52% buyers of institutions opening or closing positions this quarter
2 more new buyers than exits, ownership rose 3.82 percentage points vs the prior quarter, and 2 well-known fund managers in the top 25.
52% buyers of institutions opening or closing positions this quarter
36.7% institutional ownership
NICOLET BANKSHARES INC portfolio allocation
Institutional ownership vs Banks - Regional peers
2 Form 4 filings β executives buying or selling their own stock
Latest positioning in BFC across 13F flow, ownership shift, marquee holders, and holder-count growth.
Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in BFC held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 762K | $102.9M | +10.0% | 7.751% | 0.00% |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 471K | $63.6M | β | 4.789% | 0.00% |
| 3 | STATE STREET CORP | 348K | $47.2M | +1.3% | 3.544% | 0.00% |
| 4 | GEODE CAPITAL MANAGEMENT, LLC | 282K | $38.1M | +14.1% | 2.869% | 0.00% |
| 5 | Merit Financial Group, LLC | 177K | $23.9M | -0.4% | 1.797% | 0.18% |
| 6 | DIMENSIONAL FUND ADVISORS LP | 160K | $21.6M | +21.2% | 1.624% | 0.00% |
| 7 | VANGUARD PORTFOLIO MANAGEMENT LLC | 136K | $18.4M | β | 1.382% | 0.00% |
| 8 | BANK OF MONTREAL /CAN/ | 104K | $14.0M | 0.0% | 1.056% | 0.01% |
| 9 | NORTHERN TRUST CORP | 98K | $13.3M | +14.4% | 1.001% | 0.00% |
| 10 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 84K | $11.3M | +12.3% | 0.854% | 0.00% |
| 11 | FIRST TRUST ADVISORS LP | 73K | $9.9M | +9.6% | 0.743% | 0.01% |
| 12 | VANGUARD FIDUCIARY TRUST CO | 68K | $9.2M | β | 0.690% | 0.00% |
| 13 | Creative Planning | 59K | $7.9M | -0.0% | 0.597% | 0.01% |
| 14 | NICOLET BANKSHARES INC | 52K | $7.0M | +478.0% | 0.524% | 0.26% |
| 15 | STIFEL FINANCIAL CORP | 42K | $5.7M | -2.0% | 0.432% | 0.01% |
| 16 | Bank of New York Mellon Corp | 42K | $5.6M | +3.5% | 0.425% | 0.00% |
| 17 | MORGAN STANLEY | 38K | $5.1M | -25.2% | 0.388% | 0.00% |
| 18 | GOLDMAN SACHS GROUP INC | 38K | $5.1M | -18.8% | 0.383% | 0.00% |
| 19 | Wealthcare Advisory Partners LLC | 37K | $5.0M | -0.6% | 0.380% | 0.10% |
| 20 | TWO SIGMA INVESTMENTS, LP | 36K | $4.8M | +78.1% | 0.363% | 0.00% |
| 21 | RENAISSANCE TECHNOLOGIES LLC | 34K | $4.6M | -35.6% | 0.344% | 0.01% |
| 22 | AMERICAN CENTURY COMPANIES INC | 27K | $3.7M | -43.4% | 0.276% | 0.00% |
| 23 | UBS Group AG | 23K | $3.1M | -40.9% | 0.231% | 0.00% |
| 24 | Nuveen, LLC | 22K | $2.9M | +3.5% | 0.219% | 0.00% |
| 25 | RAYMOND JAMES FINANCIAL INC | 21K | $2.8M | +12.2% | 0.214% | 0.00% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). β% of Fundβ shows how much of that investorβs total 13F portfolio is invested in BFC β a direct measure of their conviction.
Filings activity in BFC during Q1 2026, grouped by how each filer changed its position.
Institutions that opened a new BFC position in Q1 2026
Institutions that fully closed their BFC position in Q1 2026
8 quarters of 13F filings Β· Ξ columns show change vs prior quarter
| Quarter | Inst. Holders | Ξ Holders | Ownership % | Ξ Ownership | Total 13F Value | Ξ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 144 | +1.4% | 36.72% | +3.82 pp | $512M | +12% |
| Q4 2025 | 142 | +11% | 32.90% | +0.60 pp | $459M | +1.9% |
| Q3 2025 | 128 | +9.4% | 32.30% | +5.08 pp | $451M | +19% |
| Q2 2025 | 117 | 0.8% | 27.22% | +3.95 pp | $380M | +17% |
| Q1 2025 | 118 | +0.0% | 23.27% | +0.67 pp | $325M | +3.0% |
| Q4 2024 | 118 | +5.4% | 22.60% | +3.27 pp | $315M | +17% |
| Q3 2024 | 112 | +15% | 19.33% | +2.11 pp | $270M | +12% |
| Q2 2024 | 97 | β | 17.22% | β | $240M | β |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Ξ columns compare to the immediately prior filed quarter.
Latest Form 4 transactions by company officers and directors. Insider buys are widely viewed as the highest-conviction signal because executives are risking personal capital.
| Date | Insider | Action | Shares | Price | Value |
|---|---|---|---|---|---|
| Apr 22, 2026 | Sprang Todd A. | Buy | 450 | $138.96 | $63K |
| Apr 21, 2026 | Stayer-Suprick Michael S | Buy | 225 | $140.04 | $32K |
Quick answers to the most common questions about buying BFC stock.
Based on Q1 2026 13F filings, institutional ownership of Bank First Corporation stands at 36.7%, held across 144 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of BFC, with approximately 762,199 shares worth $0.10B as of Q1 2026.
Yes β 2 widely-followed marquee investors appear among the top 25 institutional holders of BFC, including TWO SIGMA INVESTMENTS, LP, RENAISSANCE TECHNOLOGIES LLC.
Our composite Smart Money Score for BFC is 64 out of 100 (Bullish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
23 institutions opened new positions in BFC during Q1 2026, while 21 fully exited. 92 added to existing positions and 26 trimmed.
BFC institutional ownership rose by 3.82 percentage points quarter-over-quarter, with a net change of β holders.
The top 10 institutions account for 69.2% of all reported 13F value in BFC, and the top 25 account for 85.3%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.