FBIZ First Business Financial Services, Inc. - Common Stock

NASDAQ · Banking · View on SEC EDGAR ↗
$71.06
Price · Aug 18, 2026
Fundamentals as of Jul 31, 2026
52W Range
$46–$73
91% of range
Analyst Rating
BUY
11 analysts
Price Target
$79
+11% upside
P/E (TTM)
12.0
ROE
14.1%
Net Profit Margin
29.8%

FBIZ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$71.06
Market Cap
$593M
P/E (TTM)
12.0
EPS (TTM)
$5.94
Revenue (TTM)
—
Div Yield
1.6%
ROE
14.1%
Debt/Equity
—
52W Range
$46 – $73

FBIZ Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income —
EPS $5.94
5-point trend, +42.4%
2021-12-31 → 2025-12-31
Free Cash Flow $61M
5-point trend, +71.6%
2021-12-31 → 2025-12-31
Margins 29.8%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
FBIZ
Peer Median
P/E (TTM)
5-point trend, +30.7%
12.0
11.2
P/S (TTM)
5-point trend, +22.5%
3.5
2.1
P/B
5-point trend, +14.6%
1.6
1.1
Price / FCF
5-point trend, +6.8%
9.7
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
FBIZ
Peer Median
Net Profit Margin
5-point trend, -5.9%
29.8%
26.9%
ROA
5-point trend, -7.3%
1.3%
1.3%
ROE
5-point trend, -10.1%
14.1%
12.4%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
FBIZ
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
FBIZ
Peer Median
Revenue YoY
9.9%
—
Revenue CAGR 3Y
9.7%
—
Revenue CAGR 5Y
10.2%
—
EPS YoY
5-point trend, +42.4%
14.2%
—
Net Income YoY
5-point trend, +40.7%
13.7%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
FBIZ
Peer Median
EPS (Diluted)
5-point trend, +42.4%
$5.94
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
FBIZ
Peer Median
Payout Ratio
5-point trend, +11.6%
19.2%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
1.6%
Payout Ratio
19.2%
5Y Div CAGR
—
Ex-dateAmount
Aug. 12, 2026$0.3400
May 6, 2026$0.3400
Feb. 13, 2026$0.3400
Nov. 19, 2025$0.2900
Aug. 11, 2025$0.2900
May 9, 2025$0.2900
Feb. 14, 2025$0.2900
Nov. 7, 2024$0.2500
Aug. 8, 2024$0.2500
May 8, 2024$0.2500
Feb. 7, 2024$0.2500
Nov. 3, 2023$0.2280
Aug. 4, 2023$0.2280
May 5, 2023$0.2280
Feb. 3, 2023$0.2280
Nov. 4, 2022$0.1980
Aug. 5, 2022$0.1980
May 6, 2022$0.1980
Feb. 4, 2022$0.1980
Nov. 5, 2021$0.1800

FBIZ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 11 analysts
  • Strong Buy 3 27.3%
  • Buy 7 63.6%
  • Hold 1 9.1%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

5 analysts · 2026-08-19
Median target $80.00 +12.6%
Mean target $79.20 +11.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.09%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.84 $1.60 0.24%
March 31, 2026 $1.44 $1.44 -0.00%
Dec. 31, 2025 $1.44 $1.44 -0.00%
Sept. 30, 2025 $1.70 $1.41 0.29%
June 30, 2025 $1.35 $1.36 -0.01%
March 31, 2025 $1.32 $1.30 0.02%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
FBIZ $452M 9.1 9.9% 29.8% 14.1% —
UNTY $516M 9.1 23.1% 44.0% 18.1% —
CBNK $461M 8.3 31.7% 23.3% 14.6% —
SFST $423M 13.8 13.0% 483.4% 8.5% —
