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Arrow Financial Corp
Arrow Financial Corp (AROW) is listed on NASDAQ and classified in Banks - Regional, part of the Financial Services sector. It is headquartered in Glens Falls, United States and has 575 employees. The company is worth $706.68M and trades at 12.0x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $133.95M in fiscal 2023, down 10.2% from the year before. Net income was $30.08M. The share price is 10.7% below its 52-week high of $42.70. It pays a dividend yielding 3.15%. 4 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Renaissance Technologies, at $7.65M. In that quarter, 2 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +10.0% over 5Y.
today you would have $1,288.96▲ +28.9%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 17 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $31.40 | $28.71 | $27.94 | $33.90 | $34.20 | $29.04 | $36.70 | $30.18 | $31.07 | $35.98 | $24.14 | $23.95 | $22.68 | $20.89 | $19.24 | $21.92 | $19.34 | |
| P/E |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 1.3% a year plus a 3.1% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 14.2 across this company’s own years on record.
Cash flow growing 1.3% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Dividend growing 5.2% a year against a 7.7% required return, from the stock’s beta.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| GDOTGreen Dot Corp | $12.39 | — | 0.8x | 0.00% | -2.79% | $706.05M |
| DGICBDonegal Group Inc | $19.09 | 9.9x | 1.1x | 3.67% | 11.18% | $708.61M |
| DGICADonegal Group Inc | $19.22 | 9.7x | 1.1x | 4.01% | 11.18% | $713.25M |
| CARECarter Bankshares, Inc. | $30.21 |
| 14.2x |
| 11.8x |
| 16.2x |
| 15.8x |
| 11.9x |
| 11.7x |
| 11.7x |
| 16.0x |
| 13.2x |
| 16.2x |
| 20.5x |
| 14.7x |
| 15.3x |
| 15.0x |
| 13.5x |
| 12.6x |
| 14.2x |
| 12.5x |
| P/S | 3.9x | — | — | 3.5x | 3.9x | 4.0x | 3.5x | 4.9x | 4.1x | 4.5x | 5.5x | 3.7x | 3.9x | 3.9x | 3.6x | 3.3x | 3.9x | 3.4x |
| P/B | 1.7x | 1.2x | 1.2x | 1.2x | 1.6x | 1.5x | 1.4x | 1.9x | 1.7x | 1.9x | 2.3x | 1.6x | 1.7x | 1.7x | 1.7x | 1.7x | 2.0x | 1.9x |
| EPS | $2.65 | $1.77 | $1.77 | $2.86 | $2.92 | $2.49 | $2.29 | $2.29 | $1.92 | $1.75 | $1.65 | $1.56 | $1.51 | $1.54 | $1.53 | $1.54 | $1.54 |
| Dividend yield | 3.58% | 3.63% | 3.80% | 3.87% | 3.12% | 2.95% | 3.48% | 2.69% | 3.12% | 2.88% | 2.47% | 3.63% | 3.58% | 3.71% | 3.95% | 4.17% | 3.56% | 3.91% |
| Payout | 50.60% | 43.02% | 61.58% | 61.02% | 36.94% | 34.58% | 40.55% | 43.11% | 41.05% | 46.57% | 50.68% | 53.14% | 54.88% | 55.71% | 53.50% | 52.52% | 50.60% | 49.04% |
| Profit margin | 27.24% | — | — | 22.45% | 32.70% | 34.93% | 30.96% | 32.14% | 32.11% | 27.85% | 26.70% | 26.22% | 26.13% | 25.86% | 26.24% | 26.10% | 27.24% | 27.25% |
| ROE | 12.21% | 10.18% | 7.41% | 7.92% | 13.80% | 13.43% | 12.21% | 12.42% | 13.46% | 11.75% | 11.40% | 11.53% | 11.63% | 11.34% | 12.61% | 13.18% | 14.38% | 15.48% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
+8.9% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 5.2x |
| 1.2x |
| 0.66% |
| 27.22% |
| $699.78M |
| BCALCalifornia BanCorp \ CA | $21.76 | 11.8x | 1.2x | 2.21% | 10.62% | $699.6M |
| CWBCCommunity West Bancshares | $25.75 | 14.6x | 1.1x | 1.86% | 7.33% | $698.63M |