Business First Bancshares, Inc. (BFST) shareholders
BFSTNasdaqState Commercial BanksFiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Nov 3, 2026Score 13/300% below fair value
$32.27−0.14 (-0.43%)
Close on Nov 13, 2026Market cap $1.05BP/E 11.4Yield 1.77%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
58.0%
19M of 33M shares
Institutional holders
174
21 new, 13 sold out
Net institutional buying
3M
In Q2 2026
Insider trades, 12 months
3 buys · 30 sales
Net sold $7.10M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| BlackRock, Inc. | 2,607,517 | 8.00% | 13G (passive) amendment | Jun 30, 2026 |
| Vanguard Capital Management | 1,675,898 | 5.12% | 13G (passive) | Mar 31, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of BFST | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 2,732,988 | 8.40% | $83.98M | +286,027 | 0.00% |
| Vanguard Capital Management LLC | 1,399,712 | 4.30% | $43.01M | −31,450 | 0.00% |
| Dimensional Fund Advisors LP | 1,311,018 | 4.03% | $40.29M | +145,298 | 0.01% |
| Jupiter Topco LLC | 1,089,827 | 3.35% | $33.49M | New | 0.01% |
| State Street Corp | 1,045,212 | 3.21% | $32.12M | +384,122 | 0.00% |
| American Century Companies Inc | 1,025,919 | 3.15% | $31.53M | +135,528 | 0.01% |
| Royce & Associates LP | 931,811 | 2.86% | $28.63M | +95,713 | 0.23% |
| Geode Capital Management, LLC | 863,416 | 2.65% | $26.54M | +53,412 | 0.00% |
| Bank of New York Mellon Corp | 450,790 | 1.38% | $13.85M | +8,937 | 0.00% |
| Manufacturers Life Insurance Company, The | 432,026 | 1.33% | $13.28M | −2,905 | 0.01% |
| JPMorgan Chase & Co | 405,623 | 1.25% | $12.44M | +170,739 | 0.00% |
| T. Rowe Price Investment Management, Inc. | 364,389 | 1.12% | $11.20M | New | 0.01% |
| Northern Trust Corp | 312,000 | 0.96% | $9.59M | +15,909 | 0.00% |
| RMB Capital Management, LLC | 293,902 | 0.90% | $9.03M | +43,893 | 0.14% |
| Mendon Capital Advisors Corp | 293,893 | 0.90% | $9.03M | +43,893 | 3.19% |
| Ranger Investment Management, L.P. | 284,500 | 0.87% | $8.74M | −36,790 | 0.55% |
| Vanguard Portfolio Management LLC | 278,146 | 0.85% | $8.55M | +32,839 | 0.00% |
| Charles Schwab Investment Management Inc | 271,895 | 0.84% | $8.36M | +5,478 | 0.00% |
| Russell Investments Group, Ltd. | 246,486 | 0.76% | $7.57M | +5,085 | 0.01% |
| Banc Funds Co LLC | 234,257 | 0.72% | $7.20M | – | 1.19% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 174 | 19M | 58.0% | 21 / 76 | 35 / 13 | 4M | 1M |
| Q1 2026 | 170 | 17M | 52.0% | 25 / 56 | 46 / 20 | 4M | 1M |
| Q4 2025 | 167 | 15M | 47.3% | 23 / 54 | 53 / 11 | 1M | 1M |
| Q3 2025 | 156 | 15M | 47.3% | 21 / 58 | 43 / 11 | 1M | 1M |
| Q2 2025 | 146 | 15M | 45.8% | 18 / 62 | 31 / 19 | 1M | 1M |
| Q1 2025 | 148 | 14M | 43.9% | 20 / 44 | 48 / 12 | 1M | 1M |
| Q4 2024 | 142 | 14M | 42.4% | 27 / 51 | 38 / 12 | 2M | 1M |
| Q3 2024 | 128 | 13M | 39.9% | 23 / 43 | 36 / 6 | 4M | 1M |
| Q2 2024 | 112 | 12M | 38.1% | 18 / 43 | 33 / 15 | 1M | 1M |
| Q1 2024 | 111 | 12M | 37.6% | 3 / 34 | 41 / 9 | 1M | 1M |
| Q4 2023 | 118 | 12M | 38.0% | 17 / 35 | 31 / 8 | 2M | 0M |
| Q3 2023 | 109 | 11M | 33.6% | 17 / 42 | 25 / 3 | 1M | 1M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
191 funds held BFST in Q2 2026, 42% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| Fund | Shares | % of BFST | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 989,964 | 3.04% | $30.42M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 889,254 | 2.73% | $27.33M | 0.03% | Jun 30, 2026 |
| Janus Henderson Small Cap Value Fund | 823,664 | 2.53% | $25.31M | 1.99% | Jun 30, 2026 |
| Avantis U.S. Small Cap Value ETF | 818,129 | 2.51% | $23.30M | 0.09% | May 31, 2026 |
