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

0$500.0M$1.0B$1.5B Q1 2024: $932.5M $932.5M Q1 2024 Q2 2024: $943.3M Q2 2024 Q3 2024: $999.2M Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

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%
XLC SS Comm Select Sector SPDR 0.06% 7,057 $576K No change
APD Air Products & Chemicals Inc. 0.06% 2,370 $574K No change
AON Aon PLC Class A 0.06% 1,632 $545K No change
NKE Nike Inc. Class B 0.06% 5,713 $537K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,502 $517K No change
NICE Nice Ltd. - Spon ADR 0.05% 1,963 $512K Reduce -12.5%
MDY State Street SPDR S&P Midcap 0.05% 917 $510K Reduce -40.9%
ISRG Intuitive Surgical Inc. 0.05% 1,240 $495K Reduce -17.1%
META Meta Platforms Inc. Class A 0.05% 998 $485K No change
AMP Ameriprise Financial Inc. 0.05% 1,093 $479K No change
WMT Walmart Inc. 0.05% 7,878 $474K No change
DOX Amdocs Ltd. 0.05% 5,218 $472K Reduce -11.5%
NULV Nuveen ESG Large-Cap Val ETF 0.05% 11,846 $460K Add +1.7%
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $438K No change
MA Mastercard Inc. Class A 0.05% 875 $421K Reduce -16.7%
CTAS Cintas Corp. 0.05% 612 $420K No change
USB US Bancorp 0.04% 9,342 $418K Reduce -13.0%
EFA iShares MSCI Eafe ETF 0.04% 5,128 $410K No change
TEL Te Connectivity Ltd. 0.04% 2,800 $407K Reduce -5.3%
UNP Union Pacific Corp. 0.04% 1,619 $398K No change
FIS Fidelity National Info Serv 0.04% 5,284 $392K No change
V Visa Inc. Class A 0.04% 1,386 $387K Reduce -16.3%
WEYS Weyco Group Inc. 0.04% 12,096 $386K No change
NVO Novo-Nordisk A/S-Spons ADR 0.04% 2,934 $377K Reduce -4.8%
GLW Corning Inc. 0.04% 11,406 $376K No change
MO Altria Group Inc. 0.04% 8,116 $354K Add +6.6%
WM Waste Management Inc. 0.04% 1,657 $353K No change
CRL Charles River Laboratories 0.04% 1,300 $352K Reduce -13.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 1,787 $341K Reduce -3.0%
MCHP Microchip Technology Inc. 0.04% 3,762 $337K No change
AXP American Express Co. 0.04% 1,447 $329K Reduce -7.6%
VEA Vanguard Ftse Developed ETF 0.04% 6,514 $327K Reduce -0.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.03% 1,287 $322K Reduce -0.5%
ACWX iShares MSCI Acwi Ex US ETF 0.03% 5,905 $315K No change
SCHW Schwab (charles) Corp. 0.03% 4,041 $292K No change
PFE Pfizer Inc. 0.03% 10,350 $287K Reduce -2.5%
MCK McKesson Corp. 0.03% 523 $281K No change
VGT Vanguard Info Tech ETF 0.03% 519 $272K No change
VLO Valero Energy Corp. 0.03% 1,574 $269K Reduce -5.0%
CMI Cummins Inc. 0.03% 904 $266K No change
ARKK ARK Innovation ETF 0.03% 5,224 $262K No change
SBUX Starbucks Corp. 0.03% 2,835 $259K No change
NEE Nextera Energy Inc. 0.03% 4,019 $257K Reduce -15.2%
ROK Rockwell Automation Inc. 0.03% 867 $253K No change
PLTR Palantir Technologies Inc. Class A 0.03% 10,811 $249K No change
PH Parker Hannifin Corp. 0.03% 445 $247K No change
KMB Kimberly-Clark Corp. 0.03% 1,908 $247K No change
CAT Caterpillar Inc. 0.03% 663 $243K New
PYPL PayPal Holdings Inc. 0.03% 3,549 $238K Reduce -7.8%
IXN iShares Global Tech ETF 0.03% 3,143 $235K No change
DHR Danaher Corp. 0.03% 933 $233K Reduce -6.7%
AMAT Applied Materials Inc. 0.02% 1,114 $230K New
MPC Marathon Petroleum Corp. 0.02% 1,126 $227K New
VZ Verizon Communications Inc. 0.02% 5,388 $226K Reduce -1.6%
MRVL Marvell Technology Inc. 0.02% 3,177 $225K New
PSX Phillips 66 0.02% 1,378 $225K Reduce -33.8%
LNT Alliant Energy Corp. 0.02% 4,414 $222K New
BMY Bristol-Myers Squibb Co. 0.02% 3,998 $217K No change
TMO Thermo Fisher Scientific Inc. 0.02% 365 $212K New
GPC Genuine Parts Co. 0.02% 1,313 $203K New
GE General Electric 0.02% 1,146 $201K New
XEL Xcel Energy Inc. 0.02% 3,737 $201K Reduce -6.3%
B Barrick Gold Corp. 0.02% 11,000 $183K No change
F Ford Motor Co. filed as FORD MTR CO DEL 0.02% 11,789 $157K New
LLAP Terran Orbital Corp. 0.00% 10,000 $13K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 201$1.3BVTI, IEFA, IWF, IJR, IWD
Q1 2026 192$1.1BVTI, IEFA, IWF, IJR, DGRO
Q4 2025 168$1.1BVTI, IEFA, IWF, IJR, DGRO
Q3 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q2 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q1 2025 170$1.0BVTI, IEFA, IWF, IJR, DGRO
Q4 2024 162$1.0BVTI, IEFA, IWF, IJR, DGRO
Q3 2024 159$999.2MVTI, IEFA, IWF, IJR, DGRO
Q2 2024 157$943.3MVTI, IEFA, IWF, IJR, DGRO
Q1 2024Amended 165$932.5MVTI, IEFA, IWF, IJR, DGRO