First Business Financial Services, Inc.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 2, 2024), First Business Financial Services, Inc. reported 157 stock positions worth $943.3 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 25.7% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.7%) and iShares Russell 1000 Growth (IWF, 8.1%). Compared with Q1 2024, it opened 8 new positions, sold out of 16, added to 63 and reduced 35. The biggest buy was VG Morningstar TS MKT ETF-US (VTI, shares +0%) and the biggest sale iShares Core MSCI Eafe ETF (IEFA, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001521951
- Portfolio Value
- $943.3M (Q2 2024)
- SEC Filing
- 0001140361-24-035470 ↗ filed Aug 2, 2024
Holdings Value
Holdings 157 stocks · $943.3M
| VTI VG Morningstar TS MKT ETF-US | 25.67% | 905,198 | $242.1M | Add +0.0% |
| IEFA iShares Core MSCI Eafe ETF | 12.75% | 1,655,308 | $120.2M | Reduce -0.4% |
| IWF iShares Russell 1000 Growth | 8.14% | 210,627 | $76.8M | Reduce -1.0% |
| IJR iShares Core S&P Small-Cap E | 6.28% | 555,427 | $59.2M | Reduce -0.4% |
| DGRO iShares Core Dividend Growth | 5.42% | 888,216 | $51.2M | Reduce -2.4% |
| IWD iShares Russell 1000 Value E | 5.31% | 287,183 | $50.1M | Reduce -0.4% |
| AGG iShares Core U.S. Aggregate | 4.76% | 462,359 | $44.9M | Add +0.4% |
| IJH iShares Core S&P Midcap ETF | 4.71% | 759,502 | $44.4M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.57% | 44,575 | $24.3M | Add +1.2% |
| FBIZ First Business Financial Ser | 1.39% | 353,718 | $13.1M | Add +1.0% |
| JPST JPMorgan Ultra-Short Income | 1.21% | 225,460 | $11.4M | Add +0.4% |
| AAPL Apple Inc. | 1.18% | 52,686 | $11.1M | Add +1.8% |
| NVDA Nvidia Corp. | 0.99% | 75,543 | $9.3M | Add +9.8% |
| MSFT Microsoft Corp. | 0.86% | 18,106 | $8.1M | Add +3.4% |
| GOOGL Alphabet Inc. Class A | 0.70% | 36,231 | $6.6M | Add +1.4% |
| JPM JPMorgan Chase & Co. | 0.65% | 30,195 | $6.1M | Add +3.8% |
| AVGO Broadcom Inc. | 0.64% | 3,787 | $6.1M | Add +0.6% |
| FISV Fiserv Inc. | 0.57% | 36,173 | $5.4M | No change |
| LLY Eli Lilly & Co. | 0.53% | 5,538 | $5.0M | Add +4.5% |
| ANET Arista Networks Inc. | 0.52% | 14,122 | $4.9M | Add +7.1% |
| MTUM iShares MSCI USA Momentum Fa | 0.42% | 20,335 | $4.0M | No change |
| IVV iShares Core S&P 500 ETF | 0.34% | 5,873 | $3.2M | No change |
| COST Costco Wholesale Corp. | 0.33% | 3,610 | $3.1M | Add +10.3% |
| ADI Analog Devices Inc. | 0.32% | 13,272 | $3.0M | Add +1.0% |
| XLK SS Technology Select Sector | 0.32% | 13,285 | $3.0M | Reduce -0.8% |
| LRCX Lam Research Corp. | 0.31% | 2,772 | $3.0M | No change |
| PWR Quanta Services Inc. | 0.31% | 11,343 | $2.9M | Add +3.4% |
| COR Cencora Inc. | 0.30% | 12,718 | $2.9M | Add +4.5% |
| XOM Exxon Mobil Corp. | 0.29% | 23,856 | $2.7M | Add +3.0% |
| SYK Stryker Corp. | 0.28% | 7,703 | $2.6M | Add +15.6% |
| XLE SS Energy Select Sector | 0.26% | 27,252 | $2.5M | Add +0.5% |
| C Citigroup Inc. | 0.26% | 38,104 | $2.4M | Add +0.3% |
| TMUS T-Mobile US Inc. | 0.25% | 13,328 | $2.3M | Add +2.1% |
| RSG Republic Services Inc. | 0.25% | 11,936 | $2.3M | Add +6.4% |
| CSCO Cisco Systems Inc. | 0.24% | 47,650 | $2.3M | Add +4.4% |
| TXN Texas Instruments Inc. | 0.24% | 11,578 | $2.3M | Add +8.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.24% | 56,148 | $2.2M | Add +3.3% |
