Institutional HoldersBeta

Who holds a company, from every 13F filed for the quarter, one row per filer exactly as filed, against the latest share count the company reported.

FIRST BUSINESS FINANCIAL SERVICES, INC.

CIK 0001521951FBIZ· quarter ending 2026-06-30
Shares outstanding
8,368,320
Held by 13F filers
5,943,803
71.0% of shares outstanding
Holders
141
-3 vs 2026-03-31 · 11 new, 14 exited
Value
$375.1M
shares +2.9% vs prior quarter

Share classes (cover page of the 10-Q filed 2026-07-31, as of 2026-07-27)

ClassListedShares outstandingHeld by 13F filers% of classHoldersCUSIP
Common stockFBIZ · NASDAQ8,368,3205,943,80371.0%141319390100

Each class is compared with its own share count; classes are not added together. A class that is not exchange-listed cannot be held by 13F filers.

Securities (CUSIPs held in 13F this quarter)

tick to combine
CountCUSIPClass (as filers write it)HoldersShares heldClass shares% of classValueOptionsMapped via
319390100COM1415,943,8038,368,32071.0%$375.1M—13DGholders →

Totals combine the ticked CUSIPs and update as you tick: common-stock classes by default; preferreds, notes, warrants and depositary shares are listed but not counted. "holders →" shows a single CUSIP on its own. Bonds are held as a principal amount, not shares. Options positions are never counted as holdings.

Top holders (141 of 141 · 319390100)

