Vault-13

FIRST BUSINESS FINL SVCS INC FBIZ

COM · Common Stock · CUSIP 319390100

142 institutional holders -2 vs Q1 2026
5,891,9195.9m shares reported held*
70.4% of all shares outstanding*
$371.8mreported value*
12 new 65 added 40 reduced 13 sold out net bought ≈ $10.9m (+172.8k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.3m this quarter). Holder counts are more reliable. Shares outstanding: 8.4m as of 2026-07-27, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $63.11.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 86Q4 22: 90Q1 23: 86Q2 23: 81Q3 23: 83Q4 23: 85Q1 24: 85Q2 24: 89Q3 24: 95Q4 24: 105Q1 25: 117Q2 25: 118Q3 25: 136Q4 25: 139Q1 26: 144Q2 26: 142142Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202286
Q4 202290
Q1 202386
Q2 202381
Q3 202383
Q4 202385
Q1 202485
Q2 202489
Q3 202495
Q4 2024105
Q1 2025117
Q2 2025118
Q3 2025136
Q4 2025139
Q1 2026144
Q2 2026142

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 49 bought or addedQ3 24: 29 cut or sold outQ4 24: 64 bought or addedQ4 24: 27 cut or sold outQ4 24Q1 25: 59 bought or addedQ1 25: 47 cut or sold outQ2 25: 55 bought or addedQ2 25: 50 cut or sold outQ2 25Q3 25: 75 bought or addedQ3 25: 43 cut or sold outQ4 25: 68 bought or addedQ4 25: 58 cut or sold outQ4 25Q1 26: 72 bought or addedQ1 26: 47 cut or sold outQ2 26: 77 bought or addedQ2 26: 53 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20244929
Q4 20246427
Q1 20255947
Q2 20255550
Q3 20257543
Q4 20256858
Q1 20267247
Q2 20267753

Biggest buyers

BlackRock, Inc. Added +58,178+58.2k
TWO SIGMA INVESTMENTS, LP Added +41,870+41.9k
AQR CAPITAL MANAGEMENT LLC Added +34,300+34.3k
AMERICAN CENTURY COMPANIES INC Added +32,651+32.7k
CITADEL ADVISORS LLC Added +16,441+16.4k
GEODE CAPITAL MANAGEMENT, LLC Added +15,215+15.2k
Squarepoint Ops LLC Added +13,681+13.7k
STATE STREET CORP Added +13,653+13.7k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Added +10,520+10.5k
OSAIC HOLDINGS, INC. Added +10,336+10.3k

Biggest sellers

M3F, Inc. Sold out -29,685-29.7k
First Business Financial Services, Inc. Reduced -21,122-21.1k
FRANKLIN RESOURCES INC Sold out -17,867-17.9k
LAZARD ASSET MANAGEMENT LLC Sold out -16,773-16.8k
ALLIANCEBERNSTEIN L.P. Reduced -15,690-15.7k
GOLDMAN SACHS GROUP INC Reduced -12,719-12.7k
Integrated Quantitative Investments LLC Reduced -11,716-11.7k
Legato Capital Management LLC Sold out -10,847-10.8k
GSA CAPITAL PARTNERS LLP Reduced -10,109-10.1k
Kestra Advisory Services, LLC Sold out -9,200-9.2k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution filed 2025-04-24 6.1% 505.6k≈ $31.9m 2025-04-24

