Comparable stake leader
David S. DeMarco
SEC ownership of ARROW FINANCIAL CORP
Top holders, 13D/G large-stake signals, insider positions, and transaction flow tied to CIK 0000717538.
Disclosed value leader
ARROW FINANCIAL CORP
Comparable rows
50/50
Latest evidence
23 Sep 2026
- Public ticker
- AROW on Nasdaq
- Parsed ownership sources
-
3/4/5 and 13F
Source: Parsed SEC ownership filingsUse: Compare filing families carefully
- Largest SEC-reported holder
-
David S. DeMarco
Ranking: Comparable ownership first, then disclosed value
- Comparable ownership rows
-
50 of 50
Meaning: Rows with safely comparable ownership %
- Latest parsed ownership date
-
23 Sep 2026
Freshness: Most recent filing date in this holder set
- Issuer CIK
- 0000717538
- Issuer location
- Glens Falls, NY
Ownership snapshot
CIK-linked ownership evidence from parsed SEC filings.
2 signals
Issuer
Names, identifiers, and filing context for this profile.
2 identity fields
Ownership snapshot
Top shareholders of ARROW FINANCIAL CORP (13F + 13D/G + 3/4/5)
Grouped by holder across the latest SEC ownership disclosures. Start with comparable ownership when available, then verify the linked 13F, 13D/G, or 3/4/5 evidence.
Comparable stake leader
David S. DeMarco
Disclosed value leader
ARROW FINANCIAL CORP
Comparable rows
50/50
Latest evidence
23 Sep 2026
3/4/5
13F
Lead comparable stake: 0.59%
Showing 1-8 of 50 holder rows.
Quick read
David S. DeMarco leads the comparable SEC ownership view at 0.59%.
50 of 50 rows have a safely comparable ownership percentage. Use this as a filing-backed starting point, then open the detailed table for source links, reporting role, position value, share count, and filing date.
Open SEC evidence
Opens David S. DeMarco's linked filing trail.
Comparable ownership
Top 5
David S. DeMarco
0.59%
David G. Kruczlnicki
0.36%
Elizabeth Miller
0.28%
Colin L. Read
0.2%
Raymond F. O'Conor
0.19%
Ownership % is shown only when SEC disclosures are safely comparable across share classes.
Detailed SEC evidence table Showing 1-8 of 50 holder rows
| Holder | Evidence | Ownership % | Position | 12M Net Δ | As of |
|---|---|---|---|---|---|
| David S. DeMarco |
3/4/5
President & CEO
|
0.59%
|
$4,052,311
98,861 shares
|
+$96,452 | 04 Sep 2026 |
| David G. Kruczlnicki |
3/4/5
Director
|
0.36%
|
$2,494,118
60,847 shares
|
— | 23 Sep 2026 |
| Elizabeth Miller |
3/4/5
Director
|
0.28%
|
$1,598,343
46,423 shares
|
— | 18 Mar 2026 |
| Colin L. Read |
3/4/5
Director
|
0.2%
|
$1,384,519
33,777 shares
|
— | 23 Sep 2026 |
| Raymond F. O'Conor |
3/4/5
Director
|
0.19%
|
$1,276,756
31,148 shares
|
— | 03 Sep 2026 |
| Penko Krassimir Ivanov |
3/4/5
SEVP, Treasurer and CFO
|
0.19%
|
$1,006,789
31,045 shares
|
+$48,308 | 28 Jan 2026 |
| Tenee R. Casaccio |
3/4/5
Director
|
0.17%
|
$1,195,637
29,169 shares
|
— | 23 Sep 2026 |
| Andrew J. Wise |
3/4/5
SEVP, Chief Risk Officer
|
0.15%
|
$837,277
25,818 shares
|
— | 28 Jan 2026 |
How to read this table
Rows are grouped by holder and ranked first by SEC-reported ownership % when it is safely comparable, then by disclosed holdings value. — indicates unavailable or non-comparable values; "mixed-class rows" means the latest filing spans non-comparable classes.
Forms 3/4/5 flow
Insider trading overview
Net insider flow leans to buying over the last 12 months. Net value: +$35,706.
Buys
$194,310
Insiders: 3
Sells
$158,605
Insiders: 1
Net
+$35,706
Shares: +2,189
Window
Last 12 months
4 rolling buckets
Buy value
Sell value
Shares: 6,299
Shares: 4,110
| Window (months) | Buy shares | Sell shares | Buy value | Sell value | Net value |
|---|---|---|---|---|---|
| 0-3 | 0 | 0 | $0 | $0 | $0 |
| 3-6 | 0 | 4,110 | $0 | $158,605 | -$158,605 |
| 6-9 | 0 | 0 | $0 | $0 | $0 |
| 9-12 | 6,299 | 0 | $194,310 | $0 | +$194,310 |
Reporting owners
Insider holders from Forms 3/4/5
Showing 1-20 of 26 reporting-owner rows connected to ARROW FINANCIAL CORP. Open a relationship link for the CIK-to-CIK filing trail.