NRIM $588M 9.3 30.4% 25.3% 20.9% 81.7%
NPB $579M 8.0 29.2% 34.5% 14.2% —
GCBC $378M 12.1 16.1% 41.3% 13.6% —
CIVB — 8.4 -0.52% 242.9% 9.8% —
HBCP $453M 9.8 10.2% 31.0% 10.9% —
BWFG $362M 10.3 44.0% 1245.5% 12.0% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 11
Annual Income Statement data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
SG&A Expense 5-point trend, +83.3% · · · · · · · $2M $2M $2M $2M $1M
Interest Expense 10-point trend, +611.6% · · $82M $23M $11M $17M $32M $24M $15M $15M $14M $12M
Interest Income 12-point trend, +328.6% $247M $233M $195M $121M $96M $94M $102M $91M $76M $78M $72M $58M
Pretax Income 12-point trend, +184.9% $60M $51M $47M $52M $47M $18M $24M $18M $14M $17M $25M $21M
Income Tax 12-point trend, +43.1% $10M $7M $10M $11M $11M $1M $1M $1M $2M $2M $8M $7M
Net Income 12-point trend, +255.9% $50M $44M $37M $41M $36M $17M $23M $16M $12M $15M $17M $14M
EPS (Basic) 12-point trend, +237.5% $5.94 $5.20 $4.33 $4.75 $4.17 $1.97 $2.68 $1.86 $1.36 $1.71 $1.90 $1.76
EPS (Diluted) 12-point trend, +239.4% $5.94 $5.20 $4.33 $4.75 $4.17 $1.97 $2.68 $1.86 $1.36 $1.71 $1.90 $1.75
Shares (Basic) 12-point trend, +3.7% 8,158,208 8,148,259 8,131,251 8,226,943 8,314,921 8,384,464 8,515,375 8,640,198 8,612,770 8,573,722 8,549,176 7,869,956
Shares (Diluted) 12-point trend, +3.2% 8,158,208 8,148,259 8,131,251 8,226,943 8,314,921 8,384,464 8,515,375 8,640,198 8,612,770 8,573,722 8,550,322 7,906,767
EBITDA 12-point trend, +101.8% $4M $4M $4M $4M $4M $3M $3M $1M $2M $2M $-90.0K $2M
Balance Sheet 16
Annual Balance Sheet data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, -61.8% $39M $158M $140M $103M $57M $57M $67M $87M $53M $78M $114M $103M
PP&E (Net) 12-point trend, +18.4% $5M $5M $6M $4M $2M $2M $3M $3M $3M $4M $4M $4M
PP&E (Gross) 12-point trend, +100.1% $16M $15M $15M $13M $10M $10M $9M $10M $9M $9M $8M $8M
Accum. Depreciation 12-point trend, +183.2% $11M $10M $9M $8M $8M $8M $7M $6M $6M $5M $4M $4M
Goodwill Flat — no change across 12 periods $11M $11M $11M $11M $11M $11M $11M $11M $11M $11M $11M $11M
Intangibles 3-point trend, -39.7% · · · · · · · · · $202.0K $264.0K $335.0K
Total Assets 12-point trend, +150.5% $4.08B $3.85B $3.51B $2.98B $2.65B $2.57B $2.10B $1.97B $1.79B $1.78B $1.78B $1.63B
Total Liabilities 12-point trend, +148.7% $3.71B $3.52B $3.22B $2.72B $2.42B $2.36B $1.90B $1.79B $1.62B $1.62B $1.63B $1.49B
Common Stock 12-point trend, +113.3% $96.0K $95.0K $95.0K $94.0K $93.0K $92.0K $92.0K $91.0K $90.0K $90.0K $89.0K $45.0K
Paid-in Capital 3-point trend, +6.5% $96M $94M $91M · · · · · · · · ·
Retained Earnings 12-point trend, +350.1% $306M $266M $231M $204M $170M $140M $129M $110M $99M $91M $81M $68M
Treasury Stock 12-point trend, +511.2% $33M $31M $30M $27M $22M $17M $15M $8M $7M $7M $6M $5M
AOCI 8-point trend, -478.4% $-10M $-11M $-14M $-15M $-1M $-933.0K $-1M $-2M · · · ·
