The unanimous accumulation by both passive and active funds confirms a broad-based institutional re-rating; watch for follow-on disclosures from active value investors in Q4 2025. Given the $34.2M net inflow (roughly 2% of float in a single quarter) and a heavily passive-dominated buyer set, the stock could face selling pressure if macro rotation reverses regional-bank flows. No insider sales cluster against this filing, so the signal is clean.
Executive Summary
Five major institutional investors — four mega-passive asset managers (State Street, UBS, Morgan Stanley, BofA) and one quant fund (Two Sigma) — nearly all doubled or more than doubled their BFC positions in Q3 2025, a rare cluster of unanimous accumulation. Total net buying value reached $34.2M (to $68.9M held), a 99% increase quarter-over-quarter, suggesting a shared view that Bank First remains undervalued relative to its regional-bank peer group despite its outsized exposure to the lower-Growth Wisconsin/Michigan market.
Key Financial Metrics
Institutional Positions
Net institutional flow: $34.2M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Street | ADD | +71.1% | $51.4M | $22.2M |
| UBS | ADD | +211.8% | $4.0M | $2.8M |
| Morgan Stanley | ADD | +177.8% | $6.7M | $4.4M |
| Two Sigma | ADD | +210% | $3.0M | $2.1M |
| BofA | ADD | +272% | $3.7M | $2.8M |
Key Facts
- 5 institutions bought, 0 sold
- Total net buying: +$34.2M (current holdings $68.9M)
- 4 of 5 are mega-passive managers (State Street, UBS, Morgan Stanley, BofA)
- Two Sigma (quant) doubled its stake (+210% shares)
- Aggregate holdings rose from ~294K shares to ~566K shares (+93%)
Financial Impact
5 institutional buyers added $34.2M in new BFC positions during Q3 2025. With BFC's ~$1.6B market cap, the cluster represents ~2% of float accumulation in one quarter.
Risk Factors
- Cluster is dominated by passive/rebalancing funds, which reduces conviction signal relative to activist or event-driven buyers
- 13F disclosure lag (45 days); positions may have been partially or fully unwound since quarter-end
- BFC's outsized exposure to Wisconsin/Michigan agricultural and lower-Growth commercial real estate may dampen ROE recovery vs larger regional peers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-BFC-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $142.04 | awaiting T+20 | — | — |
Sep 22, 2026 5w ago | Institutional Cluster | $150.83 $148.34 | ▼ −1.65% | ▼ −1.09% | — |
Aug 24, 2026 9w ago | Insider Buy | $154.08 $150.83 | ▼ −2.11% | ▼ −3.42% | — |
Aug 4, 2026 12w ago | EFFECT | $156.08 $150.33 | ▼ −3.68% | ▼ −2.45% | — |
Jul 30, 2026 12w ago | S-4/A | $152.74 $152.81 | ▲ +0.05% | ▼ −2.94% | — |
Jul 17, 2026 14w ago | S-4 | $145.82 $156.88 | ▲ +7.58% | ▲ +3.46% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $143.99 $146.67 | ▲ +1.86% | ▼ −0.03% | — |
May 19, 2026 23w ago | 8-K | $143.05 $142.68 | ▼ −0.26% | ▼ −1.00% | — |
Apr 24, 2026 26w ago | DEFA14A | $144.19 $142.37 | ▼ −1.26% | ▼ −5.29% | — |
Apr 22, 2026 26w ago | 8-K | $141.83 $143.05 | ▲ +0.86% | ▼ −3.77% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers