ARROW FINL CORP

Ticker: AROW CUSIP: 042744102 Class: Common Stock

MORGAN STANLEY's Holding History (CIK: 0000895421)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 187,897 Value ($000) $5,900 Avg Close $29.20 Range $25.42 - $33.28

Q3 2025

Shares 199,396 Value ($000) $5,643 Avg Close $27.49 Range $25.11 - $29.68

Q2 2025

Shares 211,983 Value ($000) $5,601 Avg Close $24.62 Range $21.85 - $26.37

Q1 2025

Shares 211,685 Value ($000) $5,565 Avg Close $25.60 Range $23.93 - $28.43

Q4 2024

Shares 230,167 Value ($000) $6,608 Avg Close $28.95 Range $25.59 - $32.96

Q3 2024

Shares 239,564 Value ($000) $6,866 Avg Close $27.03 Range $23.49 - $30.72

Q2 2024

Shares 162,706 Value ($000) $4,239 Avg Close $22.26 Range $19.84 - $24.40

Q1 2024

Shares 182,118 Value ($000) $4,557 Avg Close $23.02 Range $21.09 - $26.12

Q4 2023

Shares 216,261 Value ($000) $6,042 Avg Close $21.14 Range $15.08 - $27.07

Q3 2023

Shares 191,754 Value ($000) $3,264 Avg Close $16.88 Range $15.01 - $19.79

Q2 2023

Shares 117,872 Value ($000) $2,374 Avg Close $18.57 Range $15.46 - $21.83

Q1 2023

Shares 110,958 Value ($000) $2,764 Avg Close $26.39 Range $21.27 - $29.95

Q4 2022

Shares 115,244 Value ($000) $3,907 Avg Close $28.76 Range $24.56 - $31.46

Q3 2022

Shares 70,275 Value ($000) $2,025 Avg Close $27.32 Range $24.71 - $29.83

Q2 2022

Shares 71,285 Value ($000) $2,267 Avg Close $26.31 Range $25.10 - $28.01

Q1 2022

Shares 7,101 Value ($000) $230 Avg Close $28.46 Range $26.44 - $30.20

Q4 2021

Shares 9,797 Value ($000) $345 Avg Close $29.07 Range $27.56 - $30.99

Q3 2021

Shares 7,846 Value ($000) $270 Avg Close $28.79 Range $26.52 - $30.36

Q2 2021

Shares 8,122 Value ($000) $292 Avg Close $28.72 Range $26.55 - $30.57

Q1 2021

Shares 22,038 Value ($000) $734 Avg Close $25.56 Range $22.71 - $29.15

Q4 2020

Shares 40,745 Value ($000) $1,219 Avg Close $22.88 Range $19.26 - $25.36

Q3 2020

Shares 25,986 Value ($000) $652 Avg Close $21.71 Range $19.31 - $23.36

Q2 2020

Shares 29,641 Value ($000) $882 Avg Close $21.32 Range $18.18 - $24.66

Q1 2020

Shares 19,559 Value ($000) $544 Avg Close $25.32 Range $16.04 - $29.11

Q4 2019

Shares 31,414 Value ($000) $1,187 Avg Close $26.96 Range $24.33 - $29.31

Q3 2019

Shares 19,016 Value ($000) $635 Avg Close $24.53 Range $22.80 - $26.82

Q2 2019

Shares 6,298 Value ($000) $218 Avg Close $24.37 Range $23.21 - $25.57

Q1 2019

Shares 17,253 Value ($000) $567 Avg Close $24.34 Range $21.94 - $26.11

Q4 2018

Shares 42,385 Value ($000) $1,357 Avg Close $24.66 Range $21.93 - $26.85

Q3 2018

Shares 46,701 Value ($000) $1,727 Avg Close $26.79 Range $25.00 - $27.68

Q2 2018

Shares 46,763 Value ($000) $1,702 Avg Close $24.88 Range $22.50 - $26.27

Q1 2018

Shares 40,743 Value ($000) $1,382 Avg Close $22.92 Range $20.95 - $24.18

Q4 2017

Shares 29,281 Value ($000) $993 Avg Close $23.87 Range $22.63 - $26.07

Q3 2017

Shares 21,016 Value ($000) $722 Avg Close $21.16 Range $19.97 - $23.64

Q2 2017

Shares 15,981 Value ($000) $506 Avg Close $21.41 Range $20.20 - $23.24

Q1 2017

Shares 21,630 Value ($000) $734 Avg Close $22.95 Range $21.15 - $26.25

Q4 2016

Shares 38,637 Value ($000) $1,565 Avg Close $23.03 Range $19.47 - $26.73

Q3 2016