| Vanguard Extended Market Index Fund | 377,216 | 1.16% | $11.59M | 0.01% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 346,400 | 1.06% | $11.02M | 0.03% | Jul 31, 2026 |
| iShares Russell 2000 Value ETF | 316,606 | 0.97% | $9.73M | 0.07% | Jun 30, 2026 |
| RMB Mendon Financial Services Fund | 293,893 | 0.90% | $9.03M | 3.50% | Jun 30, 2026 |
| Royce Small-Cap Opportunity Fund | 286,802 | 0.88% | $8.81M | 0.62% | Jun 30, 2026 |
| State Street(R) SPDR(R) S&P(R) Regional Banking ETF | 264,511 | 0.81% | $8.13M | 0.17% | Jun 30, 2026 |
| U.S. Small Cap Value Portfolio | 231,092 | 0.71% | $7.35M | 0.04% | Jul 31, 2026 |
| Regional Bank Fund | 215,468 | 0.66% | $6.86M | 0.71% | Jul 31, 2026 |
| T. Rowe Price Small-Cap Value Fund, Inc. | 211,499 | 0.65% | $6.50M | 0.06% | Jun 30, 2026 |
| Royce Small-Cap Fund | 175,930 | 0.54% | $5.41M | 0.25% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 171,515 | 0.53% | $4.88M | 0.01% | May 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| David R. Melville Iii | President and CEO, Director | 208,902 | 0.64% | Apr 2, 2026 |
| Donald Chad Carter | EVP, Correspondent Banking | 12,642 | 0.04% | Aug 7, 2026 |
| Saundra Strong | EVP & General Counsel | 4,878 | 0.01% | Aug 6, 2026 |
| Keith Mansfield | EVP&COO of b1Bank | 77,139 | 0.24% | Jul 31, 2026 |
| Heather G. Roemer | EVP, CAO | 35,111 | 0.11% | Apr 2, 2026 |
| Philip Jordan | EVP&CBO of b1Bank | 87,308 | 0.27% | Apr 2, 2026 |
| Greg Robertson | EVP and CFO | 69,532 | 0.21% | Apr 2, 2026 |
| Warren McDonald | EVP & Chief Credit Officer | 14,195 | 0.04% | Apr 2, 2026 |
| Kathryn Manning | EVP & Chief Risk Officer | 15,791 | 0.05% | Apr 2, 2026 |
| Norman Jerome Vascocu Jr | President of b1Bank | 21,595 | 0.07% | Apr 2, 2026 |
| George W. Cummings III | Director | 169,283 | 0.52% | Nov 2, 2026 |
| William G. Hall | Director | 24,540 | 0.08% | Aug 7, 2026 |
| Joseph Vernon Johnson | Director | 281,769 | 0.87% | Jul 30, 2026 |
| Rick D. Day | Director | 269,901 | 0.83% | Jul 29, 2026 |
| Mark P. Folse | Director | 54,302 | 0.17% | Jun 29, 2026 |
| Keith Alexis Tillage | Director | 6,409 | 0.02% | Jun 29, 2026 |
| John P. Ducrest | Director | 20,768 | 0.06% | Jun 29, 2026 |
| Aimee M. Quirk | Director | 2,533 | 0.01% | Jun 29, 2026 |
| Zeenat Sidi | Director | 1,674 | 0.01% | Jun 29, 2026 |
| Steven Gerard White | Director | 44,679 | 0.14% | Jun 29, 2026 |
| Patrick E. Mockler | Director | 64,047 | 0.20% | Jun 29, 2026 |
| David A. Montgomery Jr. | Director | 14,268 | 0.04% | Jun 29, 2026 |
| Rolfe H. McCollister Jr. | Director | 99,096 | 0.30% | Jun 29, 2026 |
| Alejandro M. Sanchez | Director | 1,016 | 0.00% | Jun 29, 2026 |
| Arthur Price | Director | 22,680 | 0.07% | Jun 29, 2026 |
| James J. Buquet III | Director | 32,212 | 0.10% | Aug 5, 2025 |
| Carol Calkins | Director | 6,000 | 0.02% | Jun 30, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| George W. Cummings III Director | Oct 29, 2026 | Sale | −18,373 | $31.73 | $582.98K | 165,372 |
| George W. Cummings III Director | Aug 24, 2026 | Sale | −10,000 | $31.33 | $313.30K | 183,745 |
| George W. Cummings III Director | Aug 21, 2026 | Sale | −4,200 | $31.27 | $131.33K | 193,745 |
| George W. Cummings III Director | Aug 19, 2026 | Sale | −3,235 | $31.80 | $102.87K | 197,945 |
| George W. Cummings III Director | Aug 18, 2026 | Sale | −10,000 | $31.78 | $317.80K | 201,180 |
| Donald Chad Carter EVP, Correspondent Banking | Aug 6, 2026 | Sale | −1,875 | $31.64 | $59.33K | 12,642 |
| William G. Hall Director | Aug 5, 2026 | Sale | −1,666 | $31.97 | $53.26K | 3,550 |
| William G. Hall Director | Aug 5, 2026 | Sale | −9,723 | $31.97 | $310.84K | 0 |
| Saundra Strong EVP & General Counsel | Aug 5, 2026 | Sale | −1,000 | $31.98 | $31.98K | 4,878 |