Stockholders' Equity 12-point trend, +169.8% $372M $329M $290M $261M $232M $206M $194M $181M $169M $162M $151M $138M
Liabilities + Equity 12-point trend, +150.5% $4.08B $3.85B $3.51B $2.98B $2.65B $2.57B $2.10B $1.97B $1.79B $1.78B $1.78B $1.63B
Shares Outstanding 12-point trend, -4.0% 8,325,376 8,293,928 8,314,778 8,362,085 8,457,564 8,566,960 8,566,044 8,785,480 8,763,539 8,715,856 8,699,410 8,671,854
Cash Flow 16
Annual Cash Flow data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +101.8% $4M $4M $4M $4M $4M $3M $3M $1M $2M $2M $-90.0K $2M
Stock-based Comp 12-point trend, +215.7% $3M $3M $3M $3M $3M $2M $2M $1M $1M $994.0K $1M $887.0K
Deferred Tax 12-point trend, -212.1% $-2M $-4M $2M $-775.0K $1M $-2M $-2M $-432.0K $2M $-1M $1M $1M
Other Non-cash 12-point trend, +199.2% $6M $10M $7M $-8M $-7M $6M $3M $7M $6M $10M $5M $-6M
Operating Cash Flow 12-point trend, +419.6% $62M $57M $52M $39M $36M $27M $29M $25M $22M $26M $23M $12M
CapEx 12-point trend, -81.3% $595.0K $223.0K $3M $3M $391.0K $264.0K $225.0K $969.0K $1M $584.0K $789.0K $3M
Investing Cash Flow 12-point trend, -12.2% $-373M $-328M $-507M $-245M $-111M $-455M $-131M $-138M $-46M $-44M $-150M $-333M
Stock Issued 3-point trend, -100.0% · · · · · · · · · $0 $0 $17M
Stock Repurchased 12-point trend, -22.6% $1M $1M $3M $6M $5M $2M $7M $533.0K $323.0K $467.0K $946.0K $2M
Net Stock Activity 12-point trend, -109.4% $-1M $-1M $-3M $-6M $-5M $-2M $-7M $-533.0K $-323.0K $-467.0K $-946.0K $15M
Dividends Paid 12-point trend, +185.2% $10M $8M $8M $7M $6M $6M $5M $5M $5M $4M $4M $3M
Financing Cash Flow 12-point trend, -43.6% $193M $289M $491M $252M $75M $418M $83M $147M $-1M $-18M $137M $343M
Net Change in Cash 6-point trend, -188.6% · · · · · · $-19M $34M $-25M $-36M $10M $22M
Taxes Paid 7-point trend, +155.6% $3M $158.0K $7M $8M $15M $3M $1M · · · · ·
Free Cash Flow 12-point trend, +603.6% $61M $57M $49M $35M $36M $26M $29M $25M $21M $26M $22M $9M
Levered FCF 10-point trend, -1666.2% · · $-15M $17M $27M $11M $-2M $3M $8M $13M $13M $974.9K
Profitability 5
Annual Profitability data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
Net Margin 12-point trend, +18.7% 29.8% 28.8% 25.7% 32.0% 31.7% 16.3% 25.0% 19.1% 15.4% 18.3% 21.8% 25.1%
Pretax Margin 12-point trend, -5.0% 35.9% 33.3% 32.8% 40.9% 41.7% 17.6% 26.3% 20.6% 18.4% 21.0% 32.9% 37.7%
EBITDA Margin 12-point trend, -32.7% 2.2% 2.4% 2.5% 3.2% 3.1% 3.3% 3.3% 1.7% 2.0% 1.9% -0.12% 3.3%
ROA 12-point trend, +29.6% 1.3% 1.2% 1.1% 1.5% 1.4% 0.73% 1.1% 0.87% 0.67% 0.84% 0.97% 0.98%
ROE 12-point trend, +27.1% 14.1% 13.8% 13.0% 15.9% 15.6% 8.3% 12.1% 9.1% 7.1% 9.3% 11.1% 11.1%
Efficiency 1
Annual Efficiency data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +9.5% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Per Share 6