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
404Q4 24: 1 buyingQ4 24: 4 sellingQ1 25: 0 buyingQ1 25: 1 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 2 buyingQ3 25: 0 sellingQ3 25Q4 25: 1 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 1 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20241$6.0k4$2.7m—
Q1 20250—1$263.4k—
Q2 20250—0——
Q3 20252$525.9k0——
Q4 20251$3.6k0——
Q1 20260—0——
Q2 20260—0——
Q3 20260—1$47.4k—
DateInsiderTradeSharesPrice ValueTheir holding
2026-08-27 Chandler Jodi A Chief Human Resources Officer Sold 675 $70.19 $47.4k675 shares -3%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.00% of their portfolio New York, NY 928,380928.4k $58.6m $58.6m 0.00% Added +58.2k +58,178
2 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 498,430498.4k $31.5m $31.5m 0.01% Reduced -1.3k -1,286
3 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 343,482343.5k $21.7m $21.7m 0.00% Added +2.9k +2,944
4 First Business Financial Services, Inc. 1.67% of their portfolio MADISON, WI 340,189340.2k $21.5m $21.5m 1.67% Reduced -21.1k -21,122
5 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 272,788272.8k $17.2m $17.2m 0.01% Added +32.7k +32,651
6 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 243,005243.0k $15.4m $15.4m 0.01% Reduced -1.8k -1,790
7 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 214,987215.0k $13.6m $13.6m 0.00% Added +15.2k +15,215
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 187,371187.4k $11.8m $11.8m 0.00% Added +13.7k +13,653
9 BANC FUNDS CO LLC 1.70% of their portfolio CHICAGO, IL 163,224163.2k $10.3m $10.3m 1.70% Reduced -3.0k -3,000
10 Cutler Capital Management, LLC 2.53% of their portfolio WORCESTER, MA 154,346154.3k $9.8m $9.8m 2.53% Reduced -244 -244
11 LSV ASSET MANAGEMENT 0.02% of their portfolio CHICAGO, IL 141,025141.0k $8.9m $8.9m 0.02% Reduced -2.6k -2,600
12 Pacific Ridge Capital Partners, LLC 1.60% of their portfolio LAKE OSWEGO, OR 139,808139.8k $8.8m $8.8m 1.60% Reduced -1.1k -1,084
13 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 128,927128.9k $8.1m $8.1m 0.00% Added +34.3k +34,300
14 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 125,563125.6k $7.9m $7.9m 0.01% Added +9.4k +9,430
15 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 120,865120.9k $7.6m $7.6m 0.01% Reduced -1.6k -1,600
16 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 101,542101.5k $6.4m $6.4m 0.00% Added +9.3k +9,273
17 De Lisle Partners LLP 0.68% of their portfolio POOLE, X0 98,81298.8k $6.3m $6.3m 0.68% Unchanged
18 Hillsdale Investment Management Inc. 0.13% of their portfolio Toronto, A6 91,67191.7k $5.8m $5.8m 0.13% Added +8.6k +8,600
19 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 83,39983.4k $5.3m $5.3m 0.00% Added +3.9k +3,926
20 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.09% of their portfolio HOUSTON, TX 80,55780.6k $5.1m $5.1m 0.09% Added +3.2k +3,175
21 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 79,99480.0k $5.1m $5.1m 0.00% Added +4.3k +4,275
22 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 73,56673.6k $4.6m $4.6m 0.00% Added +41.9k +41,870
23 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 61,51761.5k $3.9m $3.9m 0.00% Added +1.1k +1,059
24 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 54,40054.4k $3.4m $3.4m 0.00% Added +2.7k +2,707
25 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 53,85553.9k $3.4m $3.4m 0.00% Unchanged
26 VISTA INVESTMENT MANAGEMENT 1.00% of their portfolio PITTSBURGH, PA 52,34952.3k $3.3m $3.3m 1.00% Reduced -421 -421
27 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 48,81748.8k $3.1m $3.1m 0.00% Added +360 +360
28 Empowered Funds, LLC 0.02% of their portfolio NEWTOWN SQUARE, PA 45,15745.2k $2.9m $2.9m 0.02% Added +3.2k +3,175
29 Rosenthal | Henry Capital Advisors, Inc. 2.49% of their portfolio MISHAWAKA, IN 45,00045.0k $2.8m $2.8m 2.49% Unchanged