| George W. Cummings III Director | Aug 3, 2026 | Sale | −10,000 | $31.87 | $318.70K | 211,180 |
| George W. Cummings III Director | Jul 31, 2026 | Sale | −10,000 | $31.50 | $315.00K | 221,180 |
| Keith Mansfield EVP&COO of b1Bank | Jul 30, 2026 | Sale | −4,200 | $32.08 | $134.74K | 77,139 |
| George W. Cummings III Director | Jul 30, 2026 | Sale | −10,000 | $32.08 | $320.80K | 231,180 |
| Joseph Vernon Johnson Director | Jul 29, 2026 | Sale | −2,000 | $31.15 | $62.30K | 172,073 |
| George W. Cummings III Director | Jul 29, 2026 | Sale | −10,000 | $31.88 | $318.80K | 241,180 |
| Joseph Vernon Johnson Director | Jul 28, 2026 | Sale | −10,000 | $31.75 | $317.50K | 174,073 |
| George W. Cummings III Director | Jul 28, 2026 | Sale | −10,000 | $31.86 | $318.60K | 251,180 |
| Rick D. Day Director | Jul 28, 2026 | Buy | +1,500 | $31.61 | $47.42K | 269,901 |
| Alejandro M. Sanchez Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 1,016 |
| Aimee M. Quirk Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 2,533 |
| Joseph Vernon Johnson Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 184,073 |
| Keith Alexis Tillage Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 6,409 |
| Rolfe H. McCollister Jr. Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 94,096 |
| Mark P. Folse Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 54,302 |
| Arthur Price Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 11,680 |
| Patrick E. Mockler Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 33,159 |
| Steven Gerard White Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 14,930 |
| David A. Montgomery Jr. Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 14,268 |
| William G. Hall Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 20,990 |
| John P. Ducrest Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 14,732 |
| John P. Ducrest Director | Jun 26, 2026 | Returned to company | −1,016 | – | – | 13,716 |
| Zeenat Sidi Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 1,674 |
| Rick D. Day Director | Jun 26, 2026 | Option exercise | +1,016 | – | – | 268,401 |
| George W. Cummings III Director | Jun 11, 2026 | Sale | −5,000 | $28.78 | $143.90K | 261,180 |
| George W. Cummings III Director | Jun 10, 2026 | Sale | −15,000 | $28.89 | $433.35K | 266,180 |
| George W. Cummings III Director | Jun 8, 2026 | Sale | −15,000 | $28.54 | $428.10K | 281,180 |
| George W. Cummings III Director | May 27, 2026 | Sale | −11,595 | $27.92 | $323.73K | 296,180 |
| George W. Cummings III Director | May 22, 2026 | Sale | −10,000 | $27.99 | $279.90K | 307,775 |
| David R. Melville Iii President and CEO, Director | Mar 31, 2026 | Tax withholding | −4,279 | $27.04 | $115.70K | 208,902 |
| Heather G. Roemer EVP, CAO | Mar 31, 2026 | Tax withholding | −528 | $27.04 | $14.28K | 19,064 |
| Philip Jordan EVP&CBO of b1Bank | Mar 31, 2026 | Tax withholding | −1,033 | $27.04 | $27.93K | 81,008 |
| Kathryn Manning EVP & Chief Risk Officer | Mar 31, 2026 | Tax withholding | −874 | $27.04 | $23.63K | 15,791 |
| Saundra Strong EVP & General Counsel | Mar 31, 2026 | Tax withholding | −1,204 | $27.04 | $32.56K | 5,878 |
| Warren McDonald EVP & Chief Credit Officer | Mar 31, 2026 | Tax withholding | −1,158 | $27.04 | $31.31K | 14,195 |
| Donald Chad Carter EVP, Correspondent Banking | Mar 31, 2026 | Tax withholding | −317 | $27.04 | $8.57K | 14,517 |
| Greg Robertson EVP and CFO | Mar 31, 2026 | Tax withholding | −1,033 | $27.04 | $27.93K | 69,532 |
| Keith Mansfield EVP&COO of b1Bank | Mar 31, 2026 | Tax withholding | −1,324 | $27.04 | $35.80K | 81,339 |