Annual Per Share data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +40.5% $44.63 $39.62 $34.83 $31.17 $27.48 $24.06 $22.67 $20.57 $19.32 $18.55 $17.34 $31.77
Revenue / Share 12-point trend, +45.1% $20.67 $18.83 $17.70 $15.54 $13.56 $12.41 $10.95 $9.90 $8.97 $9.48 $8.85 $14.24
Cash Flow / Share 12-point trend, +151.5% $7.56 $7.06 $6.43 $4.70 $4.33 $3.18 $3.40 $2.97 $2.60 $3.05 $2.72 $3.01
Cash / Share 12-point trend, -80.1% $4.74 $19.01 $16.78 $12.28 $6.75 $6.64 $7.83 $9.85 $6.00 $8.89 $13.05 $23.81
Dividend / Share 12-point trend, +176.2% $1 $1 $1 $1 $1 $1 $1 $1 $1 $0 $0 $0
EPS (TTM) 12-point trend, +239.4% $5.94 $5.20 $4.33 $4.75 $4.17 $1.97 $2.68 $1.86 $1.36 $1.71 $1.90 $1.75
Growth Rates 10
Annual Growth Rates data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +17.6% 9.9% 6.6% 12.6% 13.4% 8.4% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -15.4% 9.7% 10.8% 11.4% · · · · · · · · ·
Revenue CAGR 5Y 10.2% · · · · · · · · · · ·
EPS YoY 5-point trend, -87.3% 14.2% 20.1% -8.8% 13.9% 111.7% · · · · · · ·
EPS CAGR 3Y 3-point trend, -74.2% 7.7% 7.6% 30.0% · · · · · · · · ·
EPS CAGR 5Y 24.7% · · · · · · · · · · ·
Net Income YoY 5-point trend, -87.6% 13.7% 19.5% -9.4% 14.3% 110.6% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -75.8% 7.2% 7.4% 29.7% · · · · · · · · ·
Net Income CAGR 5Y 24.3% · · · · · · · · · · ·
Dividend CAGR 5Y 11.4% · · · · · · · · · · ·
Valuation (TTM) 13
Annual Valuation (TTM) data for FBIZ
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +199.9% $169M $153M $144M $128M $113M $104M $93M $86M $77M $81M $76M $56M
Net Income TTM 12-point trend, +255.9% $50M $44M $37M $41M $36M $17M $23M $16M $12M $15M $17M $14M
Market Cap 12-point trend, +335.2% $452M $384M $333M $306M $247M $158M $226M $171M $194M $207M $218M $104M
P/E 12-point trend, -33.2% 9.1 8.9 9.3 7.7 7.0 9.3 9.8 10.5 16.3 13.9 13.2 13.7
P/S 12-point trend, +45.1% 2.7 2.5 2.3 2.4 2.2 1.5 2.4 2.0 2.5 2.5 2.9 1.8
P/B 12-point trend, +61.4% 1.2 1.2 1.2 1.2 1.1 0.8 1.2 0.9 1.1 1.3 1.4 0.8
P / Tangible Book 6-point trend, +55.2% 1.3 1.2 1.2 1.2 1.1 0.8 · · · · · ·
P / Cash Flow 12-point trend, -16.2% 7.3 6.7 6.4 7.9 6.9 5.9 7.8 6.7 8.7 7.9 9.4 8.7
P / FCF 12-point trend, -38.1% 7.4 6.7 6.7 8.6 6.9 6.0 7.8 6.9 9.2 8.1 9.7 12.0
Dividend Yield 12-point trend, -34.6% 2.1% 2.2% 2.3% 2.2% 2.5% 3.6% 2.3% 2.9% 2.3% 2.0% 1.8% 3.3%
Earnings Yield 12-point trend, +49.7% 10.9% 11.2% 10.8% 13.0% 14.3% 10.7% 10.2% 9.5% 6.2% 7.2% 7.6% 7.3%
Payout Ratio 12-point trend, -19.9% 19.2% 18.8% 20.5% 16.4% 17.2% 33.3% 22.4% 30.1% 38.1% 28.0% 23.1% 24.0%
Annual Payout 12-point trend, +185.2% $10M $8M $8M $7M $6M $6M $5M $5M $5M $4M $4M $3M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312025-06-302025-03-312024-12-312024-09-30
Net Income $50M——$44M—
Diluted EPS $5.94——$5.20—
Cash Flow
2025-12-312025-06-302025-03-312024-12-312024-09-30
Free Cash Flow $61M——$57M—