| UNH Unitedhealth Group Inc. | 0.23% | 4,243 | $2.2M | Add +1.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.22% | 19,027 | $2.1M | Add +3.3% |
| CTVA Corteva Inc. | 0.21% | 36,971 | $2.0M | Add +14.4% |
| ICE Intercontinental Exchange Inc. | 0.21% | 14,534 | $2.0M | Add +5.5% |
| QCOM Qualcomm Inc. | 0.21% | 9,967 | $2.0M | Add +6.3% |
| EA Electronic Arts Inc. | 0.21% | 14,066 | $2.0M | Add +3.7% |
| IQV Iqvia Holdings Inc. | 0.21% | 9,213 | $1.9M | Add +8.1% |
| PRU Prudential Financial Inc. | 0.21% | 16,574 | $1.9M | Add +0.6% |
| LOW Lowe's Cos Inc. | 0.20% | 8,585 | $1.9M | Add +2.8% |
| CSX CSX Corp. | 0.20% | 55,469 | $1.9M | Add +7.4% |
| EQIX Equinix Inc. | 0.19% | 2,358 | $1.8M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.19% | 17,839 | $1.8M | Add +5.6% |
| XLI SS Industrial Select Sector | 0.18% | 14,013 | $1.7M | No change |
| AMZN Amazon.com Inc. | 0.18% | 8,798 | $1.7M | Add +2.0% |
| IWB iShares Russell 1000 ETF | 0.18% | 5,578 | $1.7M | No change |
| GD General Dynamics Corp. | 0.18% | 5,697 | $1.7M | Add +2.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.17% | 32,980 | $1.6M | Add +3.1% |
| ADBE Adobe Inc. | 0.16% | 2,753 | $1.5M | Reduce -32.6% |
| NEE Nextera Energy Inc. | 0.16% | 21,591 | $1.5M | Add +437.2% |
| DRI Darden Restaurants Inc. | 0.16% | 10,061 | $1.5M | Add +9.0% |
| KO The Coca-Cola Co. | 0.16% | 23,335 | $1.5M | Reduce -1.9% |
| ACN Accenture PLC Class A | 0.15% | 4,639 | $1.4M | Reduce -37.4% |
| HLT Hilton Worldwide Holdings Inc. | 0.15% | 6,415 | $1.4M | New |
| GOOG Alphabet Inc. Class C | 0.14% | 7,390 | $1.4M | Reduce -1.3% |
| ELV Elevance Health Inc. | 0.14% | 2,485 | $1.3M | Add +3.4% |
| USMV iShares MSCI USA Min Vol Fac | 0.14% | 15,793 | $1.3M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.14% | 2,360 | $1.3M | Add +546.6% |
| PG The Procter & Gamble Co. | 0.14% | 7,843 | $1.3M | Reduce -11.5% |
| KR Kroger Co. | 0.14% | 25,583 | $1.3M | Add +4.5% |
| ABBV Abbvie Inc. | 0.13% | 7,365 | $1.3M | Reduce -13.9% |
| EXPE Expedia Group Inc. | 0.13% | 9,747 | $1.2M | Add +5.8% |
| EOG EOG Resources Inc. | 0.13% | 9,745 | $1.2M | Add +1.9% |
| IWM iShares Russell 2000 ETF | 0.13% | 5,923 | $1.2M | No change |
| GLD SPDR Gold Shares | 0.13% | 5,500 | $1.2M | No change |
| MRK Merck & Co. Inc. | 0.12% | 9,466 | $1.2M | Reduce -4.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.12% | 5,129 | $1.1M | No change |
| LULU Lululemon Athletica Inc. | 0.12% | 3,630 | $1.1M | New |
| PM Philip Morris International | 0.11% | 10,596 | $1.1M | Reduce -5.3% |
| XLY SS Consumer Disc Select Sect | 0.11% | 5,651 | $1.0M | No change |
| XLF SS Financial Select Sector | 0.10% | 24,095 | $991K | No change |
| PEP Pepsico Inc. | 0.10% | 5,692 | $939K | Reduce -54.8% |
| MDLZ Mondelez International Inc. Class A | 0.09% | 13,502 | $884K | Reduce -6.2% |
| CIEN Ciena Corp. | 0.09% | 18,061 | $870K | Add +3.8% |
| VOX Vanguard Communication Servi | 0.09% | 6,200 | $857K | No change |
| TDG Transdigm Group Inc. | 0.09% | 652 | $833K | No change |
| IWO iShares Russell 2000 Growth | 0.09% | 3,132 | $822K | No change |
| CVX Chevron Corp. | 0.09% | 5,147 | $805K | Reduce -7.6% |
| ITW Illinois Tool Works | 0.08% | 3,331 | $789K | No change |
| JNJ Johnson & Johnson | 0.08% | 5,382 | $787K | Add +1.1% |
| ATI Ati Inc. | 0.08% | 13,455 | $746K | No change |
| TTEK Tetra Tech Inc. | 0.08% | 3,511 | $718K | No change |
