National Research Corporation

NRC • NASDAQ

National Research Corporation is a medical - healthcare information services company in the healthcare sector on NASDAQ, led by Michael D. Hays, with a market cap of $399.7M. As of Q3 2025, 48% of shares are held by 117 institutional investors, with KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC as the largest holder at 11.93%.

Chief Executive OfficerMichael D. Hays

Market Cap$399.7M

Medical - Healthcare Information Services

Healthcare

Employees435.0

Websitenrchealth.com

Country

United States of America

Overview

Overview of institutional ownership in NRC as of Q3 2025 with a market cap of $294.8M

All Institutions

Institutions: 117
Value Held: $142.2M
Shares Held: 11.1M
Avg Position: $1.2M
Median Position: $195.1K

Hedge Funds

Hedge Funds: 10
Value Held: $11.7M
Shares Held: 917.7K
Avg Position: $1.2M
Median Position: $522.1K

Ownership Breakdown

Institutional (non-HF)

44.27%

$130.5M

Hedge Funds

3.98%

$11.7M

Retail & Other

51.75%

$152.5M

Based on market cap of $294.8M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NRC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	George Robert Aylward CEO	$35.2M 0.09% of portfolio	11.93% 2.8M shares	≤ Q2 2013 Held for 12y 5m+	$41.0B
B BlackRock, Inc. Institution	-	$13.6M 0.00% of portfolio	4.62% 1.1M shares	Q1 2016 Held for 9y 8m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$11.8M 0.00% of portfolio	4.00% 921.4K shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$11.0M 0.00% of portfolio	3.72% 857.6K shares	Q4 2013 Held for 11y 11m	$1.65T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$6.6M 0.00% of portfolio	2.23% 513.8K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$5.2M 0.00% of portfolio	1.75% 404.4K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
Q QV Investors Inc. Institution	-	$4.9M 0.45% of portfolio	1.65% 381.3K shares	Q1 2022 Held for 3y 8m	$1.1B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$4.8M 0.01% of portfolio	1.63% 375.1K shares	≤ Q2 2013 Held for 12y 5m+	$75.8B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$4.3M 0.00% of portfolio	1.46% 336.4K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	Scott Hoy Mcbride CEO	$3.7M 0.01% of portfolio	1.27% 292.4K shares	Q3 2024 Held for 1y 2m	$32.2B

Net Capital Flow

Institutional buying and selling activity for NRC in Q3 2025

Traded: −$7.7M
Buyers: 48
Sellers: 58
Total Bought: +$5.0M
Total Sold: −$12.7M
Avg Position: $1.1M

Biggest Buyers

Institution	Net Bought	Current Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$823.4K +64.4K shares	$3.4M 265.8K shares
J JANE STREET GROUP, LLC Institution	+$491.7K +38.5K shares	$876.0K 68.5K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$403.8K +31.6K shares	$627.2K 49.1K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$387.2K +30.3K shares	$778.5K 60.9K shares
Cove Street Capital, LLC Hedge Fund•Value	+$375.8K +29.4K shares	$417.1K 32.6K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$371.8K +29.1K shares	$705.3K 55.2K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	+$291.9K +22.8K shares	$291.9K 22.8K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	+$274.1K +21.5K shares	$3.7M 292.4K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	+$264.6K +20.7K shares	$264.6K 20.7K shares
UBS Group AG Institution	+$251.9K +19.7K shares	$506.8K 39.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	−$3.0M −236.2K shares	$35.2M 2.8M shares
B BlackRock, Inc. Institution	−$1.6M −127.6K shares	$13.6M 1.1M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$1.1M −85.0K shares	$283.4K 22.2K shares
Creative Planning RIA/Wealth	−$944.4K −73.9K shares	$939.5K 73.5K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$733.2K −43.6K shares	Sold Off 0 shares
AZZAD ASSET MANAGEMENT INC /ADV RIA/Wealth	−$548.3K −32.6K shares	Sold Off 0 shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$518.2K −40.6K shares	$169.5K 13.3K shares
CWM Advisors, LLC ETF Provider	−$385.8K −23.0K shares	Sold Off 0 shares
SEIZERT CAPITAL PARTNERS, LLC Long Only Manager	−$326.2K −19.4K shares	Sold Off 0 shares
X XTX Topco Ltd Institution	−$297.8K −17.7K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 8
New Value: $637.4K
Exited Positions: 17
Exited Value: $3.2M

