First Business Financial Services

FBIZ • NASDAQ

First Business Financial Services is a banks - regional company in the financial services sector on NASDAQ, led by Brian D. Spielmann, with a market cap of $476.5M. As of Q3 2025, 68% of shares are held by 135 institutional investors, with BlackRock, Inc. as the largest holder at 10.6%.

CEOBrian D. Spielmann

Market Cap$476.5M

Banks - Regional

Financial Services

Employees348.0

Websitefirstbusiness.bank

Country

United States of America

Overview

Overview of institutional ownership in FBIZ as of Q3 2025 with a market cap of $426.7M

All Institutions

Institutions: 135
Value Held: $292.1M
Shares Held: 5.7M
Avg Position: $2.2M
Median Position: $365.9K

Hedge Funds

Hedge Funds: 19
Value Held: $35.1M
Shares Held: 685.6K
Avg Position: $1.8M
Median Position: $621.8K

Ownership Breakdown

Institutional (non-HF)

60.23%

$257.0M

Hedge Funds

8.24%

$35.1M

Retail & Other

31.53%

$134.5M

Based on market cap of $426.7M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FBIZ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$45.2M 0.00% of portfolio	10.60% 882.3K shares	Q1 2016 Held for 9y 8m	$5.67T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$25.9M 0.01% of portfolio	6.07% 505.6K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$24.7M 0.00% of portfolio	5.79% 481.7K shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
F FIRST BUSINESS FINANCIAL SERVICES, INC. Pension/Endowment	William Michael Tremko CEO	$19.2M 1.76% of portfolio	4.50% 374.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.1B
M MANUFACTURERES LIFE INSURANCE CO Institution	-	$13.1M 0.01% of portfolio	3.06% 254.8K shares	Q4 2013 Held for 11y 11m	$120.17B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$11.7M 0.00% of portfolio	2.75% 228.7K shares	Q3 2014 Held for 11y 2m	$1.57T
A AMERICAN CENTURY COMPANIES INC Institution	-	$10.2M 0.01% of portfolio	2.38% 198.2K shares	Q1 2021 Held for 4y 8m	$195.93B
B BANC FUNDS CO LLC Institution	-	$9.9M 2.41% of portfolio	2.33% 193.5K shares	≤ Q2 2013 Held for 12y 5m+	$411.3M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$8.1M 0.00% of portfolio	1.91% 159.0K shares	Q2 2014 Held for 11y 5m	$2.88T
Cutler Capital Management, LLC Hedge Fund•Convert Bond Arb	Geoffrey Kristopher Allan Dancey President	$8.0M 3.87% of portfolio	1.87% 155.5K shares	Q4 2017 Held for 7y 11m	$205.9M

Net Capital Flow

Institutional buying and selling activity for FBIZ in Q3 2025

Traded: +$3.8M
Buyers: 76
Sellers: 42
Total Bought: +$22.8M
Total Sold: −$19.0M
Avg Position: $2.0M

Biggest Buyers

Institution	Net Bought	Current Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.0M +59.0K shares	$4.3M 83.6K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$2.2M +43.3K shares	$11.7M 228.7K shares
L LSV ASSET MANAGEMENT Long Only Manager	+$2.0M +38.4K shares	$6.4M 124.4K shares
VANGUARD GROUP INC Institution	+$1.6M +30.5K shares	$24.7M 481.7K shares
A AMERICAN CENTURY COMPANIES INC Institution	+$1.4M +26.8K shares	$10.2M 198.2K shares
FIRST TRUST ADVISORS LP ETF Provider	+$1.3M +24.9K shares	$1.6M 30.3K shares
S STIFEL FINANCIAL CORP Long Only Manager	+$1.2M +22.8K shares	$1.2M 22.8K shares
KENNEDY CAPITAL MANAGEMENT, INC. Long Only Manager	+$1.0M +19.5K shares	$1.0M 19.5K shares
GOLDMAN SACHS GROUP INC Institution	+$820.5K +16.0K shares	$2.5M 49.3K shares
Q Qube Research & Technologies Ltd Institution	+$651.4K +12.7K shares	$1.8M 34.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
B BANC FUNDS CO LLC Institution	−$3.6M −71.0K shares	$9.9M 193.5K shares
B BlackRock, Inc. Institution	−$3.3M −64.5K shares	$45.2M 882.3K shares
Invesco Ltd. ETF Provider	−$2.5M −48.8K shares	$480.2K 9.4K shares
M3F, Inc. Hedge Fund•Long/Short	−$1.5M −30.1K shares	$3.4M 66.5K shares
F FIRST BUSINESS FINANCIAL SERVICES, INC. Pension/Endowment	−$1.0M −20.3K shares	$19.2M 374.2K shares
Hillsdale Investment Management Inc. Long Only Manager	−$1.0M −20.1K shares	$4.3M 84.0K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$638.9K −12.6K shares	Sold Off 0 shares
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	−$504.6K −9.8K shares	$3.7M 72.1K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$495.1K −9.7K shares	$220.3K 4.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$486.4K −9.6K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FBIZ in Q3 2025