change vs 2026-03-31
#FilerShares% of classValueChange
1BlackRock, Inc.928,38011.09%$58.6M+58,178 (+6.7%)
2DIMENSIONAL FUND ADVISORS LP498,4305.96%$31.5M-1,286 (-0.3%)
3VANGUARD CAPITAL MANAGEMENT LLC343,4824.10%$21.7M+2,944 (+0.9%)
4First Business Financial Services, Inc.340,1894.07%$21.5M-21,122 (-5.8%)
5AMERICAN CENTURY COMPANIES INC272,7883.26%$17.2M+32,651 (+13.6%)
6MANUFACTURERS LIFE INSURANCE COMPANY, THE243,0052.90%$15.4M-1,790 (-0.7%)
7GEODE CAPITAL MANAGEMENT, LLC214,9872.57%$13.6M+15,215 (+7.6%)
8STATE STREET CORP187,3712.24%$11.8M+13,653 (+7.9%)
9BANC FUNDS CO LLC163,2241.95%$10.3M-3,000 (-1.8%)
10Cutler Capital Management, LLC154,3461.84%$9.8M-244 (-0.2%)
11LSV ASSET MANAGEMENT141,0251.69%$8.9M-2,600 (-1.8%)
12Pacific Ridge Capital Partners, LLC139,8081.67%$8.8M-1,084 (-0.8%)
13AQR CAPITAL MANAGEMENT LLC128,9271.54%$8.1M+34,300 (+36.2%)
14FEDERATED HERMES, INC.125,5631.50%$7.9M+9,430 (+8.1%)
15RENAISSANCE TECHNOLOGIES LLC120,8651.44%$7.6M-1,600 (-1.3%)
16VANGUARD PORTFOLIO MANAGEMENT LLC101,5421.21%$6.4M+9,273 (+10.0%)
17De Lisle Partners LLP98,8121.18%$6.3M—
18Hillsdale Investment Management Inc.91,6711.10%$5.8M+8,600 (+10.4%)
19NORTHERN TRUST CORP83,3991.00%$5.3M+3,926 (+4.9%)
20BRIDGEWAY CAPITAL MANAGEMENT, LLC80,5570.96%$5.1M+3,175 (+4.1%)
21MORGAN STANLEY79,9940.96%$5.1M+4,275 (+5.6%)
22TWO SIGMA INVESTMENTS, LP73,5660.88%$4.6M+41,870 (+132.1%)
23Qube Research & Technologies Ltd61,5170.74%$3.9M+1,059 (+1.8%)
24VANGUARD FIDUCIARY TRUST CO54,4000.65%$3.4M+2,707 (+5.2%)
25ACADIAN ASSET MANAGEMENT LLC53,8550.64%$3.4M—
26VISTA INVESTMENT MANAGEMENT52,3490.63%$3.3M-421 (-0.8%)
27AMERIPRISE FINANCIAL INC48,8170.58%$3.1M+360 (+0.7%)
28Empowered Funds, LLC45,1570.54%$2.9M+3,175 (+7.6%)
29Rosenthal | Henry Capital Advisors, Inc.45,0000.54%$2.8M—
30ALLIANCEBERNSTEIN L.P.43,2940.52%$2.3M-15,690 (-26.6%)
31GOLDMAN SACHS GROUP INC42,6800.51%$2.7M-12,719 (-23.0%)
32Uncommon Cents Investing LLC33,8780.40%$2.1M-125 (-0.4%)
33Bank of New York Mellon Corp32,6340.39%$2.1M+1,825 (+5.9%)
34ROYAL BANK OF CANADA31,2430.37%$2.0M+221 (+0.7%)
35FIRST TRUST ADVISORS LP30,7000.37%$1.9M+1,287 (+4.4%)
36Daytona Street Capital LLC29,6230.35%$1.9M-1,167 (-3.8%)
37Squarepoint Ops LLC28,0610.34%$1.8M+13,681 (+95.1%)
38MILLENNIUM MANAGEMENT LLC25,3640.30%$1.6M-7,811 (-23.5%)
39KENNEDY CAPITAL MANAGEMENT LLC24,2800.29%$1.5M-997 (-3.9%)
40BANK OF AMERICA CORP /DE/23,9890.29%$1.5M-35 (-0.1%)
41CHARLES SCHWAB INVESTMENT MANAGEMENT INC23,8950.29%$1.5M+1,522 (+6.8%)
42Poehling Capital Management, INC.23,8480.28%$1.5M-1,767 (-6.9%)
43Creative Planning23,4150.28%$1.5M+10,029 (+74.9%)
44STIFEL FINANCIAL CORP23,3630.28%$1.5M+173 (+0.7%)
45Quantinno Capital Management LP22,7240.27%$1.4M+9,365 (+70.1%)
46Nuveen, LLC21,9580.26%$1.4M+2,438 (+12.5%)
47Baird Financial Group, Inc.21,2400.25%$1.3M—
48CITADEL ADVISORS LLC20,8970.25%$1.3M+16,441 (+369.0%)
49GSA CAPITAL PARTNERS LLP19,1670.23%$1.2M-10,109 (-34.5%)
50Gator Capital Management, LLC17,8350.21%$1.1M-6,980 (-28.1%)
51BARCLAYS PLC17,2470.21%$1.1M-433 (-2.4%)
52WEALTH ENHANCEMENT ADVISORY SERVICES, LLC15,8250.19%$1.0M+10,520 (+198.3%)
