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

0$500.0M$1.0B$1.5B Q1 2024: $932.5M Q1 2024 Q2 2024: $943.3M $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 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%
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,502 $562K No change
ISRG Intuitive Surgical Inc. 0.06% 1,239 $551K Reduce -0.1%
WMT Walmart Inc. 0.06% 8,056 $545K Add +2.3%
AMD Advanced Micro Devices 0.06% 3,331 $540K Reduce -18.4%
META Meta Platforms Inc. Class A 0.05% 1,016 $512K Add +1.8%
MDY State Street SPDR S&P Midcap 0.05% 917 $491K No change
AON Aon PLC Class A 0.05% 1,632 $479K No change
AMP Ameriprise Financial Inc. 0.05% 1,093 $467K No change
NULV Nuveen ESG Large-Cap Val ETF 0.05% 11,776 $445K Reduce -0.6%
GLW Corning Inc. 0.05% 11,406 $443K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $431K No change
TEL Te Connectivity Ltd. 0.05% 2,841 $427K Add +1.5%
NVO Novo-Nordisk A/S-Spons ADR 0.04% 2,934 $419K No change
DOX Amdocs Ltd. 0.04% 5,218 $412K No change
EFA iShares MSCI Eafe ETF 0.04% 5,128 $402K No change
FIS Fidelity National Info Serv 0.04% 5,284 $398K No change
MA Mastercard Inc. Class A 0.04% 875 $386K No change
NKE Nike Inc. Class B 0.04% 5,013 $378K Reduce -12.3%
UNP Union Pacific Corp. 0.04% 1,652 $374K Add +2.0%
V Visa Inc. Class A 0.04% 1,415 $371K Add +2.1%
WEYS Weyco Group Inc. 0.04% 12,096 $367K No change
SCHW Schwab (charles) Corp. 0.04% 4,976 $367K Add +23.1%
CTAS Cintas Corp. 0.04% 513 $359K Reduce -16.2%
USB US Bancorp 0.04% 9,042 $359K Reduce -3.2%
WM Waste Management Inc. 0.04% 1,657 $354K No change
MCHP Microchip Technology Inc. 0.04% 3,762 $344K No change
AXP American Express Co. 0.04% 1,468 $340K Add +1.4%
NICE Nice Ltd. - Spon ADR 0.04% 1,963 $338K No change
INTC Intel Corp. 0.03% 10,637 $329K Reduce -39.5%
MO Altria Group Inc. 0.03% 7,116 $324K Reduce -12.3%
VEA Vanguard Ftse Developed ETF 0.03% 6,514 $322K No change
ACWX iShares MSCI Acwi Ex US ETF 0.03% 5,905 $314K No change
MCK McKesson Corp. 0.03% 523 $305K No change
VGT Vanguard Info Tech ETF 0.03% 519 $299K No change
AMGN Amgen Inc. 0.03% 919 $287K Reduce -79.2%
PLTR Palantir Technologies Inc. Class A 0.03% 10,811 $274K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.03% 1,037 $269K Reduce -19.4%
CRL Charles River Laboratories 0.03% 1,300 $269K No change
KMB Kimberly-Clark Corp. 0.03% 1,908 $264K No change
AMAT Applied Materials Inc. 0.03% 1,114 $263K No change
IXN iShares Global Tech ETF 0.03% 3,143 $260K No change
CMI Cummins Inc. 0.03% 904 $250K No change
ROK Rockwell Automation Inc. 0.03% 867 $239K No change
DHR Danaher Corp. 0.02% 933 $233K No change
PH Parker Hannifin Corp. 0.02% 455 $230K Add +2.3%
ORCL Oracle Corp. 0.02% 1,589 $224K New
ARKK ARK Innovation ETF 0.02% 5,057 $222K Reduce -3.2%
CAT Caterpillar Inc. 0.02% 667 $222K Add +0.6%
MRVL Marvell Technology Inc. 0.02% 3,136 $219K Reduce -1.3%
PYPL PayPal Holdings Inc. 0.02% 3,722 $216K Add +4.9%
SBUX Starbucks Corp. 0.02% 2,645 $206K Reduce -6.7%
HON Honeywell International Inc. 0.02% 957 $204K New
B Barrick Gold Corp. 0.02% 11,000 $183K No change
ABTYX AB High Inc. Municipal-Adv 0.01% 12,823 $133K New
FLG New York Community Bancorp 0.00% 10,000 $32K New
FIRST CITIZENS BANCSHARE (FCNCA V0 PERP B) 0.00% 20,000 $20K New
LLAP Terran Orbital Corp. 0.00% 10,000 $8K No change

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

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