New Positions: 17
New Value: $2.6M
Exited Positions: 8
Exited Value: $2.6M

New Positions

Institution	Position Value
CenterBook Partners LP Hedge Fund•Market Neutral	$532.6K 10.4K shares
A ALPS ADVISORS INC ETF Provider	$451.1K 8.8K shares
PRINCIPAL FINANCIAL GROUP INC Institution	$409.3K 8.0K shares
IEQ CAPITAL, LLC RIA/Wealth	$365.2K 7.1K shares
Susquehanna Portfolio Strategies, LLC Private Equity	$276.9K 5.4K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$272.7K 5.3K shares
Virtus ETF Advisers LLC Long Only Manager	$109.3K 2.1K shares
Sontag Advisory, LLC RIA/Wealth	$92.3K 1.8K shares
Rockefeller Capital Management L.P. Long Only Manager	$20.1K 392.0 shares
S State of Alaska, Department of Revenue Institution	$16.9K 330.0 shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$638.9K 12.6K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$486.4K 9.6K shares
M Man Group plc Institution	$394.0K 7.8K shares
J JANE STREET GROUP, LLC Institution	$335.9K 6.6K shares
R Squared Ltd Private Equity	$274.6K 5.4K shares
Integrated Quantitative Investments LLC Long Only Manager	$253.3K 5.0K shares
Quantbot Technologies LLC Hedge Fund•Quant	$146.6K 2.9K shares
HOLLENCREST SECURITIES LLC RIA/Wealth	$31.0K 611.0 shares

Options Activity

Institutions with the largest Call and Put options positions in FBIZ as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FBIZ as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Cutler Capital Management, LLC Hedge Fund•Convert Bond Arb	Geoffrey Kristopher Allan Dancey President	3.87% $8.0M	1.87% 155.5K shares	Q4 2017 Held for 7y 11m	$205.9M
B BANC FUNDS CO LLC Institution	-	2.41% $9.9M	2.33% 193.5K shares	≤ Q2 2013 Held for 12y 5m+	$411.3M
John W. Rosenthal Capital Management, Inc. Hedge Fund•Long/Short	John William Rosenthal CEO	2.29% $2.3M	0.54% 45.0K shares	Q3 2022 Held for 3y 2m	$100.8M
F FIRST BUSINESS FINANCIAL SERVICES, INC. Pension/Endowment	William Michael Tremko CEO	1.76% $19.2M	4.50% 374.2K shares	≤ Q2 2013 Held for 12y 5m+	$1.1B
Pacific Ridge Capital Partners, LLC Long Only Manager	Mark Daniel Cooper President	1.61% $7.4M	1.74% 144.6K shares	Q1 2018 Held for 7y 8m	$460.6M
M3F, Inc. Hedge Fund•Long/Short	William Chester Waller Managing Partner	0.97% $3.4M	0.80% 66.5K shares	Q3 2017 Held for 8y 2m	$352.9M
V VISTA INVESTMENT MANAGEMENT RIA/Wealth	John Daniel Frankola CEO	0.94% $2.7M	0.63% 52.3K shares	Q4 2017 Held for 7y 11m	$286.4M
P Poehling Capital Management, LLC RIA/Wealth	Patrick William Poehling President	0.64% $3.0M	0.70% 58.3K shares	Q4 2017 Held for 7y 11m	$465.0M
D De Lisle Partners LLP Institution	-	0.59% $4.8M	1.13% 93.6K shares	Q1 2024 Held for 1y 8m	$815.6M
Uncommon Cents Investing LLC RIA/Wealth	Sheena Marie Hanson Managing Partner	0.44% $1.8M	0.41% 34.5K shares	Q4 2020 Held for 4y 11m	$402.2M

Hedge Fund Spotlight

Discover hedge funds investing in FBIZ

EntryPoint Capital, LLC

Hedge Fund • Long/Short

Portfolio ManagerLawrence Edward Leibowitz

Portfolio Value: $258.4M
Positions: 644
Last Reported: Q3 2025

Sector Allocation

Position in First Business Financial Services

Market Value: $221.0K
Shares Held: 4.3K
Portfolio Weight: 0.09%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Verizon Communications VZ	Telecommunications Services Communication Services	$1.5M	0.60%
2 Strategic Education, Inc. STRA	Education & Training Services Consumer Defensive	$1.5M	0.58%
3 ESCO Technologies ESE	Hardware, Equipment & Parts Technology	$1.5M	0.56%