Shares 7,986 Value ($000) $262 Avg Close $20.22 Range $18.63 - $21.71

Q2 2016

Shares 4,649 Value ($000) $140 Avg Close $17.85 Range $16.24 - $19.22

Q1 2016

Shares 4,320 Value ($000) $114 Avg Close $16.47 Range $15.23 - $17.09

Q4 2015

Shares 2,656 Value ($000) $72 Avg Close $17.17 Range $15.88 - $18.15

Q3 2015

Shares 2,655 Value ($000) $70 Avg Close $16.41 Range $15.89 - $17.07

Q2 2015

Shares 2,910 Value ($000) $79 Avg Close $15.75 Range $14.97 - $16.58

Q1 2015

Shares 5,668 Value ($000) $154 Avg Close $15.65 Range $14.99 - $16.24

Q4 2014

Shares 11,625 Value ($000) $319 Avg Close $15.39 Range $14.58 - $16.22

Q3 2014

Shares 5,386 Value ($000) $135 Avg Close $14.75 Range $14.28 - $15.29

Q2 2014

Shares 8,833 Value ($000) $229 Avg Close $14.44 Range $13.86 - $15.08

Q1 2014

Shares 9,226 Value ($000) $243 Avg Close $14.37 Range $13.56 - $15.35

Q4 2013

Shares 7,896 Value ($000) $210 Avg Close $14.45 Range $13.66 - $15.39

Q3 2013

Shares 8,690 Value ($000) $220 Avg Close $13.97 Range $13.17 - $14.78

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	187,897	$5,900	$29.20	$25.42 - $33.28
Q3 2025	199,396	$5,643	$27.49	$25.11 - $29.68
Q2 2025	211,983	$5,601	$24.62	$21.85 - $26.37
Q1 2025	211,685	$5,565	$25.60	$23.93 - $28.43
Q4 2024	230,167	$6,608	$28.95	$25.59 - $32.96
Q3 2024	239,564	$6,866	$27.03	$23.49 - $30.72
Q2 2024	162,706	$4,239	$22.26	$19.84 - $24.40
Q1 2024	182,118	$4,557	$23.02	$21.09 - $26.12
Q4 2023	216,261	$6,042	$21.14	$15.08 - $27.07
Q3 2023	191,754	$3,264	$16.88	$15.01 - $19.79
Q2 2023	117,872	$2,374	$18.57	$15.46 - $21.83
Q1 2023	110,958	$2,764	$26.39	$21.27 - $29.95
Q4 2022	115,244	$3,907	$28.76	$24.56 - $31.46
Q3 2022	70,275	$2,025	$27.32	$24.71 - $29.83
Q2 2022	71,285	$2,267	$26.31	$25.10 - $28.01
Q1 2022	7,101	$230	$28.46	$26.44 - $30.20
Q4 2021	9,797	$345	$29.07	$27.56 - $30.99
Q3 2021	7,846	$270	$28.79	$26.52 - $30.36
Q2 2021	8,122	$292	$28.72	$26.55 - $30.57
Q1 2021	22,038	$734	$25.56	$22.71 - $29.15
Q4 2020	40,745	$1,219	$22.88	$19.26 - $25.36
Q3 2020	25,986	$652	$21.71	$19.31 - $23.36
Q2 2020	29,641	$882	$21.32	$18.18 - $24.66
Q1 2020	19,559	$544	$25.32	$16.04 - $29.11
Q4 2019	31,414	$1,187	$26.96	$24.33 - $29.31
Q3 2019	19,016	$635	$24.53	$22.80 - $26.82
Q2 2019	6,298	$218	$24.37	$23.21 - $25.57
Q1 2019	17,253	$567	$24.34	$21.94 - $26.11
Q4 2018	42,385	$1,357	$24.66	$21.93 - $26.85
Q3 2018	46,701	$1,727	$26.79	$25.00 - $27.68
Q2 2018	46,763	$1,702	$24.88	$22.50 - $26.27
Q1 2018	40,743	$1,382	$22.92	$20.95 - $24.18
Q4 2017	29,281	$993	$23.87	$22.63 - $26.07
Q3 2017	21,016	$722	$21.16	$19.97 - $23.64
Q2 2017	15,981	$506	$21.41	$20.20 - $23.24
Q1 2017	21,630	$734	$22.95	$21.15 - $26.25
Q4 2016	38,637	$1,565	$23.03	$19.47 - $26.73
Q3 2016	7,986	$262	$20.22	$18.63 - $21.71
Q2 2016	4,649	$140	$17.85	$16.24 - $19.22
Q1 2016	4,320	$114	$16.47	$15.23 - $17.09
Q4 2015	2,656	$72	$17.17	$15.88 - $18.15
Q3 2015	2,655	$70	$16.41	$15.89 - $17.07
Q2 2015	2,910	$79	$15.75	$14.97 - $16.58
Q1 2015	5,668	$154	$15.65	$14.99 - $16.24
Q4 2014	11,625	$319	$15.39	$14.58 - $16.22
Q3 2014	5,386	$135	$14.75	$14.28 - $15.29
Q2 2014	8,833	$229	$14.44	$13.86 - $15.08
Q1 2014	9,226	$243	$14.37	$13.56 - $15.35
Q4 2013	7,896	$210	$14.45	$13.66 - $15.39
Q3 2013	8,690	$220	$13.97	$13.17 - $14.78