| IWN iShares Russell 2000 Value E | 0.07% | 4,604 | $701K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.07% | 1,706 | $694K | Reduce -4.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.07% | 2,832 | $686K | No change |
| TRI Thomson Reuters Corp. | 0.07% | 3,942 | $665K | No change |
| HD Home Depot Inc. | 0.07% | 1,928 | $664K | Reduce -0.4% |
| BLK BlackRock Finance Inc. | 0.07% | 836 | $658K | Add +0.7% |
| ETN Eaton Corp. PLC | 0.07% | 2,051 | $643K | Add +0.4% |
| XLC SS Comm Select Sector SPDR | 0.06% | 7,057 | $605K | No change |
| MCD McDonald's Corp. | 0.06% | 2,314 | $590K | Reduce -6.7% |
| ABT Abbott Laboratories | 0.06% | 5,649 | $587K | Reduce -6.8% |
| PNC PNC Financial Services Group | 0.06% | 3,759 | $584K | Add +1.2% |
| MGEE Mge Energy Inc. | 0.06% | 7,795 | $582K | Add +6.2% |
Portfolio Sells Q1 2024 → Q2 2024
| IEFA iShares Core MSCI Eafe ETF | Reduce -0.4% | 12.75% | −0.48 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.4% | 6.28% | −0.33 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.5% | 4.71% | −0.26 |
| DGRO iShares Core Dividend Growth | Reduce -2.4% | 5.42% | −0.24 |
| IWD iShares Russell 1000 Value E | Reduce -0.4% | 5.31% | −0.23 |
| PEP Pepsico Inc. | Reduce -54.8% | 0.10% | −0.14 |
| JCI Johnson Controls Internation | Sold out | 0.00% | −0.13 |
| ACN Accenture PLC Class A | Reduce -37.4% | 0.15% | −0.13 |
| WTRG Essential Utilities Inc. | Sold out | 0.00% | −0.11 |
| AMGN Amgen Inc. | Reduce -79.2% | 0.03% | −0.10 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.09 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.06 |
| ADBE Adobe Inc. | Reduce -32.6% | 0.16% | −0.06 |
| INTC Intel Corp. | Reduce -39.5% | 0.03% | −0.05 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.04 |
| ABBV Abbvie Inc. | Reduce -13.9% | 0.13% | −0.03 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.03 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −0.03 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.02 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.02 |
| PSX Phillips 66 | Sold out | 0.00% | −0.02 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.02 |
| GPC Genuine Parts Co. | Sold out | 0.00% | −0.02 |
| AMD Advanced Micro Devices | Reduce -18.4% | 0.06% | −0.02 |
| GE General Electric | Sold out | 0.00% | −0.02 |
| XEL Xcel Energy Inc. | Sold out | 0.00% | −0.02 |
| NKE Nike Inc. Class B | Reduce -12.3% | 0.04% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -11.5% | 0.14% | −0.02 |
| F Ford Motor Co. | Sold out | 0.00% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -4.2% | 0.12% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -6.2% | 0.09% | −0.01 |
| MCD McDonald's Corp. | Reduce -6.7% | 0.06% | −0.01 |
| ABT Abbott Laboratories | Reduce -6.8% | 0.06% | −0.01 |
| HD Home Depot Inc. | Reduce -0.4% | 0.07% | −0.01 |
| CVX Chevron Corp. | Reduce -7.6% | 0.09% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.5% | 0.07% | −0.01 |
| CTAS Cintas Corp. | Reduce -16.2% | 0.04% | −0.01 |
| USB US Bancorp | Reduce -3.2% | 0.04% | −0.01 |
| AJG Arthur J Gallagher & Co. | Reduce -19.4% | 0.03% | −0.01 |
| SBUX Starbucks Corp. | Reduce -6.7% | 0.02% | −0.01 |
| ARKK ARK Innovation ETF | Reduce -3.2% | 0.02% | −0.00 |
| MO Altria Group Inc. | Reduce -12.3% | 0.03% | −0.00 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -0.6% | 0.05% | −0.00 |
