FIRST BUSINESS FINL SVCS INC FBIZ
COM · Common Stock · CUSIP 319390100
- SectorFinancials
- IndustryState Commercial Banks
- HeadquartersMadison, WI
- FilingsSEC EDGAR
* 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
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 86 |
| Q4 2022 | 90 |
| Q1 2023 | 86 |
| Q2 2023 | 81 |
| Q3 2023 | 83 |
| Q4 2023 | 85 |
| Q1 2024 | 85 |
| Q2 2024 | 89 |
| Q3 2024 | 95 |
| Q4 2024 | 105 |
| Q1 2025 | 117 |
| Q2 2025 | 118 |
| Q3 2025 | 136 |
| Q4 2025 | 139 |
| Q1 2026 | 144 |
| Q2 2026 | 142 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 49 | 29 |
| Q4 2024 | 64 | 27 |
| Q1 2025 | 59 | 47 |
| Q2 2025 | 55 | 50 |
| Q3 2025 | 75 | 43 |
| Q4 2025 | 68 | 58 |
| Q1 2026 | 72 | 47 |
| Q2 2026 | 77 | 53 |
Biggest buyers
| BlackRock, Inc. | Added | +58.2k |
| TWO SIGMA INVESTMENTS, LP | Added | +41.9k |
| AQR CAPITAL MANAGEMENT LLC | Added | +34.3k |
| AMERICAN CENTURY COMPANIES INC | Added | +32.7k |
| CITADEL ADVISORS LLC | Added | +16.4k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +15.2k |
| Squarepoint Ops LLC | Added | +13.7k |
| STATE STREET CORP | Added | +13.7k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | Added | +10.5k |
| OSAIC HOLDINGS, INC. | Added | +10.3k |
Biggest sellers
| M3F, Inc. | Sold out | -29.7k |
| First Business Financial Services, Inc. | Reduced | -21.1k |
| FRANKLIN RESOURCES INC | Sold out | -17.9k |
| LAZARD ASSET MANAGEMENT LLC | Sold out | -16.8k |
| ALLIANCEBERNSTEIN L.P. | Reduced | -15.7k |
| GOLDMAN SACHS GROUP INC | Reduced | -12.7k |
| Integrated Quantitative Investments LLC | Reduced | -11.7k |
| Legato Capital Management LLC | Sold out | -10.8k |
| GSA CAPITAL PARTNERS LLP | Reduced | -10.1k |
| Kestra Advisory Services, LLC | Sold out | -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.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-24 | 6.1% |
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)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 1 | $6.0k | 4 | $2.7m | — |
| Q1 2025 | 0 | — | 1 | $263.4k | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 2 | $525.9k | 0 | — | — |
| Q4 2025 | 1 | $3.6k | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 1 | $47.4k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-08-27 | Chandler Jodi A Chief Human Resources Officer | Sold | $47.4k675 shares |
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
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.00% of their portfolio | 928.4k $58.6m | Added +58.2k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 498.4k $31.5m | Reduced -1.3k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 343.5k $21.7m | Added +2.9k |
| First Business Financial Services, Inc. 1.67% of their portfolio | 340.2k $21.5m | Reduced -21.1k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 272.8k $17.2m | Added +32.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 243.0k $15.4m | Reduced -1.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 215.0k $13.6m | Added +15.2k |
| STATE STREET CORP 0.00% of their portfolio | 187.4k $11.8m | Added +13.7k |
| BANC FUNDS CO LLC 1.70% of their portfolio | 163.2k $10.3m | Reduced -3.0k |
| Cutler Capital Management, LLC 2.53% of their portfolio | 154.3k $9.8m | Reduced -244 |
| LSV ASSET MANAGEMENT 0.02% of their portfolio | 141.0k $8.9m | Reduced -2.6k |
| Pacific Ridge Capital Partners, LLC 1.60% of their portfolio | 139.8k $8.8m | Reduced -1.1k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 128.9k $8.1m | Added +34.3k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 125.6k $7.9m | Added +9.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 120.9k $7.6m | Reduced -1.6k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 101.5k $6.4m | Added +9.3k |
| De Lisle Partners LLP 0.68% of their portfolio | 98.8k $6.3m | Unchanged |
| Hillsdale Investment Management Inc. 0.13% of their portfolio | 91.7k $5.8m | Added +8.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 83.4k $5.3m | Added +3.9k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 80.6k $5.1m | Added +3.2k |
| MORGAN STANLEY 0.00% of their portfolio | 80.0k $5.1m | Added +4.3k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 73.6k $4.6m | Added +41.9k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 61.5k $3.9m | Added +1.1k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 54.4k $3.4m | Added +2.7k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 53.9k $3.4m | Unchanged |
| VISTA INVESTMENT MANAGEMENT 1.00% of their portfolio | 52.3k $3.3m | Reduced -421 |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 48.8k $3.1m | Added +360 |
| Empowered Funds, LLC 0.02% of their portfolio | 45.2k $2.9m | Added +3.2k |
| Rosenthal | Henry Capital Advisors, Inc. 2.49% of their portfolio | 45.0k $2.8m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 43.3k $2.3m | Reduced -15.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 42.7k $2.7m | Reduced -12.7k |
| Uncommon Cents Investing LLC 0.46% of their portfolio | 33.9k $2.1m | Reduced -125 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 32.6k $2.1m | Added +1.8k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 31.2k $2.0m | Added +221 |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 30.7k $1.9m | Added +1.3k |
