The cluster is directionally mixed but contains a high-conviction accumulation signal (3 active managers doubling in size). The 45-day 13F lag means these positions may have already been adjusted. Monitor next 10-Q for insider buying and fundamental updates, and watch for any follow-on 13D/G passive-to-active migration. The net flat flow suggests no urgent re-rating catalyst.
Executive Summary
Mixed institutional activity in NBBK for Q3 2024: four active asset managers (Metlife, Janus, Panagora, Legal & General) collectively added $2.8M in new positions, often doubling or tripling holdings, while three sellers (led by Alliancebernstein trimming $2.6M) reduced exposure by $3.0M. Net dollar change is essentially flat, but the buying side shows strong conviction from active managers.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$187.0K
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Panagora Asset Management | ADD | +44.6% | $2.8M | $1.2M |
| Legal & General Group | DOUBLED | +1545.9% | $1.0M | $976.0K |
| Janus Henderson Group | DOUBLED | +120.1% | $486.0K | $306.0K |
| Metlife Investment Management | DOUBLED | +129.1% | $426.0K | $275.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Alliancebernstein | TRIM | -40.4% | $9.8M | -$2.6M |
| Rafferty Asset Management | TRIM | -32.2% | $1.2M | -$205.9K |
| Invesco | TRIM | -44.9% | $494.0K | -$159.3K |
Key Facts
- 4 buyers (3 doubled positions) added $2.8M in value; 3 sellers reduced by $3.0M
- Alliancebernstein trimmed 40% of its large position, selling $2.6M
- Legal & General and Janus Henderson roughly doubled their small positions
- Panagora Asset Management added 45% ($1.2M increment), now the largest buyer
- Mega-passive Invesco trimmed 45% of its modest stake
- Net institutional flow essentially flat at ~-$187K
Financial Impact
Net institutional flow of approximately -$0.2M on aggregate buying of $2.8M and selling of $3.0M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound
- Large seller Alliancebernstein may reflect a bearish re-rating thesis
- Small absolute dollar amounts (<$5M total) limit signal strength
- Cluster is mixed, not unidirectional, reducing consensus conviction
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-NBBK-2024-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $21.86 | awaiting T+60 | — | — |
Jun 12, 2026 19w ago | Institutional Cluster | $20.62 $23.00 | ▲ +11.52% | ▲ +8.25% | — |
May 21, 2026 22w ago | 8-K | $19.88 $22.91 | ▲ +15.24% | ▲ +10.94% | — |
May 13, 2026 23w ago | 8-K | $19.72 $22.58 | ▲ +14.50% | ▲ +10.07% | — |
Apr 24, 2026 26w ago | Insider Cluster | $19.75 $21.04 | ▲ +6.53% | ▲ +1.45% | — |
Apr 22, 2026 26w ago | 8-K | $19.09 $20.98 | ▼ −9.88% | ▼ −4.86% | — |
Mar 6, 2026 33w ago | Insider Cluster | $20.96 $19.69 | ▼ −6.05% | ▼ −18.83% | — |
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