53US BANCORP \DE\14,5000.17%$916K-3,384 (-18.9%)
54BNP PARIBAS FINANCIAL MARKETS14,3740.17%$908K+6,965 (+94.0%)
55IEQ CAPITAL, LLC13,4990.16%$853K+5,336 (+65.4%)
56Connor, Clark & Lunn Investment Management Ltd.12,1930.15%$770K+4 (+0.0%)
57Trexquant Investment LP11,9250.14%$753K-2,140 (-15.2%)
58UBS Group AG10,6840.13%$675K-3,705 (-25.7%)
59OSAIC HOLDINGS, INC.10,4070.12%$657K+10,336 (+14557.7%)
60RHUMBLINE ADVISERS10,1700.12%$642K+513 (+5.3%)
61STATE OF WISCONSIN INVESTMENT BOARD10,1600.12%$642K-1,400 (-12.1%)
62Invesco Ltd.9,9620.12%$629K-458 (-4.4%)
63Russell Investments Group, Ltd.9,6980.12%$613K+3,737 (+62.7%)
64XTX Topco Ltd9,2650.11%$585K+5,505 (+146.4%)
65JPMORGAN CHASE & CO9,0350.11%$571K+1,356 (+17.7%)
66Man Group plc8,6070.10%$544K+1,852 (+27.4%)
67Quadrature Capital Ltd8,4900.10%$536K+2,458 (+40.7%)
68PRUDENTIAL FINANCIAL INC8,2900.10%$524K+1,070 (+14.8%)
69OCCUDO QUANTITATIVE STRATEGIES LP8,1790.10%$517K+3,752 (+84.8%)
70Mattern Wealth Management LLC8,0000.10%$505K—
71DEUTSCHE BANK AG\7,8900.09%$498K+751 (+10.5%)
72JACOBS LEVY EQUITY MANAGEMENT, INC7,7000.09%$486K-510 (-6.2%)
73MERCER GLOBAL ADVISORS INC /ADV7,4370.09%$470K+2,708 (+57.3%)
74Engineers Gate Manager LP7,0880.08%$448K-3,105 (-30.5%)
75MARTINGALE ASSET MANAGEMENT L P7,0040.08%$442K—
76WELLS FARGO & COMPANY/MN6,9060.08%$436K+3,810 (+123.1%)
771834 INVESTMENT ADVISORS CO6,8130.08%$430K+41 (+0.6%)
78PRICE T ROWE ASSOCIATES INC /MD/6,6410.08%$420K+1,200 (+22.1%)
79CANADA PENSION PLAN INVESTMENT BOARD6,4000.08%$404K—
80Wealth Enhancement Trust Services, Inc.6,3430.08%$401K+3 (+0.0%)
81THOMPSON INVESTMENT MANAGEMENT, INC.6,0200.07%$380K—
82ARROWSTREET CAPITAL, LIMITED PARTNERSHIP5,2870.06%$334K—
83Mariner, LLC5,1400.06%$325KNEW
84MetLife Investment Management, LLC5,1360.06%$324K+527 (+11.4%)
85BEESE FULMER INVESTMENT MANAGEMENT, INC.4,8240.06%$305K+38 (+0.8%)
86ERn Financial, LLC4,6150.06%$292K—
87KLCM Advisors, Inc.4,5000.05%$284K—
88CITIGROUP INC4,4280.05%$280K+3,286 (+287.7%)
89Sterling Capital Management LLC4,4160.05%$279K+4,163 (+1645.5%)
90Jump Financial, LLC4,1000.05%$259K—
91Sequoia Financial Advisors, LLC4,0340.05%$255KNEW
92Vanguard Personalized Indexing Management, LLC3,9460.05%$249KNEW
93Integrated Quantitative Investments LLC3,9060.05%$247K-11,716 (-75.0%)
94MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.3,7250.04%$235K-106 (-2.8%)
95EntryPoint Capital, LLC3,7210.04%$235K—
96JONES FINANCIAL COMPANIES LLLP3,7020.04%$234KNEW
97Atlatl Advisers LLC3,7000.04%$234KNEW
98ALGERT GLOBAL LLC3,5840.04%$226KNEW
99Merit Financial Group, LLC3,5650.04%$225KNEW
100Susquehanna Portfolio Strategies, LLC3,4200.04%$216KNEW
101Vanguard Global Advisers, LLC3,3490.04%$212K—
102EVERGREEN CAPITAL MANAGEMENT LLC3,2420.04%$205KNEW
103Eurizon Capital SGR S.p.A.2,9810.04%$189K—
104NEW YORK STATE COMMON RETIREMENT FUND2,6660.03%$168K-1,200 (-31.0%)
105Police & Firemen's Retirement System of New Jersey2,5160.03%$159K+718 (+39.9%)
106HARBOR CAPITAL ADVISORS, INC.2,4560.03%$155K+127 (+5.5%)
107Arax Advisory Partners1,8730.02%$118K+1,854 (+9757.9%)
108PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO1,5290.02%$97K—