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

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Institutional owners (13F) 149 filers · $298.9M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
18 (+3 vs prior Q) 13 (+2 vs prior Q) 54 (-5 vs prior Q) 43 (+12 vs prior Q) +642K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
DIMENSIONAL FUND ADVISORS LP $30,258,872 479,007 10.12% Shares
VANGUARD GROUP INC $23,096,016 425,341 7.73% Shares
VANGUARD CAPITAL MANAGEMENT LLC $21,697,758 343,482 7.26% Shares
First Business Financial Services, Inc. $21,489,739 340,189 7.19% Shares
AMERICAN CENTURY COMPANIES INC $17,232,018 272,788 5.77% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $15,350,626 243,005 5.14% Shares
STATE STREET CORP $11,836,226 187,371 3.96% Shares
GEODE CAPITAL MANAGEMENT, LLC $11,637,993 184,189 3.89% Shares
BANC FUNDS CO LLC $10,310,860 163,224 3.45% Shares
Cutler Capital Management, LLC $9,750,014 154,346 3.26% Shares
Pacific Ridge Capital Partners, LLC $8,831,671 139,808 2.96% Shares
AQR CAPITAL MANAGEMENT LLC $7,999,052 126,627 2.68% Shares
RENAISSANCE TECHNOLOGIES LLC $7,635,042 120,865 2.55% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $6,414,408 101,542 2.15% Shares
De Lisle Partners LLP $6,258,389 98,812 2.09% Shares
Hillsdale Investment Management Inc. $5,790,857 91,671 1.94% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $5,088,786 80,557 1.70% Shares
TWO SIGMA INVESTMENTS, LP $4,647,164 73,566 1.55% Shares
BlackRock, Inc. $4,035,047 63,876 1.35% Shares
Qube Research & Technologies Ltd $3,886,029 61,517 1.30% Shares
VANGUARD FIDUCIARY TRUST CO $3,436,448 54,400 1.15% Shares
VISTA INVESTMENT MANAGEMENT $3,306,889 52,349 1.11% Shares
Empowered Funds, LLC $2,852,568 45,157 0.95% Shares
Rosenthal | Henry Capital Advisors, Inc. $2,842,650 45,000 0.95% Shares
ALLIANCEBERNSTEIN L.P. $2,334,845 43,294 0.78% Shares
Uncommon Cents Investing LLC $2,140,073 33,878 0.72% Shares
AMERIPRISE FINANCIAL INC $2,074,882 32,846 0.69% Shares
FIRST TRUST ADVISORS LP $1,939,319 30,700 0.65% Shares
Daytona Street Capital LLC $1,875,210 29,623 0.63% Shares
Squarepoint Ops LLC $1,772,613 28,061 0.59% Shares
MILLENNIUM MANAGEMENT LLC $1,602,244 25,364 0.54% Shares
KENNEDY CAPITAL MANAGEMENT LLC $1,533,768 24,280 0.51% Shares
BANK OF AMERICA CORP /DE/ $1,515,385 23,989 0.51% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $1,509,447 23,895 0.51% Shares
Poehling Capital Management, INC. $1,506,478 23,848 0.50% Shares
STIFEL FINANCIAL CORP $1,475,839 23,363 0.49% Shares
Quantinno Capital Management LP $1,435,475 22,724 0.48% Shares
Baird Financial Group, Inc. $1,341,731 21,240 0.45% Shares
Bank of New York Mellon Corp $1,221,076 19,330 0.41% Shares
FEDERATED HERMES, INC. $1,178,500 18,656 0.39% Shares
Gator Capital Management, LLC $1,126,637 17,835 0.38% Shares