| MRVL Marvell Technology Inc. | Reduce -1.3% | 0.02% | −0.00 |
| KO The Coca-Cola Co. | Reduce -1.9% | 0.16% | +0.00 |
| PM Philip Morris International | Reduce -5.3% | 0.11% | +0.00 |
| ISRG Intuitive Surgical Inc. | Reduce -0.1% | 0.06% | +0.01 |
| XLK SS Technology Select Sector | Reduce -0.8% | 0.32% | +0.02 |
| GOOG Alphabet Inc. Class C | Reduce -1.3% | 0.14% | +0.02 |
Portfolio Buys Q1 2024 → Q2 2024
| VTI VG Morningstar TS MKT ETF-US | Add +0.0% | 25.67% | +0.45 |
| NVDA Nvidia Corp. | Add +9.8% | 0.99% | +0.32 |
| AAPL Apple Inc. | Add +1.8% | 1.18% | +0.22 |
| EQIX Equinix Inc. | New | 0.19% | +0.19 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.15% | +0.15 |
| NEE Nextera Energy Inc. | Add +437.2% | 0.16% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +1.4% | 0.70% | +0.12 |
| TMO Thermo Fisher Scientific Inc. | Add +546.6% | 0.14% | +0.12 |
| LULU Lululemon Athletica Inc. | New | 0.12% | +0.12 |
| ANET Arista Networks Inc. | Add +7.1% | 0.52% | +0.11 |
| AVGO Broadcom Inc. | Add +0.6% | 0.64% | +0.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.2% | 2.57% | +0.10 |
| LLY Eli Lilly & Co. | Add +4.5% | 0.53% | +0.09 |
| COST Costco Wholesale Corp. | Add +10.3% | 0.33% | +0.07 |
| MSFT Microsoft Corp. | Add +3.4% | 0.86% | +0.07 |
| ADI Analog Devices Inc. | Add +1.0% | 0.32% | +0.04 |
| QCOM Qualcomm Inc. | Add +6.3% | 0.21% | +0.04 |
| TXN Texas Instruments Inc. | Add +8.1% | 0.24% | +0.04 |
| ORCL Oracle Corp. | New | 0.02% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +3.8% | 0.65% | +0.02 |
| SYK Stryker Corp. | Add +15.6% | 0.28% | +0.02 |
| TJX TJX Companies Inc. | Add +3.3% | 0.22% | +0.02 |
| HON Honeywell International Inc. | New | 0.02% | +0.02 |
| TMUS T-Mobile US Inc. | Add +2.1% | 0.25% | +0.02 |
| BAC Bank of America Corp. | Add +3.3% | 0.24% | +0.02 |
| RSG Republic Services Inc. | Add +6.4% | 0.25% | +0.02 |
| EA Electronic Arts Inc. | Add +3.7% | 0.21% | +0.01 |
| ABTYX AB High Inc. Municipal-Adv | New | 0.01% | +0.01 |
| AMZN Amazon.com Inc. | Add +2.0% | 0.18% | +0.01 |
| CTVA Corteva Inc. | Add +14.4% | 0.21% | +0.01 |
| ELV Elevance Health Inc. | Add +3.4% | 0.14% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +1.9% | 0.23% | +0.01 |
| ICE Intercontinental Exchange Inc. | Add +5.5% | 0.21% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +23.1% | 0.04% | +0.01 |
| GD General Dynamics Corp. | Add +2.8% | 0.18% | +0.01 |
| WMT Walmart Inc. | Add +2.3% | 0.06% | +0.01 |
| FLG New York Community Bancorp | New | 0.00% | +0.00 |
| XOM Exxon Mobil Corp. | Add +3.0% | 0.29% | +0.00 |
| META Meta Platforms Inc. Class A | Add +1.8% | 0.05% | +0.00 |
| FIRST CITIZENS BANCSHARE (FCNCA V0 PERP B) | New | 0.00% | +0.00 |
| TEL Te Connectivity Ltd. | Add +1.5% | 0.05% | +0.00 |
| AXP American Express Co. | Add +1.4% | 0.04% | +0.00 |
| CIEN Ciena Corp. | Add +3.8% | 0.09% | 0.00 |
| PWR Quanta Services Inc. | Add +3.4% | 0.31% | 0.00 |
| MGEE Mge Energy Inc. | Add +6.2% | 0.06% | −0.00 |
| ETN Eaton Corp. PLC | Add +0.4% | 0.07% | −0.00 |
| EOG EOG Resources Inc. | Add +1.9% | 0.13% | −0.00 |
| C Citigroup Inc. | Add +0.3% | 0.26% | −0.00 |
| PRU Prudential Financial Inc. | Add +0.6% | 0.21% | −0.00 |
| PH Parker Hannifin Corp. | Add +2.3% | 0.02% | −0.00 |
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 |