First Business Financial Services, Inc.: which funds bought and sold

Institutions that bought and sold First Business Financial Services 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, 77 institutions that filed 13F reports for both quarters added to or opened positions in First Business Financial Services, and 53 cut or closed them. Together they added a net 173K shares, +3.0% on what they held at the start of the quarter. Active managers and hedge funds on our list were net buyers of 87K shares (+7.4%); index fund managers were net buyers of 112K shares (+6.1%). 12 opened a new position and 14 sold out entirely.

Bought, Q2 2026 77 institutions, 12 of them new holders Sold, Q2 2026 53 institutions, 14 of them sold out

Net change, all compared +173K shares (+3.0%)

Net change, active managers +87K shares (+7.4%), 13 bought, 12 sold

Buyers versus sellers

institutions compared, 155

77 bought 25 53 sold

Active managers and hedge funds 13 bought · 12 sold · +87K

Index fund managers 10 bought · 0 sold · +112K

Other institutions 54 bought · 41 sold · −26K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Blackrock, Inc. Index funds	+58K +6.7%	928K	$58.6M
Two Sigma Investments, LP Hedge fund	+42K +132.1%	74K	$4.6M
AQR Capital Management LLC Hedge fund	+34K +36.2%	129K	$8.1M
American Century Companies Inc Active manager	+33K +13.6%	273K	$17.2M
Citadel Advisors LLC Hedge fund	+16K +369.0%	21K	$1.3M
Geode Capital Management, LLC Index funds	+15K +7.6%	215K	$13.6M
Squarepoint Ops LLC Hedge fund	+14K +95.1%	28K	$1.8M
State Street Corp Index funds	+14K +7.9%	187K	$11.8M
Wealth Enhancement Advisory Services, LLC	+11K +198.3%	16K	$1M
Osaic Holdings, Inc.	+10K +14557.7%	10K	$657,408
Creative Planning	+10K +74.9%	23K	$1.5M
Federated Hermes, Inc. Active manager	+9,430 +8.1%	126K	$7.9M
Quantinno Capital Management LP	+9,365 +70.1%	23K	$1.4M
Vanguard Portfolio Management LLC Index funds	+9,273 +10.0%	102K	$6.4M
Hillsdale Investment Management Inc.	+8,600 +10.4%	92K	$5.8M
BNP Paribas Financial Markets	+6,965 +94.0%	14K	$908,006
Xtx Topco Ltd	+5,505 +146.4%	9,265	$585,270
Ieq Capital, LLC	+5,336 +65.4%	13K	$852,732
Mariner, LLC	+5,140 New position	5,140	$324,694
Morgan Stanley	+4,275 +5.6%	80K	$5.1M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Two Sigma Investments, LP Hedge fund	+42K +132.1%	74K	$4.6M
AQR Capital Management LLC Hedge fund	+34K +36.2%	129K	$8.1M
American Century Companies Inc Active manager	+33K +13.6%	273K	$17.2M
Citadel Advisors LLC Hedge fund	+16K +369.0%	21K	$1.3M
Squarepoint Ops LLC Hedge fund	+14K +95.1%	28K	$1.8M
Federated Hermes, Inc. Active manager	+9,430 +8.1%	126K	$7.9M
Algert Global LLC Hedge fund	+3,584 New position	3,584	$226,401
Bridgeway Capital Management, LLC Active manager	+3,175 +4.1%	81K	$5.1M
Quadrature Capital Ltd Hedge fund	+2,458 +40.7%	8,490	$536,313
Man Group PLC Hedge fund	+1,852 +27.4%	8,607	$543,704

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
M3F, Inc.	−30K Sold out	0	—
First Business Financial Services, Inc.	−21K −5.8%	340K	$21.5M
Franklin Resources Inc Active manager	−18K Sold out	0	—
Lazard Asset Management LLC Active manager	−17K Sold out	0	—
Alliancebernstein L.P. Active manager	−16K −26.6%	43K	$2.3M
Goldman Sachs Group Inc	−13K −23.0%	43K	$2.7M
Integrated Quantitative Investments LLC	−12K −75.0%	3,906	$246,742
Legato Capital Management LLC	−11K Sold out	0	—
Gsa Capital Partners LLP	−10K −34.5%	19K	$1.2M
Kestra Advisory Services, LLC	−9,200 Sold out	0	—
Jane Street Group, LLC	−8,667 Sold out	0	—
R Squared Ltd	−8,259 Sold out	0	—
Millennium Management LLC Hedge fund	−7,811 −23.5%	25K	$1.6M
Gator Capital Management, LLC	−6,980 −28.1%	18K	$1.1M
Panagora Asset Management Inc Active manager	−5,031 Sold out	0	—
HSBC Holdings PLC	−5,023 Sold out	0	—
Newedge Advisors, LLC	−3,872 −90.6%	404	$25,513
UBS Group AG	−3,705 −25.7%	11K	$674,908
Us Bancorp	−3,384 −18.9%	15K	$915,965
Engineers Gate Manager LP Hedge fund	−3,105 −30.5%	7,088	$447,749

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Franklin Resources Inc Active manager	−18K Sold out	0	—
Lazard Asset Management LLC Active manager	−17K Sold out	0	—
Alliancebernstein L.P. Active manager	−16K −26.6%	43K	$2.3M
Millennium Management LLC Hedge fund	−7,811 −23.5%	25K	$1.6M
Panagora Asset Management Inc Active manager	−5,031 Sold out	0	—
Engineers Gate Manager LP Hedge fund	−3,105 −30.5%	7,088	$447,749
LSV Asset Management Active manager	−2,600 −1.8%	141K	$8.9M
Trexquant Investment LP Hedge fund	−2,140 −15.2%	12K	$753,302
Renaissance Technologies LLC Hedge fund	−1,600 −1.3%	121K	$7.6M
Kennedy Capital Management LLC Active manager	−997 −3.9%	24K	$1.5M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Mariner, LLC	5,140	$324,694
Sequoia Financial Advisors, LLC	4,034	$254,828
Vanguard Personalized Indexing Management, LLCIndex funds	3,946	$249,269
Jones Financial Companies LLLP	3,702	$233,855
Atlatl Advisers LLC	3,700	$233,729
Algert Global LLCHedge fund	3,584	$226,401
Merit Financial Group, LLC	3,565	$225,222
Susquehanna Portfolio Strategies, LLC	3,420	$216,041
Evergreen Capital Management LLC	3,242	$204,798
Integrated Wealth Concepts LLC	687	$43,398

Sold out

largest by value

Institution	Shares	Value March 31, 2026
M3F, Inc.	30K	$1.6M
Franklin Resources IncActive manager	18K	$963,568
Lazard Asset Management LLCActive manager	17K	$904,568
Legato Capital Management LLC	11K	$584,979
Kestra Advisory Services, LLC	9,200	$496,156
Jane Street Group, LLC	8,667	$467,412
R Squared Ltd	8,259	$445,408
HSBC Holdings PLC	5,023	$271,995
Panagora Asset Management IncActive manager	5,031	$271,322
Quadrant Capital Group LLC	284	$15,317

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 141
Ten largest holders: 56.3%
Index fund managers: 32.8%
Active managers and hedge funds: 21.3%

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	13	12	1	3	+87K	+7.4%
Index fund managers	10	0	1	0	+112K	+6.1%
Other institutions	54	41	10	11	−26K	−1.0%

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 First Business Financial Services.

Only managers that filed a holdings report for both quarters are compared (155 here). 1 other holder is 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.

← Back to First Business Financial Services, Inc. · Insiders · Politicians