Rows
26
Largest Forms 3/4/5 holder
Thomas L. Hoy
Net 12M change
+$35,705
Latest report
23 Sep 2026
| Name | Relationship | Holdings Value | Past Year Net Change | Change % | Valuation | Report Date |
|---|---|---|---|---|---|---|
| Thomas L. Hoy | Director, Chairman | $5,662,210 | Mixed | 26 May 2023 | ||
| David S. DeMarco | President & CEO | $4,052,311 | +$96,452 | +2.4% | Median | 04 Sep 2026 |
| David G. Kruczlnicki | Director | $2,494,118 | Median | 23 Sep 2026 | ||
| Thomas J. Murphy | President & CEO, Director | $2,020,510 | Mixed | 01 Feb 2023 | ||
| Gary C. Dake | Director | $1,639,790 | Mixed | 09 Apr 2025 | ||
| Elizabeth Miller | Director | $1,598,343 | Mixed | 18 Mar 2026 | ||
| Colin L. Read | Director | $1,384,519 | Median | 23 Sep 2026 | ||
| Raymond F. O'Conor | Director | $1,276,756 | Median | 03 Sep 2026 | ||
| Tenee R. Casaccio | Director | $1,195,637 | Median | 23 Sep 2026 | ||
| Penko Krassimir Ivanov | SEVP, Treasurer and CFO | $1,006,789 | +$48,308 | +5% | Mixed | 28 Jan 2026 |
| James M. Dawsey | Director | $866,405 | Median | 23 Sep 2026 | ||
| Andrew J. Wise | SEVP, Chief Risk Officer | $837,277 | Mixed | 28 Jan 2026 | ||
| David D. Kaiser | Cco & Sevp | $812,297 | Mixed | 29 Jan 2025 | ||
| Rocco F. Arcuri Sr. | Director | $658,545 | Median | 23 Sep 2026 | ||
| Gregory J. Champion | Director | $512,579 | Median | 23 Sep 2026 | ||
| Marc Yrsha | SEVP, Chief Banking Officer | $458,300 | Mixed | 28 Jan 2026 | ||
| Mark Behan | Director | $455,480 | -$158,605 | -26% | Median | 23 Sep 2026 |
| Michael Joseph Jacobs | EVP, Chief Information Officer | $407,677 | Mixed | 28 Jan 2026 | ||
| William L. Owens | Director | $389,797 | Mixed | 29 May 2024 | ||
| Philip C. Morris | Director | $369,155 | Median | 23 Sep 2026 |
Recent insider transactions for ARROW FINANCIAL CORP
Showing up to 300 recent insider transactions from the last 12 months.
| Insider | Symbol | Class | Transaction | % | SEC-reported value | SEC-reported price | Shares | Shares owned | Date | Ownership |
|---|---|---|---|---|---|---|---|---|---|---|
| Philip C. Morris | AROW | Common Stock | Other | 2.31% | 203 | 9,006 | 23 Sep 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Common Stock | Other | 0.66% | 203 | 31,148 | 23 Sep 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Other | 1.94% | 211 | 11,112 | 23 Sep 2026 | Direct | ||
| Tenee R. Casaccio | AROW | Common Stock | Other | 1.05% | 304 | 29,169 | 23 Sep 2026 | Direct | ||
| Gregory J. Champion | AROW | Common Stock | Other | 3.5% | 423 | 12,505 | 23 Sep 2026 | Direct | ||
| Darrin Jahnel | AROW | Common Stock | Other | 36.1% | 298 | 1,124 | 23 Sep 2026 | Direct | ||
| James M. Dawsey | AROW | Common Stock | Other | 1.87% | 389 | 21,137 | 23 Sep 2026 | Direct | ||
| Kristine D. Duffy | AROW | Common Stock | Other | 3.16% | 203 | 6,624 | 23 Sep 2026 | Direct | ||
| David G. Kruczlnicki | AROW | Common Stock | Other | 0.38% | 228 | 60,847 | 23 Sep 2026 | Direct | ||
| Colin L. Read | AROW | Common Stock | Other | 0.58% | 194 | 33,777 | 23 Sep 2026 | Direct | ||
| Daniel James White | AROW | Common Stock | Other | 2.76% | 228 | 8,478 | 23 Sep 2026 | Direct | ||
| Rocco F. Arcuri Sr. | AROW | Common Stock | Other | 1.17% | 186 | 16,066 | 23 Sep 2026 | Direct | ||
| David S. DeMarco | AROW | Common Stock | Tax liability | -1.55% | -1,504 | 95,826 | 04 Sep 2026 | Direct | ||
| David S. DeMarco | AROW | Common Stock | Options Exercise | 1.85% | 1,771 | 97,301 | 04 Sep 2026 | Direct | ||
| David S. DeMarco | AROW | Employee Stock Option (Right to Buy) | Options Exercise | -100% | -1,771 | 0 | 04 Sep 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Common Stock | Gift | -0.45% | -140 | 30,945 | 03 Sep 2026 | Direct | ||
