BFC Bank First Corp
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 |
Actionable Insight
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.
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
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 | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
9d ago
|
Institutional Cluster
| $143.99 $141.39 | ▼ −1.81% | ▼ −2.24% | — |
|
May 19, 2026
4w ago
|
8-K
| $143.05 $140.83 | ▼ −1.55% | ▼ −3.35% | — |
|
Apr 24, 2026
8w ago
|
DEFA14A
| $144.19 $145.31 | ▲ +0.78% | ▼ −0.13% | — |
|
Apr 22, 2026
8w ago
|
8-K
| $141.83 $144.81 | ▲ +2.10% | ▲ +0.62% | — |
|
Apr 16, 2026
9w ago
|
8-K
| $140.87 $144.19 | ▲ +2.36% | ▲ +1.80% | — |
US Market Status
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