BARCLAYS PLC $1,079,195 17,084 0.36% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $1,008,053 15,825 0.34% Shares
GOLDMAN SACHS GROUP INC $944,265 14,948 0.32% Shares
US BANCORP \DE\ $915,965 14,500 0.31% Shares
BNP PARIBAS FINANCIAL MARKETS $908,006 14,374 0.30% Shares
CITADEL ADVISORS LLC $869,851 13,770 0.29% Shares
IEQ CAPITAL, LLC $852,732 13,499 0.29% Shares
Connor, Clark & Lunn Investment Management Ltd. $766,126 12,128 0.26% Shares
Trexquant Investment LP $753,302 11,925 0.25% Shares
OSAIC HOLDINGS, INC. $656,776 10,397 0.22% Shares
RHUMBLINE ADVISERS $642,434 10,170 0.21% Shares
STATE OF WISCONSIN INVESTMENT BOARD $641,807 10,160 0.21% Shares
XTX Topco Ltd $585,270 9,265 0.20% Shares
Man Group plc $543,704 8,607 0.18% Shares
Quadrature Capital Ltd $536,313 8,490 0.18% Shares
PRUDENTIAL FINANCIAL INC $523,679 8,290 0.18% Shares
OCCUDO QUANTITATIVE STRATEGIES LP $516,667 8,179 0.17% Shares
Mattern Wealth Management LLC $505,360 8,000 0.17% Shares
AlphaQuest LLC $498,583 9,182 0.17% Shares
DEUTSCHE BANK AG\ $498,411 7,890 0.17% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $486,409 7,700 0.16% Shares
MERCER GLOBAL ADVISORS INC /ADV $469,795 7,437 0.16% Shares
Engineers Gate Manager LP $447,749 7,088 0.15% Shares
MARTINGALE ASSET MANAGEMENT L P $442,443 7,004 0.15% Shares
1834 INVESTMENT ADVISORS CO $430,408 6,813 0.14% Shares
WELLS FARGO & COMPANY/MN $429,935 6,806 0.14% Shares
CANADA PENSION PLAN INVESTMENT BOARD $404,288 6,400 0.14% Shares
Wealth Enhancement Trust Services, Inc. $400,687 6,343 0.13% Shares
THOMPSON INVESTMENT MANAGEMENT, INC. $380,283 6,020 0.13% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $333,980 5,287 0.11% Shares
Mariner, LLC $324,694 5,140 0.11% Shares
MetLife Investment Management, LLC $324,441 5,136 0.11% Shares
BEESE FULMER INVESTMENT MANAGEMENT, INC. $304,732 4,824 0.10% Shares
ERn Financial, LLC $291,530 4,615 0.10% Shares
KLCM Advisors, Inc. $284,265 4,500 0.10% Shares
Sterling Capital Management LLC $278,959 4,416 0.09% Shares
CWM, LLC $277,524 5,146 0.09% Shares
Cubist Systematic Strategies, LLC $265,596 5,181 0.09% Shares
Jump Financial, LLC $258,997 4,100 0.09% Shares
Sequoia Financial Advisors, LLC $254,828 4,034 0.09% Shares
Vanguard Personalized Indexing Management, LLC $249,269 3,946 0.08% Shares
Integrated Quantitative Investments LLC $246,742 3,906 0.08% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $235,308 3,725 0.08% Shares
EntryPoint Capital, LLC $235,056 3,721 0.08% Shares
JONES FINANCIAL COMPANIES LLLP $233,855 3,702 0.08% Shares
Atlatl Advisers LLC $233,729 3,700 0.08% Shares
ALGERT GLOBAL LLC $226,401 3,584 0.08% Shares
Susquehanna Portfolio Strategies, LLC $216,041 3,420 0.07% Shares
Vanguard Global Advisers, LLC $211,556 3,349 0.07% Shares
Invesco Ltd. $203,155 3,216 0.07% Shares
EVERGREEN CAPITAL MANAGEMENT LLC $202,144 3,200 0.07% Shares
