Dominant selling by Adage (a quant-oriented asset manager) and Citadel (a sophisticated quant) signals a coordinated de-risking or negative thesis on HBT. This overrides the small buys from passive/asset-manager firms. Watch for a potential earnings miss or credit weakness as a catalyst. Contrarian entry possible only if Q3 results beat consensus strongly.
Executive Summary
In Q3 2024, 13F filings for HBT Financial reveal a mixed institutional cluster: three small asset managers added modest positions totaling ~$1.3M, while four larger sellers—led by Adage Capital Partners trimming $5.9M—unloaded a net ~$6.2M. The selling is dominant in dollar terms, suggesting institutional profit-taking or risk reduction despite underlying bullish analyst consensus.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$5.6M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | ADD | +93.5% | $1.0M | $530.0K |
| Legal & General Group | ADD | +38.1% | $320.0K | $104.0K |
| Cwm | ADD | +99% | $27.00 | $14.00 |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Adage Capital Partners Gp | TRIM | -53.8% | $11.7M | -$5.9M |
| Invesco | TRIM | -30% | $587.0K | -$146.9K |
| Citadel | TRIM | -39.6% | $417.0K | -$147.4K |
| Danske Bank A/S | TRIM | -26.7% | $31.0K | -$6.6K |
Key Facts
- 3 buyers added positions worth $1.3M (net change +634K), led by Assenagon Asset Management adding $530K.
- 4 sellers trimmed a combined $6.2M in value, led by Adage Capital Partners cutting $5.9M (≈54% of its stake).
- Aggregate net change is -$5.6M, a clear selling bias by dollar value.
- All seller actions are TRIMs; no full exits, but Adage's 54% reduction is aggressive.
Financial Impact
Net institutional selling of approximately $5.6 million in Q3 2024, driven primarily by Adage Capital Partners reducing a $11.7M position to $5.8M.
Risk Factors
- Adage's 54% trim is a high-conviction sell signal from a respected multi-strategy fund.
- 13F data is 45+ days stale; positions may have already been adjusted further.
- Net selling bias may reflect sector rotation away from small-cap banks, not company-specific distress.
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-HBT-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Press Release | $37.21 $36.75 | ▼ −1.24% | ▼ −1.80% | — |
Oct 26, 2026 1d ago | 8-K | $37.21 $36.75 | ▼ −1.24% | ▼ −1.80% | — |
Sep 22, 2026 5w ago | Institutional Cluster | $35.42 $35.11 | ▼ −0.88% | ▼ −0.15% | — |
Sep 17, 2026 5w ago | EFFECT | $36.08 $36.01 | ▼ −0.19% | ▼ −0.07% | — |
Aug 10, 2026 11w ago | 8-K | $35.94 $36.19 | ▲ +0.70% | ▲ +1.02% | — |
Aug 7, 2026 11w ago | EFFECT | $36.35 $35.94 | ▲ +1.13% | ▲ +1.10% | — |
Aug 4, 2026 12w ago | S-4/A | $36.13 $36.11 | ▼ −0.06% | ▲ +0.14% | — |
Jul 27, 2026 13w ago | Press Release | $34.59 $36.16 | ▲ +4.54% | ▲ +4.30% | — |
Jul 10, 2026 15w ago | Press Release | $32.06 | awaiting T+1 | — | — |
Jun 12, 2026 19w ago | S-4/A | $29.99 $30.13 | ▲ +0.47% | ▲ +1.06% | — |
US Market Status
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