30 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 43,29443.3k $2.3m $2.3m 0.00% Reduced -15.7k -15,690
31 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 42,68042.7k $2.7m $2.7m 0.00% Reduced -12.7k -12,719
32 Uncommon Cents Investing LLC 0.46% of their portfolio JANESVILLE, WI 33,87833.9k $2.1m $2.1m 0.46% Reduced -125 -125
33 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 32,63432.6k $2.1m $2.1m 0.00% Added +1.8k +1,825
34 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 31,24331.2k $2.0m $2.0m 0.00% Added +221 +221
35 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 30,70030.7k $1.9m $1.9m 0.00% Added +1.3k +1,287
36 Daytona Street Capital LLC 1.37% of their portfolio SAINT LOUIS, MO 29,62329.6k $1.9m $1.9m 1.37% Reduced -1.2k -1,167
37 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 28,06128.1k $1.8m $1.8m 0.00% Added +13.7k +13,681
38 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 25,36425.4k $1.6m $1.6m 0.00% Reduced -7.8k -7,811
39 KENNEDY CAPITAL MANAGEMENT LLC 0.03% of their portfolio ST LOUIS, MO 24,28024.3k $1.5m $1.5m 0.03% Reduced -997 -997
40 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 23,98924.0k $1.5m $1.5m 0.00% Reduced -35 -35
41 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 23,89523.9k $1.5m $1.5m 0.00% Added +1.5k +1,522
42 Poehling Capital Management, INC. 0.32% of their portfolio MADISON, WI 23,84823.8k $1.5m $1.5m 0.32% Reduced -1.8k -1,767
43 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 23,41523.4k $1.5m $1.5m 0.00% Added +10.0k +10,029
44 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 23,36323.4k $1.5m $1.5m 0.00% Added +173 +173
45 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 22,72422.7k $1.4m $1.4m 0.00% Added +9.4k +9,365
46 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 21,95822.0k $1.4m $1.4m 0.00% Added +2.4k +2,438
47 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 21,24021.2k $1.3m $1.3m 0.00% Unchanged
48 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 20,89720.9k $1.3m $1.3m 0.00% Added +16.4k +16,441
49 GSA CAPITAL PARTNERS LLP 0.08% of their portfolio LONDON, X0 19,16719.2k $1.2m $1.2m 0.08% Reduced -10.1k -10,109
50 Gator Capital Management, LLC 0.24% of their portfolio TAMPA, FL 17,83517.8k $1.1m $1.1m 0.24% Reduced -7.0k -6,980
51 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 17,24717.2k $1.1m $1.1m 0.00% Reduced -433 -433
52 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 15,82515.8k $1.0m $1.0m 0.00% Added +10.5k +10,520
53 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 14,50014.5k $916.0k $916.0k 0.00% Reduced -3.4k -3,384
54 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 14,37414.4k $908.0k $908.0k 0.00% Added +7.0k +6,965
55 IEQ CAPITAL, LLC 0.00% of their portfolio Foster City, CA 13,49913.5k $852.7k $852.7k 0.00% Added +5.3k +5,336
56 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 12,19312.2k $770.2k $770.2k 0.00% Added +4 +4
57 Trexquant Investment LP 0.00% of their portfolio STAMFORD, CT 11,92511.9k $753.3k $753.3k 0.00% Reduced -2.1k -2,140
58 UBS Group AG 0.00% of their portfolio ZURICH, V8 10,68410.7k $674.9k $674.9k 0.00% Reduced -3.7k -3,705
59 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 10,40710.4k $657.4k $657.4k 0.00% Added +10.3k +10,336
60 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 10,17010.2k $642.4k $642.4k 0.00% Added +513 +513
61 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 10,16010.2k $641.8k $641.8k 0.00% Reduced -1.4k -1,400
62 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 9,96210.0k $629.3k $629.3k 0.00% Reduced -458 -458
63 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 9,6989.7k $612.6k $612.6k 0.00% Added +3.7k +3,737
64 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 9,2659.3k $585.3k $585.3k 0.01% Added +5.5k +5,505
65 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 9,0359.0k $571.1k $571.1k 0.00% Added +1.4k +1,356
