First Business Financial Services, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), First Business Financial Services, Inc. reported 165 stock positions worth $932.5 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 25.2% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 13.2%) and iShares Russell 1000 Growth (IWF, 7.7%). Compared with Q4 2023, it opened 9 new positions, sold out of 6, added to 53 and reduced 46. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +1%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001521951
- Portfolio Value
- $932.5M (Q1 2024)
- SEC Filing
- 0001521951-24-000044 ↗ filed May 15, 2024
Holdings Value
Holdings 165 stocks · $932.5M
| VTI VG Morningstar TS MKT ETF-US | 25.22% | 905,085 | $235.2M | Add +0.6% |
| IEFA iShares Core MSCI Eafe ETF | 13.23% | 1,661,809 | $123.3M | Add +1.4% |
| IWF iShares Russell 1000 Growth | 7.69% | 212,689 | $71.7M | Add +0.3% |
| IJR iShares Core S&P Small-Cap E | 6.61% | 557,631 | $61.6M | Add +0.5% |
| DGRO iShares Core Dividend Growth | 5.67% | 910,361 | $52.9M | Add +1.3% |
| IWD iShares Russell 1000 Value E | 5.54% | 288,324 | $51.6M | Add +0.6% |
| IJH iShares Core S&P Midcap ETF | 4.97% | 763,417 | $46.4M | Add +0.5% |
| AGG iShares Core U.S. Aggregate | 4.84% | 460,699 | $45.1M | Add +0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.47% | 44,033 | $23.0M | Reduce -1.0% |
| FBIZ First Business Financial Ser | 1.41% | 350,190 | $13.1M | Add +0.2% |
| JPST JPMorgan Ultra-Short Income | 1.22% | 224,625 | $11.3M | Add +3.5% |
| AAPL Apple Inc. | 0.95% | 51,765 | $8.9M | Reduce -0.2% |
| MSFT Microsoft Corp. | 0.79% | 17,516 | $7.4M | Reduce -2.0% |
| NVDA Nvidia Corp. | 0.67% | 6,880 | $6.2M | Reduce -0.9% |
| JPM JPMorgan Chase & Co. | 0.63% | 29,102 | $5.8M | Reduce -2.4% |
| FISV Fiserv Inc. | 0.62% | 36,173 | $5.8M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 0.58% | 35,714 | $5.4M | Reduce -1.6% |
| AVGO Broadcom Inc. | 0.54% | 3,764 | $5.0M | Add +0.3% |
| LLY Eli Lilly & Co. | 0.44% | 5,301 | $4.1M | Reduce -0.0% |
| ANET Arista Networks Inc. | 0.41% | 13,181 | $3.8M | Add +1.3% |
| MTUM iShares MSCI USA Momentum Fa | 0.41% | 20,335 | $3.8M | No change |
| IVV iShares Core S&P 500 ETF | 0.33% | 5,873 | $3.1M | No change |
| COR Cencora Inc. | 0.32% | 12,176 | $3.0M | Add +1.3% |
| PWR Quanta Services Inc. | 0.31% | 10,968 | $2.8M | Add +0.5% |
| XLK SS Technology Select Sector | 0.30% | 13,385 | $2.8M | No change |
| XOM Exxon Mobil Corp. | 0.29% | 23,173 | $2.7M | Reduce -0.1% |
| LRCX Lam Research Corp. | 0.29% | 2,772 | $2.7M | Reduce -0.3% |
| ADI Analog Devices Inc. | 0.28% | 13,137 | $2.6M | Add +1.4% |
| ACN Accenture PLC Class A | 0.28% | 7,410 | $2.6M | No change |
| XLE SS Energy Select Sector | 0.27% | 27,122 | $2.6M | No change |