| Daytona Street Capital LLC 1.37% of their portfolio | 29.6k $1.9m | Reduced -1.2k |
| Squarepoint Ops LLC 0.00% of their portfolio | 28.1k $1.8m | Added +13.7k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 25.4k $1.6m | Reduced -7.8k |
| KENNEDY CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 24.3k $1.5m | Reduced -997 |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 24.0k $1.5m | Reduced -35 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 23.9k $1.5m | Added +1.5k |
| Poehling Capital Management, INC. 0.32% of their portfolio | 23.8k $1.5m | Reduced -1.8k |
| Creative Planning 0.00% of their portfolio | 23.4k $1.5m | Added +10.0k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 23.4k $1.5m | Added +173 |
| Quantinno Capital Management LP 0.00% of their portfolio | 22.7k $1.4m | Added +9.4k |
| Nuveen, LLC 0.00% of their portfolio | 22.0k $1.4m | Added +2.4k |
| Baird Financial Group, Inc. 0.00% of their portfolio | 21.2k $1.3m | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 20.9k $1.3m | Added +16.4k |
| GSA CAPITAL PARTNERS LLP 0.08% of their portfolio | 19.2k $1.2m | Reduced -10.1k |
| Gator Capital Management, LLC 0.24% of their portfolio | 17.8k $1.1m | Reduced -7.0k |
| BARCLAYS PLC 0.00% of their portfolio | 17.2k $1.1m | Reduced -433 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 15.8k $1.0m | Added +10.5k |
| US BANCORP \DE\ 0.00% of their portfolio | 14.5k $916.0k | Reduced -3.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 14.4k $908.0k | Added +7.0k |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 13.5k $852.7k | Added +5.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio | 12.2k $770.2k | Added +4 |
| Trexquant Investment LP 0.00% of their portfolio | 11.9k $753.3k | Reduced -2.1k |
| UBS Group AG 0.00% of their portfolio | 10.7k $674.9k | Reduced -3.7k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 10.4k $657.4k | Added +10.3k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 10.2k $642.4k | Added +513 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 10.2k $641.8k | Reduced -1.4k |
| Invesco Ltd. 0.00% of their portfolio | 10.0k $629.3k | Reduced -458 |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 9.7k $612.6k | Added +3.7k |
| XTX Topco Ltd 0.01% of their portfolio | 9.3k $585.3k | Added +5.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 9.0k $571.1k | Added +1.4k |
| Man Group plc 0.00% of their portfolio | 8.6k $543.7k | Added +1.9k |
| Quadrature Capital Ltd 0.00% of their portfolio | 8.5k $536.3k | Added +2.5k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 8.3k $523.7k | Added +1.1k |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.03% of their portfolio | 8.2k $516.7k | Added +3.8k |
| Mattern Wealth Management LLC 0.08% of their portfolio | 8.0k $505.4k | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 7.9k $498.4k | Added +751 |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 7.7k $486.4k | Reduced -510 |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 7.4k $469.8k | Added +2.7k |
| Engineers Gate Manager LP 0.01% of their portfolio | 7.1k $447.7k | Reduced -3.1k |
| MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio | 7.0k $442.4k | Unchanged |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 6.9k $436.3k | Added +3.8k |
| 1834 INVESTMENT ADVISORS CO 0.05% of their portfolio | 6.8k $430.4k | Added +41 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 6.6k $420.0k | Added +1.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 6.4k $404.3k | Unchanged |
| Wealth Enhancement Trust Services, Inc. 0.04% of their portfolio | 6.3k $400.7k | Added +3 |
| THOMPSON INVESTMENT MANAGEMENT, INC. 0.04% of their portfolio | 6.0k $380.3k | Unchanged |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 5.3k $334.0k | Unchanged |
| Mariner, LLC 0.00% of their portfolio | 5.1k $324.7k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 5.1k $324.4k | Added +527 |
| BEESE FULMER INVESTMENT MANAGEMENT, INC. 0.02% of their portfolio | 4.8k $304.7k | Added +38 |
| ERn Financial, LLC 0.05% of their portfolio | 4.6k $291.5k | Unchanged |
| KLCM Advisors, Inc. 0.02% of their portfolio | 4.5k $284.3k | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 4.4k $279.7k | Added +3.3k |
| Sterling Capital Management LLC 0.00% of their portfolio | 4.4k $279.0k | Added +4.2k |
| Jump Financial, LLC 0.00% of their portfolio | 4.1k $259.0k | Unchanged |
| Sequoia Financial Advisors, LLC 0.00% of their portfolio | 4.0k $254.8k | New |
| Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio | 3.9k $249.3k | New |
| Integrated Quantitative Investments LLC 0.04% of their portfolio | 3.9k $246.7k | Reduced -11.7k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 3.7k $235.3k | Reduced -106 |
| EntryPoint Capital, LLC 0.06% of their portfolio | 3.7k $235.1k | Unchanged |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 3.7k $233.9k | New |
| Atlatl Advisers LLC 0.06% of their portfolio | 3.7k $233.7k | New |
| ALGERT GLOBAL LLC 0.00% of their portfolio | 3.6k $226.4k | New |
| Merit Financial Group, LLC 0.00% of their portfolio | 3.6k $225.2k | New |
| Susquehanna Portfolio Strategies, LLC 0.00% of their portfolio | 3.4k $216.0k | New |