New Positions

Institution	Position Value
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$264.6K 20.7K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$202.4K 4.6K shares
I Inscription Capital, LLC RIA/Wealth	$137.1K 10.7K shares
S State of Alaska, Department of Revenue Institution	$16.3K 1.3K shares
R Root Financial Partners, LLC RIA/Wealth	$12.8K 1.0K shares
O Optiver Holding B.V. Institution	$2.9K 224.0 shares
G GROUP ONE TRADING, L.P. Institution	$1.3K 100.0 shares
Sunbelt Securities, Inc. RIA/Wealth	$230.0 18.0 shares

Exited Positions

Institution	Previous Position
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$733.2K 43.6K shares
AZZAD ASSET MANAGEMENT INC /ADV RIA/Wealth	$548.3K 32.6K shares
CWM Advisors, LLC ETF Provider	$385.8K 23.0K shares
SEIZERT CAPITAL PARTNERS, LLC Long Only Manager	$326.2K 19.4K shares
X XTX Topco Ltd Institution	$297.8K 17.7K shares
H HRT FINANCIAL LLC Institution	$264.8K 15.8K shares
M Man Group plc Institution	$192.0K 11.4K shares
Quest Partners LLC Hedge Fund•Quant Macro	$158.5K 9.4K shares
S State of Wyoming Institution	$148.2K 8.8K shares
S Skopos Labs, Inc. RIA/Wealth	$52.5K 3.1K shares

Options Activity

Institutions with the largest Call and Put options positions in NRC 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 NRC as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Penn Mutual Asset Management, LLC Insurance Manager	David Michael O'Malley Chairman	0.79% $323.1K	0.11% 25.3K shares	Q4 2024 Held for 11 months	$40.7M
Cove Street Capital, LLC Hedge Fund•Value	Matthew James Weber President	0.55% $417.1K	0.14% 32.6K shares	Q2 2025 Held for 5 months	$75.9M
Q QV Investors Inc. Institution	-	0.45% $4.9M	1.65% 381.3K shares	Q1 2022 Held for 3y 8m	$1.1B
Willis Investment Counsel RIA/Wealth	Robert Thomas Willis CEO	0.13% $2.3M	0.78% 180.3K shares	Q1 2016 Held for 9y 8m	$1.8B
Significant Wealth Partners LLC RIA/Wealth	Brian William Atkins President	0.10% $195.1K	0.07% 15.3K shares	Q1 2025 Held for 8 months	$204.6M
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	George Robert Aylward CEO	0.09% $35.2M	11.93% 2.8M shares	≤ Q2 2013 Held for 12y 5m+	$41.0B
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	Jason Johan Runung President	0.07% $202.4K	0.02% 4.6K shares	Q3 2025 Held for 2 months	$298.8M
N Northwest & Ethical Investments L.P. Institution	-	0.04% $1.7M	0.56% 129.2K shares	Q2 2024 Held for 1y 5m	$4.3B
Linden Thomas Advisory Services, LLC RIA/Wealth	Patti Sue Almanza CCO	0.04% $354.3K	0.12% 27.7K shares	Q2 2023 Held for 2y 5m	$988.2M
I iA Global Asset Management Inc. Institution	-	0.03% $2.4M	0.81% 187.5K shares	Q3 2023 Held for 2y 2m	$7.1B

Hedge Fund Spotlight

Discover hedge funds investing in NRC

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in National Research Corporation

Market Value: $283.4K
Shares Held: 22.2K
Portfolio Weight: 0.00%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$2.1B	1.68%
2 Nvidia NVDA	Semiconductors Technology	$1.8B	1.50%
3 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$1.4B	1.18%