| C Citigroup Inc. | 0.26% | 37,970 | $2.4M | Add +1.6% |
| COST Costco Wholesale Corp. | 0.26% | 3,272 | $2.4M | Add +1.6% |
| SYK Stryker Corp. | 0.26% | 6,665 | $2.4M | Add +1.6% |
| CSCO Cisco Systems Inc. | 0.24% | 45,625 | $2.3M | Add +0.7% |
| PEP Pepsico Inc. | 0.24% | 12,588 | $2.2M | Add +6.9% |
| IQV Iqvia Holdings Inc. | 0.23% | 8,521 | $2.2M | Add +1.5% |
| RSG Republic Services Inc. | 0.23% | 11,216 | $2.1M | Add +0.9% |
| TMUS T-Mobile US Inc. | 0.23% | 13,047 | $2.1M | Add +0.9% |
| LOW Lowe's Cos Inc. | 0.23% | 8,349 | $2.1M | Add +1.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.22% | 16,886 | $2.1M | Add +9.2% |
| ADBE Adobe Inc. | 0.22% | 4,086 | $2.1M | Reduce -2.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.22% | 54,366 | $2.1M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.22% | 4,166 | $2.1M | Add +0.2% |
| PRU Prudential Financial Inc. | 0.21% | 16,484 | $1.9M | Add +0.5% |
| CSX CSX Corp. | 0.21% | 51,647 | $1.9M | Add +1.8% |
| ICE Intercontinental Exchange Inc. | 0.20% | 13,770 | $1.9M | Add +1.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 18,417 | $1.9M | Add +0.7% |
| TXN Texas Instruments Inc. | 0.20% | 10,715 | $1.9M | Reduce -1.2% |
| CTVA Corteva Inc. | 0.20% | 32,303 | $1.9M | Add +1.1% |
| EA Electronic Arts Inc. | 0.19% | 13,567 | $1.8M | Add +0.6% |
| XLI SS Industrial Select Sector | 0.19% | 14,013 | $1.8M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.19% | 31,986 | $1.8M | Reduce -1.2% |
| IWB iShares Russell 1000 ETF | 0.17% | 5,578 | $1.6M | No change |
| QCOM Qualcomm Inc. | 0.17% | 9,373 | $1.6M | Add +1.6% |
| GD General Dynamics Corp. | 0.17% | 5,542 | $1.6M | Add +0.4% |
| ABBV Abbvie Inc. | 0.17% | 8,558 | $1.6M | Add +16.3% |
| AMZN Amazon.com Inc. | 0.17% | 8,625 | $1.6M | Reduce -6.3% |
| DRI Darden Restaurants Inc. | 0.17% | 9,232 | $1.5M | Add +0.9% |
| KO The Coca-Cola Co. | 0.16% | 23,785 | $1.5M | Reduce -6.3% |
| PG The Procter & Gamble Co. | 0.15% | 8,858 | $1.4M | Add +6.3% |
| KR Kroger Co. | 0.15% | 24,481 | $1.4M | Add +0.1% |
| USMV iShares MSCI USA Min Vol Fac | 0.14% | 15,793 | $1.3M | No change |
| MRK Merck & Co. Inc. | 0.14% | 9,885 | $1.3M | Reduce -0.5% |
| EXPE Expedia Group Inc. | 0.14% | 9,209 | $1.3M | Add +12.5% |
| AMGN Amgen Inc. | 0.13% | 4,417 | $1.3M | Add +0.5% |
| ELV Elevance Health Inc. | 0.13% | 2,404 | $1.2M | Add +0.6% |
| IWM iShares Russell 2000 ETF | 0.13% | 5,923 | $1.2M | No change |
| JCI Johnson Controls Internation | 0.13% | 18,878 | $1.2M | Add +1.4% |
| EOG EOG Resources Inc. | 0.13% | 9,559 | $1.2M | Add +0.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.13% | 5,129 | $1.2M | Reduce -0.1% |
| GOOG Alphabet Inc. Class C | 0.12% | 7,490 | $1.1M | No change |
| GLD SPDR Gold Shares | 0.12% | 5,500 | $1.1M | No change |