109HARBOUR INVESTMENTS, INC.1,2390.01%$78K+2 (+0.2%)
110FMR LLC1,0350.01%$65K+283 (+37.6%)
111State of Alaska, Department of Revenue9050.01%$56K—
112Tower Research Capital LLC (TRC)8100.01%$51K-741 (-47.8%)
113Legal & General Group Plc8040.01%$51K+80 (+11.0%)
114Versant Capital Management, Inc6760.01%$43K—
115Ameritas Investment Partners, Inc.6450.01%$41K—
116NewEdge Advisors, LLC4040.00%$26K-3,872 (-90.6%)
117Rockefeller Capital Management L.P.3920.00%$25K-132 (-25.2%)
118GAMMA Investing LLC3430.00%$22K+21 (+6.5%)
119UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC3060.00%$19K—
120EverSource Wealth Advisors, LLC3000.00%$19K-922 (-75.5%)
121Ares Financial Consulting, LLC2830.00%$18K—
122Allworth Financial LP2620.00%$17K+99 (+60.7%)
123IFP Advisors, Inc2190.00%$14K+45 (+25.9%)
124MEEDER ASSET MANAGEMENT INC1930.00%$12K+24 (+14.2%)
125Essential Partners LLC1550.00%$10K-80 (-34.0%)
126CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM1110.00%$7K-319 (-74.2%)
127Clearstead Advisors, LLC1050.00%$7KNEW
128ROTHSCHILD INVESTMENT LLC530.00%$3K+25 (+89.3%)
129Smartleaf Asset Management LLC510.00%$3K—
130Parallel Advisors, LLC440.00%$3K+29 (+193.3%)
131Farther Finance Advisors, LLC440.00%$3K+1 (+2.3%)
132Silver Grove Financial Group, Inc.360.00%$2KNEW
133PNC Financial Services Group, Inc.340.00%$2K—
134SIGNATUREFD, LLC320.00%$2K-121 (-79.1%)
135Optiver Holding B.V.260.00%$2K-56 (-68.3%)
136True Wealth Design, LLC230.00%$1K+1 (+4.5%)
137LOS ANGELES CAPITAL MANAGEMENT LLC200.00%$1K-537 (-96.4%)
138SJS Investment Consulting Inc.90.00%$569+2 (+28.6%)
139ASSETMARK, INC80.00%$505—
140NISA INVESTMENT ADVISORS, LLC50.00%$316—
141Covestor Ltd40.00%$0-186 (-97.9%)
Exited since 2026-03-31 (14 filers; largest 14 shown)
M3F, Inc.−29,685
FRANKLIN RESOURCES INC−17,867
LAZARD ASSET MANAGEMENT LLC−16,773
Legato Capital Management LLC−10,847
Kestra Advisory Services, LLC−9,200
JANE STREET GROUP, LLC−8,667
R Squared Ltd−8,259
CWM, LLC−5,146
PANAGORA ASSET MANAGEMENT INC−5,031
HSBC HOLDINGS PLC−5,023
QUADRANT CAPITAL GROUP LLC−284
SIMPLEX TRADING, LLC−29
MAI Capital Management−21
Root Financial Partners, LLC−11

Large holders from 13D/13G (latest per reporting person, last 2 years)

Filed when a holder crosses 5% or changes materially, so often more current than the quarter-end 13F. Percentages are the filer's own, against the share count they used.

Reporting personFormFiledEventShares% of class
The Vanguard GroupSCHEDULE 13G/A2026-03-262026-03-1300%
BlackRock Portfolio Management LLCSCHEDULE 13G/A2025-10-172025-09-30405,1494.9%
BlackRock, Inc.SCHEDULE 13G/A2025-04-242025-03-31505,6316.1%

Source: SEC Form 13F-HR information tables for the quarter ending 2026-06-30 (filed within 45 days of quarter end; amendments applied; values normalised to dollars), the share count from the company's latest 10-K/10-Q XBRL cover page, and Schedule 13D/13G filings. Each row is a legal 13F filer as filed — related entities (e.g. Vanguard's advisers) are not merged. Retail brokerage accounts are not reported on 13F, so the remainder is mostly retail and insiders.