66 Man Group plc 0.00% of their portfolio LONDON, X0 8,6078.6k $543.7k $543.7k 0.00% Added +1.9k +1,852
67 Quadrature Capital Ltd 0.00% of their portfolio LONDON, X0 8,4908.5k $536.3k $536.3k 0.00% Added +2.5k +2,458
68 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 8,2908.3k $523.7k $523.7k 0.00% Added +1.1k +1,070
69 OCCUDO QUANTITATIVE STRATEGIES LP 0.03% of their portfolio FORT LAUDERDALE, FL 8,1798.2k $516.7k $516.7k 0.03% Added +3.8k +3,752
70 Mattern Wealth Management LLC 0.08% of their portfolio LAWRENCE, KS 8,0008.0k $505.4k $505.4k 0.08% Unchanged
71 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 7,8907.9k $498.4k $498.4k 0.00% Added +751 +751
72 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 7,7007.7k $486.4k $486.4k 0.00% Reduced -510 -510
73 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 7,4377.4k $469.8k $469.8k 0.00% Added +2.7k +2,708
74 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 7,0887.1k $447.7k $447.7k 0.01% Reduced -3.1k -3,105
75 MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio BOSTON, MA 7,0047.0k $442.4k $442.4k 0.01% Unchanged
76 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 6,9066.9k $436.3k $436.3k 0.00% Added +3.8k +3,810
77 1834 INVESTMENT ADVISORS CO 0.05% of their portfolio Milwaukee, WI 6,8136.8k $430.4k $430.4k 0.05% Added +41 +41
78 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 6,6416.6k $420.0k $420.0k 0.00% Added +1.2k +1,200
79 CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio TORONTO ONTARIO, A6 6,4006.4k $404.3k $404.3k 0.00% Unchanged
80 Wealth Enhancement Trust Services, Inc. 0.04% of their portfolio SIOUX FALLS, SD 6,3436.3k $400.7k $400.7k 0.04% Added +3 +3
81 THOMPSON INVESTMENT MANAGEMENT, INC. 0.04% of their portfolio MADISON, WI 6,0206.0k $380.3k $380.3k 0.04% Unchanged
82 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio BOSTON, MA 5,2875.3k $334.0k $334.0k 0.00% Unchanged
83 Mariner, LLC 0.00% of their portfolio Overland Park, KS 5,1405.1k $324.7k $324.7k 0.00% New
84 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 5,1365.1k $324.4k $324.4k 0.00% Added +527 +527
85 BEESE FULMER INVESTMENT MANAGEMENT, INC. 0.02% of their portfolio CANTON, OH 4,8244.8k $304.7k $304.7k 0.02% Added +38 +38
86 ERn Financial, LLC 0.05% of their portfolio MIDDLETON, WI 4,6154.6k $291.5k $291.5k 0.05% Unchanged
87 KLCM Advisors, Inc. 0.02% of their portfolio MILWAUKEE, WI 4,5004.5k $284.3k $284.3k 0.02% Unchanged
88 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 4,4284.4k $279.7k $279.7k 0.00% Added +3.3k +3,286
89 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 4,4164.4k $279.0k $279.0k 0.00% Added +4.2k +4,163
90 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 4,1004.1k $259.0k $259.0k 0.00% Unchanged
91 Sequoia Financial Advisors, LLC 0.00% of their portfolio Akron, OH 4,0344.0k $254.8k $254.8k 0.00% New
92 Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio OAKLAND, CA 3,9463.9k $249.3k $249.3k 0.00% New
93 Integrated Quantitative Investments LLC 0.04% of their portfolio BELLEVUE, WA 3,9063.9k $246.7k $246.7k 0.04% Reduced -11.7k -11,716
94 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 3,7253.7k $235.3k $235.3k 0.00% Reduced -106 -106
95 EntryPoint Capital, LLC 0.06% of their portfolio NEW YORK, NY 3,7213.7k $235.1k $235.1k 0.06% Unchanged
96 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 3,7023.7k $233.9k $233.9k 0.00% New
97 Atlatl Advisers LLC 0.06% of their portfolio MADISON, WI 3,7003.7k $233.7k $233.7k 0.06% New
98 ALGERT GLOBAL LLC 0.00% of their portfolio SAN FRANCISCO, CA 3,5843.6k $226.4k $226.4k 0.00% New
99 Merit Financial Group, LLC 0.00% of their portfolio ALPHARETTA, GA 3,5653.6k $225.2k $225.2k 0.00% New
100 Susquehanna Portfolio Strategies, LLC 0.00% of their portfolio Bala Cynwyd, PA 3,4203.4k $216.0k $216.0k 0.00% New