| XLY SS Consumer Disc Select Sect | 0.11% | 5,651 | $1.0M | No change |
| PM Philip Morris International | 0.11% | 11,186 | $1.0M | No change |
| XLF SS Financial Select Sector | 0.11% | 24,095 | $1.0M | No change |
| MDLZ Mondelez International Inc. Class A | 0.11% | 14,387 | $1.0M | Add +10.2% |
| WTRG Essential Utilities Inc. | 0.11% | 26,753 | $991K | Add +1.4% |
| ITW Illinois Tool Works | 0.10% | 3,331 | $894K | No change |
| CVX Chevron Corp. | 0.09% | 5,569 | $878K | Reduce -0.6% |
| CIEN Ciena Corp. | 0.09% | 17,401 | $860K | Add +1.0% |
| AMT American Tower Corp. | 0.09% | 4,302 | $850K | Add +2.1% |
| IWO iShares Russell 2000 Growth | 0.09% | 3,132 | $848K | No change |
| JNJ Johnson & Johnson | 0.09% | 5,324 | $842K | Reduce -3.6% |
| VOX Vanguard Communication Servi | 0.09% | 6,200 | $814K | No change |
| TDG Transdigm Group Inc. | 0.09% | 652 | $803K | No change |
| INTC Intel Corp. | 0.08% | 17,594 | $777K | Reduce -8.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.08% | 1,786 | $751K | Add +54.4% |
| HD Home Depot Inc. | 0.08% | 1,936 | $743K | No change |
| AMD Advanced Micro Devices | 0.08% | 4,081 | $737K | Reduce -15.0% |
| IWN iShares Russell 2000 Value E | 0.08% | 4,604 | $731K | No change |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.08% | 2,832 | $708K | Reduce -6.0% |
| MCD McDonald's Corp. | 0.07% | 2,480 | $699K | No change |
| BLK BlackRock Finance Inc. | 0.07% | 830 | $692K | No change |
| ABT Abbott Laboratories | 0.07% | 6,063 | $689K | Add +6.0% |
| ATI Ati Inc. | 0.07% | 13,455 | $688K | No change |
| TTEK Tetra Tech Inc. | 0.07% | 3,511 | $649K | Reduce -11.4% |
| ETN Eaton Corp. PLC | 0.07% | 2,042 | $638K | No change |
| TRI Thomson Reuters Corp. | 0.07% | 3,942 | $614K | Reduce -11.9% |
| PNC PNC Financial Services Group | 0.06% | 3,713 | $600K | No change |
| MGEE Mge Energy Inc. | 0.06% | 7,338 | $578K | Add +17.6% |
Portfolio Sells Q4 2023 → Q1 2024
| AAPL Apple Inc. | Reduce -0.2% | 0.95% | −0.21 |
| ADBE Adobe Inc. | Reduce -2.0% | 0.22% | −0.07 |
| MDY State Street SPDR S&P Midcap | Reduce -40.9% | 0.05% | −0.04 |
| FBLAX Franklin Managed Income-A | Sold out | 0.00% | −0.03 |
| INTC Intel Corp. | Reduce -8.3% | 0.08% | −0.03 |
| IWS iShares Russell Mid-Cap Valu | Sold out | 0.00% | −0.03 |
| BA The Boeing Co. | Sold out | 0.00% | −0.03 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.02 |
| KO The Coca-Cola Co. | Reduce -6.3% | 0.16% | −0.02 |
| FTCIX Franklin Conserv Alloc-A | Sold out | 0.00% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -1.2% | 0.20% | −0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -1.6% | 0.58% | −0.01 |
| JNJ Johnson & Johnson | Reduce -3.6% | 0.09% | −0.01 |
| TRI Thomson Reuters Corp. | Reduce -11.9% | 0.07% | −0.01 |
| DOX Amdocs Ltd. | Reduce -11.5% | 0.05% | −0.01 |
