | 2026-Q1 |
| STATE OF WISCONSIN INVESTMENT BOARD | 15,499 | $520K | 0.2% | 2026-Q1 |
| ALPS ADVISORS INC new | 15,250 | $512K | 0.2% | 2026-Q1 |
| Creative Planning added | 15,043 | $505K | 0.2% | 2026-Q1 |
| AMERIPRISE FINANCIAL INC trimmed | 14,951 | $502K | 0.2% | 2026-Q1 |
| ALLIANCEBERNSTEIN L.P. | 15,638 | $491K | 0.2% | 2026-Q1 |
| EDMP, INC. | 14,237 | $478K | 0.2% | 2026-Q1 |
| DEUTSCHE BANK AG\ added | 12,381 | $416K | 0.1% | 2026-Q1 |
| CITIZENS FINANCIAL GROUP INC/RI | 11,110 | $373K | 0.1% | 2026-Q1 |
| LSV ASSET MANAGEMENT added | 10,600 | $356K | 0.1% | 2026-Q1 |
| IEQ CAPITAL, LLC added | 10,395 | $349K | 0.1% | 2026-Q1 |
| Janney Montgomery Scott LLC added | 10,353 | $348K | 0.1% | 2026-Q1 |
| Washington Trust Advisors, Inc. trimmed | 10,310 | $346K | 0.1% | 2026-Q1 |
| Hillsdale Investment Management Inc. added | 9,960 | $334K | 0.1% | 2026-Q1 |
| MetLife Investment Management, LLC | 9,861 | $331K | 0.1% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN trimmed | 8,764 | $294K | 0.1% | 2026-Q1 |
| Mariner, LLC added | 8,758 | $294K | 0.1% | 2026-Q1 |
| DELPHI MANAGEMENT INC /MA/ new | 8,590 | $288K | 0.1% | 2026-Q1 |
| Odyssean, LLC new | 8,542 | $287K | 0.1% | 2026-Q1 |
| Thrivent Financial for Lutherans new | 8,459 | $284K | 0.1% | 2026-Q1 |
| OCCUDO QUANTITATIVE STRATEGIES LP trimmed | 7,649 | $282K | 0.1% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC added | 8,063 | $271K | 0.1% | 2026-Q1 |
| PARR MCKNIGHT WEALTH MANAGEMENT GROUP, LLC trimmed | 8,000 | $269K | 0.1% | 2026-Q1 |
| Angel Oak Capital Advisors, LLC trimmed | 8,000 | $269K | 0.1% | 2026-Q1 |
| LPL Financial LLC trimmed | 7,785 | $261K | 0.1% | 2026-Q1 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. added | 7,766 | $261K | 0.1% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 6,976 | $233K | 0.1% | 2026-Q1 |
| Corient Private Wealth LLC new | 6,744 | $226K | 0.1% | 2026-Q1 |
| JACOBS LEVY EQUITY MANAGEMENT, INC new | 6,714 | $225K | 0.1% | 2026-Q1 |
| NEW YORK STATE COMMON RETIREMENT FUND | 6,651 | $223K | 0.1% | 2026-Q1 |
| INTECH INVESTMENT MANAGEMENT LLC trimmed | 6,093 | $205K | 0.1% | 2026-Q1 |
| VANGUARD GROUP INC trimmed | 779,551 | $24M | 8.4% | 2025-Q4 stale |
| Rhino Investment Partners, Inc added | 789,305 | $20M | 7.0% | 2025-Q4 stale |
| TRUST CO OF VERMONT trimmed | 56,365 | $2M | 0.6% | 2025-Q4 stale |
| TWO SIGMA ADVISERS, LP added | 50,419 | $2M | 0.5% | 2025-Q4 stale |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 20,655 | $546K | 0.2% | 2025-Q2 stale |
| Universal- Beteiligungs- und Servicegesellschaft mbH new | 18,339 | $482K | 0.2% | 2025-Q1 stale |
| FINANCIAL COUNSELORS INC added | 16,862 | $443K | 0.2% | 2025-Q1 stale |
| Waldron Private Wealth LLC | 10,955 | $344K | 0.1% | 2025-Q4 stale |
| Brandywine Global Investment Management, LLC added | 10,100 | $317K | 0.1% | 2025-Q4 stale |
| Trexquant Investment LP added | 9,563 | $300K | 0.1% | 2025-Q4 stale |
| PharVision Advisers, LLC new | 9,559 | $300K | 0.1% | 2025-Q4 stale |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC added | 8,347 | $262K | 0.1% | 2025-Q4 stale |
| IFG Advisory, LLC | 7,937 | $249K | 0.1% | 2025-Q4 stale |
| XTX Topco Ltd trimmed | 7,642 | $240K | 0.1% | 2025-Q4 stale |
| Corebridge Financial, Inc. trimmed | 8,045 | $212K | 0.1% | 2025-Q1 stale |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.