| David S. DeMarco | AROW | Common Stock | Tax liability | -3.78% | -3,752 | 95,530 | 28 Aug 2026 | Direct | ||
| David S. DeMarco | AROW | Common Stock | Options Exercise | 4.62% | 4,379 | 99,238 | 28 Aug 2026 | Direct | ||
| David S. DeMarco | AROW | Employee Stock Option (Right to Buy) | Options Exercise | -100% | -4,379 | 0 | 28 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Tax liability | -6.55% | -760 | 10,851 | 17 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Options Exercise | 10.4% | 1,093 | 11,611 | 17 Aug 2026 | Direct | ||
| Mark Behan | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -1,093 | 0 | 17 Aug 2026 | Direct | ||
| David S. DeMarco | AROW | Common Stock | Tax liability | -2.66% | -2,596 | 94,859 | 17 Aug 2026 | Direct | ||
| David S. DeMarco | AROW | Common Stock | Options Exercise | 3.56% | 3,346 | 97,455 | 17 Aug 2026 | Direct | ||
| David S. DeMarco | AROW | Employee Stock Option (Right to Buy) | Options Exercise | -61.2% | -3,346 | 2,118 | 17 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Tax liability | -7.89% | -901 | 10,518 | 12 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Options Exercise | 10.9% | 1,126 | 11,419 | 12 Aug 2026 | Direct | ||
| Mark Behan | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -1,126 | 0 | 12 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Tax liability | -5.58% | -608 | 10,293 | 06 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Options Exercise | 7.63% | 773 | 10,901 | 06 Aug 2026 | Direct | ||
| Mark Behan | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -773 | 0 | 06 Aug 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Common Stock | Tax liability | -2.75% | -878 | 31,085 | 04 Aug 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Common Stock | Options Exercise | 3.43% | 1,061 | 31,963 | 04 Aug 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -1,061 | 0 | 04 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Tax liability | -14% | -1,581 | 9,745 | 04 Aug 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Options Exercise | 27.5% | 2,355 | 10,905 | 04 Aug 2026 | Direct | ||
| Mark Behan | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -2,355 | 0 | 04 Aug 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Common Stock | Tax liability | -2.75% | -874 | 30,902 | 24 Jun 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Common Stock | Options Exercise | 3.67% | 1,126 | 31,776 | 24 Jun 2026 | Direct | ||
| Raymond F. O'Conor | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -1,126 | 0 | 24 Jun 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Tax liability | -8.98% | -923 | 9,354 | 18 Jun 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Options Exercise | 11.5% | 1,061 | 10,277 | 18 Jun 2026 | Direct | ||
| Mark Behan | AROW | Director Stock Option (Right to Buy) | Options Exercise | -100% | -1,061 | 0 | 18 Jun 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Other | 2.25% | 203 | 9,216 | 17 Jun 2026 | Direct | ||
| Mark Behan | AROW | Common Stock | Sale | -31.5% | $158,605 | $38.59 | -4,110 | 8,929 | 17 Jun 2026 | Direct |
| Gregory J. Champion | AROW | Common Stock | Other | 3.5% | 406 | 12,000 | 17 Jun 2026 | Direct | ||
| James M. Dawsey | AROW | Common Stock | Other | 1.84% | 373 | 20,596 | 17 Jun 2026 | Direct | ||
| Tenee R. Casaccio | AROW | Common Stock | Other | 1.03% | 292 | 28,660 | 17 Jun 2026 | Direct | ||
| Kristine D. Duffy | AROW | Common Stock | Other | 3.14% | 195 | 6,408 | 17 Jun 2026 | Direct | ||
| Darrin Jahnel | AROW | Common Stock | Other | 53.5% | 286 | 821 | 17 Jun 2026 | Direct |
* marks a reported price that did not pass the local price check.