Business First Bancshares, Inc.: which funds bought and sold

Institutions that bought and sold Business First Bancshares shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 96 institutions that filed 13F reports for both quarters added to or opened positions in Business First Bancshares, and 47 cut or closed them. Together they added a net 1.9M shares, +11.8% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 755K shares (+23.4%); index fund managers were net buyers of 772K shares (+12.1%). 20 opened a new position and 13 sold out entirely.

Bought, Q2 2026 96 institutions, 20 of them new holders Sold, Q2 2026 47 institutions, 13 of them sold out

Net change, all compared +1.9M shares (+11.8%)

Net change, active managers +755K shares (+23.4%), 19 bought, 8 sold

Buyers versus sellers

institutions compared, 185

96 bought 42 47 sold

Active managers and hedge funds 19 bought · 8 sold · +755K

Index fund managers 9 bought · 1 sold · +772K

Other institutions 68 bought · 38 sold · +347K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
State Street Corp Index funds	+384K +58.1%	1.0M	$32.1M
T. Rowe Price Investment Management, Inc. Active manager	+364K New position	364K	$11.2M
Blackrock, Inc. Index funds	+286K +11.7%	2.7M	$84M
Jpmorgan Chase & Co	+171K +72.7%	406K	$12.4M
Dimensional Fund Advisors LP	+145K +12.5%	1.3M	$40.3M
American Century Companies Inc Active manager	+136K +15.2%	1.0M	$31.5M
Two Sigma Investments, LP Hedge fund	+107K +133.1%	187K	$5.8M
Citadel Advisors LLC Hedge fund	+107K +245.0%	150K	$4.6M
Royce & Associates LP Active manager	+96K +11.4%	932K	$28.6M
Arax Advisory Partners	+56K +101.8%	110K	$3.4M
Geode Capital Management, LLC Index funds	+53K +6.6%	863K	$26.5M
Curi Capital, LLC	+44K +17.6%	294K	$9M
Mendon Capital Advisors Corp	+44K +17.6%	294K	$9M
Squarepoint Ops LLC Hedge fund	+43K +95.0%	88K	$2.7M
Man Group PLC Hedge fund	+42K +85.6%	92K	$2.8M
Kennedy Capital Management LLC Active manager	+38K New position	38K	$1.2M
Schonfeld Strategic Advisors LLC Hedge fund	+38K New position	38K	$1.2M
Jump Financial, LLC	+36K New position	36K	$1.1M
Goldman Sachs Group Inc	+34K +20.9%	196K	$6M
Vanguard Portfolio Management LLC Index funds	+33K +13.4%	278K	$8.5M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
T. Rowe Price Investment Management, Inc. Active manager	+364K New position	364K	$11.2M
American Century Companies Inc Active manager	+136K +15.2%	1.0M	$31.5M
Two Sigma Investments, LP Hedge fund	+107K +133.1%	187K	$5.8M
Citadel Advisors LLC Hedge fund	+107K +245.0%	150K	$4.6M
Royce & Associates LP Active manager	+96K +11.4%	932K	$28.6M
Squarepoint Ops LLC Hedge fund	+43K +95.0%	88K	$2.7M
Man Group PLC Hedge fund	+42K +85.6%	92K	$2.8M
Kennedy Capital Management LLC Active manager	+38K New position	38K	$1.2M
Schonfeld Strategic Advisors LLC Hedge fund	+38K New position	38K	$1.2M
D. E. Shaw & Co., Inc. Hedge fund	+33K +94.5%	67K	$2.1M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Fourthstone LLC	−231K Sold out	0	—
Qube Research & Technologies Ltd Hedge fund	−117K Sold out	0	—
Franklin Resources Inc Active manager	−110K −61.5%	69K	$2.1M
Steel Grove Capital Advisors, LLC	−48K Sold out	0	—
Raymond James Financial Inc	−40K −85.5%	6,723	$206,598
Ranger Investment Management, L.P. Active manager	−37K −11.5%	285K	$8.7M
Gator Capital Management, LLC	−33K Sold out	0	—
Vanguard Capital Management LLC Index funds	−31K −2.2%	1.4M	$43M
Teacher Retirement System Of Texas	−29K Sold out	0	—
Vines Capital Management, LLC	−28K −57.2%	21K	$645,330
Sei Investments Co	−25K −48.3%	27K	$817,602
Los Angeles Capital Management LLC Active manager	−24K −99.9%	30	$922
Mqs Management LLC	−21K Sold out	0	—
HSBC Holdings PLC	−19K −31.6%	41K	$1.3M
Centerbook Partners LP Hedge fund	−16K Sold out	0	—
PNC Financial Services Group, Inc.	−13K −99.7%	34	$1,045
Vanguard Global Advisers, LLC	−11K −41.9%	16K	$482,215
Susquehanna International Group, LLP	−11K Sold out	0	—
Womack Financial LLC	−6,803 −13.4%	44K	$1.3M
Susquehanna Fundamental Investments, LLC	−6,553 −27.3%	17K	$537,007

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Qube Research & Technologies Ltd Hedge fund	−117K Sold out	0	—
Franklin Resources Inc Active manager	−110K −61.5%	69K	$2.1M
Ranger Investment Management, L.P. Active manager	−37K −11.5%	285K	$8.7M
Los Angeles Capital Management LLC Active manager	−24K −99.9%	30	$922
Centerbook Partners LP Hedge fund	−16K Sold out	0	—
Jacobs Levy Equity Management, Inc Active manager	−5,379 −15.3%	30K	$914,955
Penn Capital Management Company, LLC Active manager	−2,505 −10.1%	22K	$687,553
Intech Investment Management LLC Active manager	−733 −9.9%	6,678	$205,215

New positions

largest by value

Institution	Shares	Value June 30, 2026
T. Rowe Price Investment Management, Inc.Active manager	364K	$11.2M
Kennedy Capital Management LLCActive manager	38K	$1.2M
Schonfeld Strategic Advisors LLCHedge fund	38K	$1.2M
Jump Financial, LLC	36K	$1.1M
Arrowstreet Capital, Limited PartnershipHedge fund	23K	$716,654
Y-Intercept (Hong Kong) Ltd	19K	$598,590
Varcov Co.	17K	$536,515
Rafferty Asset Management, LLCIndex funds	15K	$461,104
Xtx Topco Ltd	11K	$338,061
Sequoia Financial Advisors, LLC	10K	$320,269

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Fourthstone LLC	231K	$6.2M
Qube Research & Technologies LtdHedge fund	117K	$3.2M
Steel Grove Capital Advisors, LLC	48K	$1.3M
Gator Capital Management, LLC	33K	$896,863
Teacher Retirement System Of Texas	29K	$778,400
Mqs Management LLC	21K	$578,575
Centerbook Partners LPHedge fund	16K	$419,985
Susquehanna International Group, LLP	11K	$295,169
Quadrant Capital Group LLC	107	$2,894
Root Financial Partners, LLC	49	$1,325

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 173
Ten largest holders: 59.8%
Index fund managers: 38.0%
Active managers and hedge funds: 21.1%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	19	8	5	2	+755K	+23.4%
Index fund managers	9	1	1	0	+772K	+12.1%
Other institutions	68	38	14	11	+347K	+5.5%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Business First Bancshares.

Only managers that filed a holdings report for both quarters are compared (185 here). 6 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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