| USB US Bancorp | Reduce -13.0% | 0.04% | −0.01 |
| V Visa Inc. Class A | Reduce -16.3% | 0.04% | −0.01 |
| PSX Phillips 66 | Reduce -33.8% | 0.02% | −0.01 |
| SLB SLB Ltd. | Reduce -1.2% | 0.19% | −0.01 |
| TTEK Tetra Tech Inc. | Reduce -11.4% | 0.07% | −0.01 |
| XEL Xcel Energy Inc. | Reduce -6.3% | 0.02% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -16.7% | 0.05% | −0.01 |
| NEE Nextera Energy Inc. | Reduce -15.2% | 0.03% | −0.01 |
| ISRG Intuitive Surgical Inc. | Reduce -17.1% | 0.05% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -6.0% | 0.08% | −0.01 |
| PFE Pfizer Inc. | Reduce -2.5% | 0.03% | −0.00 |
| TEL Te Connectivity Ltd. | Reduce -5.3% | 0.04% | −0.00 |
| CRL Charles River Laboratories | Reduce -13.6% | 0.04% | −0.00 |
| AMD Advanced Micro Devices | Reduce -15.0% | 0.08% | −0.00 |
| CVX Chevron Corp. | Reduce -0.6% | 0.09% | −0.00 |
| PYPL PayPal Holdings Inc. | Reduce -7.8% | 0.03% | −0.00 |
| DHR Danaher Corp. | Reduce -6.7% | 0.03% | −0.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.1% | 0.13% | −0.00 |
| VEA Vanguard Ftse Developed ETF | Reduce -0.2% | 0.04% | −0.00 |
| AFIB Acutus Medical Inc. | Sold out | 0.00% | −0.00 |
| VZ Verizon Communications Inc. | Reduce -1.6% | 0.02% | +0.00 |
| AJG Arthur J Gallagher & Co. | Reduce -0.5% | 0.03% | +0.00 |
| AXP American Express Co. | Reduce -7.6% | 0.04% | +0.00 |
| IBM Intl Business Machines Corp. | Reduce -3.0% | 0.04% | +0.00 |
| NICE Nice Ltd. - Spon ADR | Reduce -12.5% | 0.05% | +0.00 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -4.8% | 0.04% | +0.00 |
| VLO Valero Energy Corp. | Reduce -5.0% | 0.03% | +0.00 |
| AMZN Amazon.com Inc. | Reduce -6.3% | 0.17% | +0.00 |
| MSFT Microsoft Corp. | Reduce -2.0% | 0.79% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.0% | 2.47% | +0.01 |
| MRK Merck & Co. Inc. | Reduce -0.5% | 0.14% | +0.01 |
| XOM Exxon Mobil Corp. | Reduce -0.1% | 0.29% | +0.02 |
| JPM JPMorgan Chase & Co. | Reduce -2.4% | 0.63% | +0.04 |
| LRCX Lam Research Corp. | Reduce -0.3% | 0.29% | +0.04 |
| FISV Fiserv Inc. | Reduce -0.8% | 0.62% | +0.06 |
Portfolio Buys Q4 2023 → Q1 2024
| VTI VG Morningstar TS MKT ETF-US | Add +0.6% | 25.22% | +0.42 |
| IWF iShares Russell 1000 Growth | Add +0.3% | 7.69% | +0.22 |
| IJH iShares Core S&P Midcap ETF | Add +0.5% | 4.97% | +0.08 |
| DIS The Walt Disney Co. | Add +9.2% | 0.22% | +0.06 |
| ANET Arista Networks Inc. | Add +1.3% | 0.41% | +0.05 |
| AVGO Broadcom Inc. | Add +0.3% | 0.54% | +0.05 |
| DGRO iShares Core Dividend Growth | Add +1.3% | 5.67% | +0.04 |
| ABBV Abbvie Inc. | Add +16.3% | 0.17% | +0.03 |
| C Citigroup Inc. | Add +1.6% | 0.26% | +0.03 |
| IWD iShares Russell 1000 Value E | Add +0.6% | 5.54% | +0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +54.4% | 0.08% | +0.03 |
