Morris Philip C 4

What Happened

• Philip C. Morris, a director of Arrow Financial Corp (AROW), acquired 31 shares on March 11, 2026 through an optional cash purchase under the company’s dividend reinvestment plan (DRIP). The shares were purchased at $34.49 each for a total of about $1,069. This was a purchase (an acquisition), which some investors view as a modestly bullish action.

Key Details

• Transaction date and price: March 11, 2026 — 31 shares at $34.49 per share (total ≈ $1,069).
• Shares owned after transaction: The filing discloses total holdings of 51 shares as of the Form 4 date (includes other DRIP purchases since Feb 11, 2026).
• Footnotes: F1 — optional cash purchase under the Company’s DRIP; F2 — reporting furnishes total holdings (51 shares) including prior DRIP purchases not previously required on Form 4.
• Transaction type/code: Reported as "Other acquisition or disposition" (code J) reflecting a DRIP purchase rather than an open-market trade or option exercise.
• Filing timeliness: Form 4 was filed on March 12, 2026 for the March 11 transaction (appears filed promptly).

Context

• DRIP purchases are routine, automatic or optional reinvestments of dividends and typically represent steady, small-scale insider buying rather than large directional bets. The dollar amount here (~$1,069) is small, so it does not indicate a material change in insider exposure.