| Norman Jerome Vascocu Jr President of b1Bank | Mar 31, 2026 | Tax withholding | −1,600 | $27.04 | $43.26K | 21,595 |
| George W. Cummings III Director | Mar 4, 2026 | Sale | −11,000 | $27.60 | $303.60K | 317,775 |
| George W. Cummings III Director | Mar 3, 2026 | Sale | −9,800 | $27.42 | $268.72K | 328,775 |
| George W. Cummings III Director | Mar 2, 2026 | Sale | −200 | $27.80 | $5.56K | 338,575 |
| Kathryn Manning EVP & Chief Risk Officer | Mar 1, 2026 | Returned to company | −1,239 | $27.30 | $33.82K | 16,665 |
| Kathryn Manning EVP & Chief Risk Officer | Mar 1, 2026 | Option exercise | +1,239 | – | – | 17,904 |
| David R. Melville Iii President and CEO, Director | Mar 1, 2026 | Returned to company | −5,376 | $27.30 | $146.76K | 213,181 |
| David R. Melville Iii President and CEO, Director | Mar 1, 2026 | Option exercise | +5,376 | – | – | 218,557 |
| Warren McDonald EVP & Chief Credit Officer | Mar 1, 2026 | Option exercise | +1,337 | – | – | 15,918 |
| Warren McDonald EVP & Chief Credit Officer | Mar 1, 2026 | Tax withholding | −565 | $27.30 | $15.42K | 15,353 |
| Norman Jerome Vascocu Jr President of b1Bank | Mar 1, 2026 | Returned to company | −2,655 | $27.30 | $72.48K | 23,195 |
| Norman Jerome Vascocu Jr President of b1Bank | Mar 1, 2026 | Option exercise | +2,655 | – | – | 25,850 |
| Saundra Strong EVP & General Counsel | Mar 1, 2026 | Tax withholding | −295 | $27.30 | $8.05K | 7,751 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
3.52%
1M shares short
Days to cover
6.5
At 0M shares a day
Change since last report
-7.7%
From 1M shares
Short volume, 20 days
62.7%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of Business First Bancshares's stock actually held short. Settlement fails (shares not delivered on time) peaked at 5,652 shares on Sep 30, 2026 over the last 90 days.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| George W. Cummings III Director | Oct 29, 2026 | 18,373 | $583.71K | Oct 29, 2026 | Acquired from issuer in private transaction |
| George W. Cummings III Director | Sep 1, 2026 | 20,445 | $586.57K | Jun 9, 2026 | Acquired from issuer in private transaction |
| George W. Cummings III Director | Aug 28, 2026 | 20,000 | $560.06K | Feb 25, 2026 | Merger with Progressive Bancorp, Inc. |
| George W. Cummings III Director | Aug 28, 2026 | 10,000 | $280.00K | Mar 2, 2026 | Merger with Progressive Bancorp, Inc. |
| George W. Cummings III Director | Aug 28, 2026 | 11,000 | $302.50K | Mar 4, 2026 | Merger with Progressive Bancorp, Inc. |
| George W. Cummings III Director | Aug 28, 2026 | 11,000 | $303.27K | Mar 5, 2026 | Merger with Progressive Bancorp, Inc. |
| George W. Cummings III Director | Aug 24, 2026 | 2,435 | $76.22K | Aug 24, 2026 | Acquired from issuer in private transaction |
| George W. Cummings III Director | Aug 18, 2026 | 25,000 | $799.25K | Aug 18, 2026 | Acquired from issuer in private transaction |
| Donald Chad Carter Officer | Aug 6, 2026 | 1,875 | $59.98K | Aug 6, 2026 | PERFORMANCE GRANT |
| William G. Hall Director | Aug 5, 2026 | 11,389 | $365.25K | Aug 5, 2026 | Private Placement |
| George W. Cummings III Director | Jul 30, 2026 | 30,000 | $958.20K | Jul 30, 2026 | Acquired from issuer in private transaction |
| Keith Mansfield Officer | Jul 30, 2026 | 4,200 | $134.73K | Jul 30, 2026 | Restricted Stock |
| George W. Cummings III Director | Jul 28, 2026 | 20,000 | $641.60K | Jul 28, 2026 | Acquired from issuer in private transaction |
| Joseph Vernon Johnson Director | Jul 27, 2026 | 12,000 | $373.92K | Jul 28, 2026 | Merger |
| George W. Cummings III Director | Jun 25, 2026 | 10,000 | $278.40K | May 22, 2026 | Acquired from issuer in private transaction |
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