| PWR Quanta Services Inc. | Add +0.5% | 0.31% | +0.03 |
| COR Cencora Inc. | Add +1.3% | 0.32% | +0.03 |
| SYK Stryker Corp. | Add +1.6% | 0.26% | +0.03 |
| CAT Caterpillar Inc. | New | 0.03% | +0.03 |
| AMAT Applied Materials Inc. | New | 0.02% | +0.02 |
| MPC Marathon Petroleum Corp. | New | 0.02% | +0.02 |
| MRVL Marvell Technology Inc. | New | 0.02% | +0.02 |
| LNT Alliant Energy Corp. | New | 0.02% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | New | 0.02% | +0.02 |
| CTVA Corteva Inc. | Add +1.1% | 0.20% | +0.02 |
| GPC Genuine Parts Co. | New | 0.02% | +0.02 |
| GE General Electric | New | 0.02% | +0.02 |
| KR Kroger Co. | Add +0.1% | 0.15% | +0.02 |
| RSG Republic Services Inc. | Add +0.9% | 0.23% | +0.02 |
| F Ford Motor Co. | New | 0.02% | +0.02 |
| QCOM Qualcomm Inc. | Add +1.6% | 0.17% | +0.01 |
| LOW Lowe's Cos Inc. | Add +1.0% | 0.23% | +0.01 |
| PG The Procter & Gamble Co. | Add +6.3% | 0.15% | +0.01 |
| COST Costco Wholesale Corp. | Add +1.6% | 0.26% | +0.01 |
| PRU Prudential Financial Inc. | Add +0.5% | 0.21% | +0.01 |
| MGEE Mge Energy Inc. | Add +17.6% | 0.06% | +0.01 |
| BAC Bank of America Corp. | Add +0.3% | 0.22% | +0.01 |
| JCI Johnson Controls Internation | Add +1.4% | 0.13% | +0.01 |
| IQV Iqvia Holdings Inc. | Add +1.5% | 0.23% | +0.01 |
| PEP Pepsico Inc. | Add +6.9% | 0.24% | +0.00 |
| ELV Elevance Health Inc. | Add +0.6% | 0.13% | +0.00 |
| MO Altria Group Inc. | Add +6.6% | 0.04% | +0.00 |
| CIEN Ciena Corp. | Add +1.0% | 0.09% | +0.00 |
| GD General Dynamics Corp. | Add +0.4% | 0.17% | +0.00 |
| CSX CSX Corp. | Add +1.8% | 0.21% | +0.00 |
| TJX TJX Companies Inc. | Add +0.7% | 0.20% | +0.00 |
| ABT Abbott Laboratories | Add +6.0% | 0.07% | +0.00 |
| NULV Nuveen ESG Large-Cap Val ETF | Add +1.7% | 0.05% | +0.00 |
| ICE Intercontinental Exchange Inc. | Add +1.2% | 0.20% | −0.00 |
| MDLZ Mondelez International Inc. Class A | Add +10.2% | 0.11% | −0.00 |
| EOG EOG Resources Inc. | Add +0.3% | 0.13% | −0.00 |
| WTRG Essential Utilities Inc. | Add +1.4% | 0.11% | −0.01 |
| EXPE Expedia Group Inc. | Add +12.5% | 0.14% | −0.01 |
| DRI Darden Restaurants Inc. | Add +0.9% | 0.17% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 201 | $1.3B | VTI, IEFA, IWF, IJR, IWD |
| Q1 2026 | 192 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q4 2025 | 168 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q3 2025 | 185 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q2 2025 | 185 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q1 2025 | 170 | $1.0B | VTI, IEFA, IWF, IJR, DGRO |
| Q4 2024 | 162 | $1.0B | VTI, IEFA, IWF, IJR, DGRO |
| Q3 2024 | 159 | $999.2M | VTI, IEFA, IWF, IJR, DGRO |
| Q2 2024 | 157 | $943.3M | VTI, IEFA, IWF, IJR, DGRO |
| Q1 2024Amended | 165 | $932.5M | VTI, IEFA, IWF, IJR, DGRO |