Institutional Ownership

Institutional Ownership

Ownership > 100%

Ownership Information

Shares Outstanding

17,120,466

Short Interest Shares

332,492

Float (%)

81.76

Institutional Ownership (%)

24.53

Mutual Fund Ownership (%)

2.67

Insider Ownership (%)

18.24

Top 10 Instn Holders (%)

21.12

Ownership Activity - Total Positions

Company	Shares	% Out	Value ($)	Reported	Change
Alerus Financial Corp.	2,009,155	11.74	39,178,523	3/31/2020	12,663
Maltese Capital Management, LLC	508,804	2.97	9,921,678	3/31/2020	168,179
Endeavour Capital Advisors Inc.	489,096	2.86	9,537,372	3/31/2020	387,085
M3F Inc.	484,775	2.83	9,453,113	3/31/2020	115,425
Goldman Sachs Asset Management, L.P.	306,950	1.79	5,985,525	3/31/2020	(5,623)
Vanguard Group Inc.	286,585	1.67	5,588,408	3/31/2020	3,736
Banc Funds Company, L.L.C.	215,000	1.26	4,192,500	3/31/2020	0
Brown Advisory Inc.	189,427	1.11	3,693,827	3/31/2020	(1,549)
BlackRock, Inc.	163,919	0.96	3,196,421	3/31/2020	54,823
AllianceBernstein L.P.	163,096	0.95	3,180,372	3/31/2020	(17,968)
John W. Rosenthal Capital Management Inc.	120,000	0.70	2,340,000	3/31/2020	2,050
Stifel Asset Management Corp.	70,000	0.41	1,365,000	3/31/2020	0
State Street Global Advisors Inc.	65,550	0.38	1,278,225	3/31/2020	36,352
TIAA	47,385	0.28	924,008	6/30/2020	39,917
BNY Asset Management	47,364	0.28	923,598	3/31/2020	(3,042)
Northern Trust Global Investments	40,020	0.23	780,390	3/31/2020	13,506
Geode Capital Management LLC	39,871	0.23	777,485	3/31/2020	7,753
First Allied Advisory Services, Inc.	29,212	0.17	569,634	3/31/2020	500
PENN Capital Management Company, Inc.	26,036	0.15	507,702	3/31/2020	12,449
Russell Investment Management, LLC	25,818	0.15	503,451	6/30/2020	25,818

Displaying 1 to 20 (of 76)

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Institutional Ownership

Institutional Ownership

Total Positions

New Positions

Increased Positions

Decreased Positions

Soldout Positions

Net Change

List of possible reasons behind the infrequent cases where we have total institutional ownership that exceeds 100% of the common shares outstanding for a specific company:

Double-counting - On the 13-F filing, each institutional holder must report all securities over which they exercise sole or shared investment discretion. In cases where investment discretion is shared by more than one institution, care is generally taken to prevent double-counting, but there is always the exception. Another cause of double-counting is a company name change for the 13F filer where the holdings are accounted for under both filer names.

Short Interest - A large short interest amount affects the institutional ownership amount considerably because all shares that have been sold short appear as holdings in two separate portfolios. One institution has lent its shares to a short seller, while the same shares have been purchased by another reporting institution. Consequently, the institutional ownership percentage reflected in the 13-F filings is overstated as a percentage of total shares outstanding.

A gap between 'as of' dates - In the case where gaps between the 'as of' dates of the holdings and the shares outstanding arise, the percentage owned could be skewed due to a sharp increase/decrease in shares out. Again, this case doesn’t come up very often but the results are unavoidable.

Other possible reasons: a) An overlap occurs amongst reporting institutions; b) The 13F filing includes holdings other than common stock issues; c) Mutual fund money is co-advised and incorrectly reported by multiple institutions.