Eurizon Capital SGR S.p.A. $188,602 2,981 0.06% Shares
NEW YORK STATE COMMON RETIREMENT FUND $168,411 2,666 0.06% Shares
Police & Firemen's Retirement System of New Jersey $158,936 2,516 0.05% Shares
Nuveen, LLC $133,352 2,111 0.04% Shares
Arax Advisory Partners $118,317 1,873 0.04% Shares
Creative Planning $109,916 1,740 0.04% Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO $96,587 1,529 0.03% Shares
NORTHERN TRUST CORP $80,794 1,279 0.03% Shares

Company insiders 40 insiders · 22 officers · 18 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
David R. Seiler President and CEO May 16, 2026 A 41,187 0 0 $0
James Edward Hartlieb Pres&CEO First Business Bank April 10, 2026 G 31,637 0 0 $0
Charles H Batson President and CEO of FBCC* May 9, 2018 S 22,582 0 0 $0
David J Vetta Pr/CEO First Bus. Bank Milw. Feb. 2, 2017 S 22,088 0 0 $0
Pamela R. Berneking Pres. and CEO Alterra Bank Dec. 4, 2015 S 0 0 0 $0
Brian D. Spielmann CFO April 10, 2026 F 7,311 0 0 $0
Edward G Sloane JR Chief Financial Officer Feb. 16, 2023 F 19,012 0 0 $0
James F Ropella SR VP and CFO April 1, 2016 A 32,924 0 0 $0
David R. Papritz CFO and SVP Corp. Development Nov. 21, 2014 P 1,000 0 0 $0
Niamh M. Kristufek President - Specialty Finance Feb. 16, 2026 F 3,336 0 0 $0
Joan A Burke President of Bank Trust Div.* Aug. 16, 2018 F 6,671 0 0 $0
Kevin D Crampton Chief Accounting Officer May 16, 2026 F 2,347 1 0 $3,649
Laura M. Garcia Chief Risk Officer May 16, 2026 F 4,648 0 0 $0
Bradley A Quade Chief Credit Officer April 10, 2026 F 16,582 0 0 $0
Daniel Ovokaitys Chief Information Officer April 10, 2026 F 10,668 0 0 $0
Jodi A Chandler Chief Human Resources Officer April 10, 2026 F 23,225 0 0 $0
Mark J Meloy EVP April 11, 2025 F 54,981 0 0 $0
Barbara Mccarty Conley General Counsel April 17, 2023 F 28,364 0 0 $0
Peggy J. Stebbins CAO & Controller Feb. 16, 2020 F 1,312 0 0 $0
Michael J Losenegger Chief Credit Officer Feb. 16, 2020 F 31,172 0 0 $0
Michael John Murphy Chief Accounting Officer Aug. 16, 2018 F 1,912 0 0 $0
Shauna M Gnorski VP and Chief Acct. Off. Nov. 16, 2014 F 4,330 0 0 $0
Scott M. Ferris Director Aug. 16, 2026 A 575 0 0 $0
Laurie S. Benson Director May 16, 2026 A 8,681 0 0 $0
Olszewski Daniel P. Director May 16, 2026 A 27,405 0 0 $0
William Kent Lorenz Director May 16, 2026 A 9,671 0 0 $0
Carla C Sanders Director May 16, 2026 A 8,446 0 0 $0
Jason R Graham Director May 16, 2026 A 3,930 0 0 $0
Gerald L Kilcoyne Director May 16, 2026 A 66,691 0 0 $0
Corey A Chambas Director May 16, 2026 A 122,790 0 0 $0
Ralph R. Kauten Director July 30, 2025 P 29,756 0 0 $0
Sanders Carol P Director Dec. 13, 2024 S 0 0 0 $0
John J Harris Director May 16, 2024 A 13,925 0 0 $0
Mark D Bugher Director May 16, 2023 A 2,270 0 0 $0
Jan A Eddy Director May 16, 2021 A 17,831 0 0 $0
Jerome J Smith Director July 30, 2018 G 33,991 0 0 $0
Dean W Voeks Director May 7, 2018 P 11,429 0 0 $0
John M Silseth Director Feb. 10, 2015 P 35,000 0 0 $0
Barbara H Stephens Director Aug. 24, 2011 P 3,500 0 0 $0
Timothy J Keane — May 16, 2021 A 8,670 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 39 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
FSCC · Federated Hermes ETF Trust 0.36% 17,542 NS May 31, 2026 N-PORT
IWC · iShares Trust 0.13% 27,747 SH Aug. 8, 2026 Daily
HAPS · Harbor ETF Trust 0.08% 2,344 NS April 30, 2026 N-PORT
GSSC · Goldman Sachs ETF Trust 0.06% 10,938 NS May 31, 2026 N-PORT
AVUV · AMERICAN CENTURY ETF TRUST 0.05% 216,410 NS May 31, 2026 N-PORT
IWN · iShares Trust 0.04% 75,937 SH Aug. 8, 2026 Daily
AVSC · AMERICAN CENTURY ETF TRUST 0.03% 16,429 NS May 31, 2026 N-PORT
VTWV · VANGUARD SCOTTSDALE FUNDS 0.03% 6,694 SH Aug. 8, 2026 Daily
DFSV · Dimensional ETF Trust 0.02% 33,077 NS April 30, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.02% 46,528 SH Aug. 8, 2026 Daily
DFAT · Dimensional ETF Trust 0.02% 48,820 NS April 30, 2026 N-PORT
IWM · iShares Trust 0.02% 215,461 SH Aug. 8, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.02% 715 SH Aug. 8, 2026 Daily
RSSL · Global X Funds 0.01% 3,404 NS April 30, 2026 N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust 0.01% 5,078 SH Aug. 8, 2026 Daily
ITWO · ProShares Trust 0.01% 373 NS May 31, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.01% 27,466 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.01% 98,233 SH Aug. 8, 2026 Daily
UWM · ProShares Trust 0.01% 292 NS May 31, 2026 N-PORT
URTY · ProShares Trust 0.00% 298 NS May 31, 2026 N-PORT
EBI · RBB Fund Trust 0.00% 388 NS May 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.00% 17,430 NS April 30, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.00% 280 NS May 31, 2026 N-PORT
PFM · Invesco Exchange-Traded Fund Trust 0.00% 238 SH Aug. 8, 2026 Daily
IWO · iShares Trust 0.00% 4,151 SH Aug. 8, 2026 Daily
HDG · ProShares Trust 0.00% 7 NS May 31, 2026 N-PORT
AVUS · AMERICAN CENTURY ETF TRUST 0.00% 3,890 NS May 31, 2026 N-PORT
IWV · iShares Trust 0.00% 3,372 SH Aug. 8, 2026 Daily
DCOR · Dimensional ETF Trust 0.00% 629 NS April 30, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.00% 1,621 NS April 30, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.00% 300 NS April 30, 2026 N-PORT
AVSU · AMERICAN CENTURY ETF TRUST 0.00% 39 NS May 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 1,694 NS April 30, 2026 N-PORT
DFUV · Dimensional ETF Trust 0.00% 964 NS April 30, 2026 N-PORT
DXUV · Dimensional ETF Trust 0.00% 8 NS April 30, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 237,417 SH Aug. 8, 2026 Daily
VIG · VANGUARD SPECIALIZED FUNDS 0.00% 47,212 SH Aug. 8, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.00% 454 SH Aug. 8, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 654 SH Aug. 8, 2026 Daily