The cluster is genuinely mixed — aggressive accumulation by Marshall Wace and BNP Paribas contrasts with significant trimming by RenTech, Citadel, and Raymond James. Monitor upcoming Q3 2026 13F filings to see if the buying or selling camp was correct, and watch for any insider trading activity that could corroborate one side.
Executive Summary
A mixed institutional cluster in Bank First Corp (BFC) for Q2 2026 shows 15 buyers accumulating $12.1M in new positions (led by Marshall Wace adding $6.4M) while 8 sellers reduced holdings by $8.6M (led by Raymond James exiting $2.5M and RenTech trimming $1.6M). The net $3.5M inflow suggests modest institutional interest, but the presence of both aggressive accumulation and significant trimming points to divergent views on the regional bank's outlook.
Key Financial Metrics
Institutional Positions
Net institutional flow: $3.5M
▲ Buyers (15)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Marshall Wace | DOUBLED | +870.1% | $7.1M | $6.4M |
| Bnp Paribas Financial Markets | ADD | +38.7% | $2.9M | $1.0M |
| Wealth Enhancement Advisory Services | DOUBLED | +165.9% | $1.4M | $889.0K |
| Wells Fargo | DOUBLED | +120.4% | $1.3M | $787.0K |
| Citigroup | ADD | +69% | $1.7M | $796.0K |
▼ Sellers (8)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Raymond James Financial | NEAR_EXIT | -88.3% | $2.8M | -$2.5M |
| RenTech | TRIM | -40.5% | $4.6M | -$1.6M |
| Susquehanna International Group | TRIM | -61.4% | $2.6M | -$1.5M |
| Citadel | TRIM | -54.3% | $2.6M | -$1.3M |
| UBS | TRIM | -43.2% | $3.1M | -$1.2M |
Key Facts
- 15 institutional buyers added $12.1M in new positions during Q2 2026
- 8 institutional sellers reduced holdings by $8.6M during the same period
- Marshall Wace was the largest buyer, more than 8x-ing its position to $7.1M (Δ+$6.4M)
- Raymond James was the largest seller, exiting 88% of its position (-$2.5M)
- RenTech and Citadel both trimmed significantly, reducing by $1.6M and $1.3M respectively
- Net aggregate inflow was approximately $3.5M across all tracked institutions
Financial Impact
Net institutional inflow of ~$3.5M (15 buyers adding $12.1M vs 8 sellers reducing $8.6M)
Risk Factors
- 13F data is 45+ days stale — positions may have been unwound since quarter-end
- Divergent signals from quant funds (RenTech, Citadel trimming) vs active managers (Marshall Wace adding) create uncertainty
- Regional banking sector headwinds (rate sensitivity, deposit costs) could explain the mixed institutional response
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-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $142.04 | awaiting T+20 | — | — |
Sep 22, 2026 4w 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 22w 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
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