AROW ARROW FINANCIAL CORP Insider Trading

AROW CEO DeMarco buys 3,035 shares at $31.78 for $96,452.30; stock up 13.2% in 90 days.

DeMarco David S., President & CEO of Arrow Financial Corp, purchased 3,035 shares at $31.78 on 2025-12-24, representing his initial open-market acquisition in the stock and totaling $96,452.30. The purchase occurred near the 52-week trading range, with the stock currently priced at $31.54 (−4.7% from the 52-week high of $33.11) but up 13.2% over the prior 90 days and +4.6% over the past 30 days. The company trades at a P/E of 15.09 with a market cap of $518,594,967.62 and net income of $12,825,000.00. A CEO's first acquisition of meaningful size merits attention as a governance signal, though the absence of prior holdings and the relatively modest position size in relation to the $518.6M market cap limit the weight of this single transaction in isolation.

Director White Daniel James bought 1,644 shares of AROW at $30.14 on 2025-11-10 ($49.6K), increasing holdings 31.3% to 6,890 shares.

White Daniel James, a director of Arrow Financial Corp, purchased 1,644 shares at $30.14, the lowest price point within the 52-week range of $23.72–$34.20, and the stock has since recovered to $30.60. His prior buy at this ticker on 2025-01-31 declined 10.4% over 90 days, and his cross-ticker track record shows 0 of 1 prior buys well-timed at the 90-day mark with an average 90-day return of -10.4%. The company trades at a P/E of 14.64 with net income of $12,825,000.00, suggesting a reasonably valued mid-cap financial institution. The timing of this purchase near the lows, combined with negative historical returns on prior open-market acquisitions by this director, presents a mixed signal: the entry price is attractive relative to recent ranges, but the insider's track record offers limited evidence of value-timing accuracy at this ticker.

CFO Krassimir buys 1,620 shares at $29.82 avg; stock at $30.99, up 11.9% in 30 days; prior AROW trades underperformed

Ivanov Penko Krassimir, SEVP/Treasurer/CFO, executed 2 purchases totaling 1,620 shares for $48,307.95 at a blended average price of $29.82 on 2025-11-04, expanding his holdings by 6.5% to 26,394 shares. The current price of $30.99 implies a modest gain of $1,994 on this transaction (unrealized). His prior trades at AROW show mixed results: 5 prior buys at this ticker posted negative 30-day returns ranging from -10.3% to -1.7%, with 90-day outcomes not yet measurable for any of them. His cross-ticker track record across 6 prior buys shows an average 90-day return of +14.0% with a 100% win rate, but that cross-ticker performance is not predictive of outcomes at AROW specifically. The stock's recent 30-day gain of +11.9% and 90-day advance of +16.7% occurred against a 52-week backdrop of -9.4% from the high; whether this rebound is sustainable is material for assessing the timing of this open-market purchase.

CFO Ivanov purchases 5,000 shares at $29.10 avg; holdings rise 25.3% to 24.7K shares post-transaction.

Ivanov Penko Krassimir, SEVP, Treasurer and CFO, executed 2 separate purchases totaling 5,000 shares for $145,499.00 on 2025-09-10, increasing his holdings from 19.7K to 24.7K shares (+25.3%). The transaction prices ($29.10 and $29.09) are close to the current price of $29.00 and sit -15.2% below the 52-week high of $34.20. His same-ticker history at AROW shows 4 prior buys clustered in late August 2025, with the earliest measurable outcome (buy on 2025-08-06) posting a +10.6% 30-day return. Cross-ticker, his track record across all open-market buys averages a +10.6% 30-day return, though timing patterns at the 90-day mark remain unverified. The company's fundamentals are solid: net income of $10.8M, P/E of 15.59, and market cap of $477.6M, providing a stable backdrop for a substantial equity addition by a senior financial officer.

CFO Ivanov Penko Krassimir purchases 12,000 shares of AROW in 3 transactions for $353,485.88 on 2025-08-26/27, raising holdings by 155.5%.

Ivanov Penko Krassimir, SEVP, Treasurer and CFO of Arrow Financial Corp, executed 3 separate open-market purchases totaling 12,000 shares (12.0K shares) for $353,485.88 (blended average price $29.46) on 2025-08-26 and 2025-08-27. This acquisition increased his post-transaction holdings to 19,715 shares (19.7K shares), a net increase of 155.5% from his pre-transaction holdings of 7,715 shares (7.7K shares). The current stock price is $29.78, representing -12.9% from the 52-week high of $34.20, while the stock has risen +9.1% over the prior 30 days and +15.6% over the prior 90 days. The insider's cross-ticker track record shows only 1 prior buy, with no measurable 90-day outcomes yet for his AROW trades as of the filing date. The company's fundamentals show net income of $10,805,000.00 ($10.8M), a P/E of 16.01, and market cap of $490,447,594.28 ($490.4M). The materiality of this filing lies in the substantial concentration of equity accumulation by the CFO at current valuations, though the limited prior trading history at this ticker and the recent positive momentum make the longer-term intent of this acquisition harder to assess.

CFO Ivanov Penko Krassimir buys 1,425 shares of AROW at $26.50; holdings rise to 7,709 shares (+22.7%)

Ivanov Penko Krassimir, the Chief Financial Officer and Senior Executive Vice President of Arrow Financial Corp, purchased 1,425 shares at $26.50 on 2025-08-06, increasing his direct holdings by 22.7% from 6,284 to 7,709 shares. The transaction occurred at a price approximately 3.4% below the current market price of $27.47 and at a discount to the 52-week high of $34.20. At a market cap of $452.4M and P/E of 14.77, the stock trades at moderate valuation levels. This discretionary buy by a top financial officer, representing $37,762.50 in personal capital deployed at this price point, merits investor attention as an indicator of insider positioning in the company's equity.

Director White buys 3,668 shares of AROW at $27.23; holdings jump 547.5% to 4,338 shares

Daniel James White, a Director of Arrow Financial Corp, purchased 3,668 shares at $27.23 per share on 2025-01-31, increasing his holdings from 670 to 4,338 shares—a net increase of 547.5% relative to pre-transaction holdings. The purchase occurred at a price $0.81 above the current market price of $26.04 and follows a 11.4% decline over the past 90 days and a 6.0% decline over the past 30 days. The transaction represents a substantial commitment by the director and a meaningful shift in his ownership stake in the company, which carries an estimated market capitalization of $435.9M with a P/E of 13.22. This material accumulation warrants investor attention to underlying factors motivating the expanded position during a period of recent price weakness.