Business First Bancshares, Inc.
US ˙ NasdaqGS ˙ US12326C1053

SecurityBFST / Business First Bancshares, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership177,163 shares
Latest Disclosed Value $ 4,790,501
Morgan Stanley reports 2.95% increase in ownership of BFST / Business First Bancshares, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 177,163 shares of Business First Bancshares, Inc. (US:BFST) valued at $4,790,488 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 172,090 shares of Business First Bancshares, Inc.. This represents a change in shares of 2.95% during the quarter. The current value of the position is $4,912,730 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 177,163 5,073 2.95 4,791 6.49 0.0003
2026-05-27 2025-12-31 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 172,090 28,964 20.24 4,498 33.12 0.0003
2026-02-13 2025-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 172,090 28,964 4,498 0.0003
2026-05-27 2025-09-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 143,126 -13,816 -8.80 3,379 -12.64 0.0002
2025-11-14 2025-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 143,126 -13,816 3,379 0.0002
2025-08-15 2025-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 156,942 36,671 30.49 3,869 32.10 0.0003
2025-05-15 2025-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 120,271 -29,549 -19.72 2,929 -23.95 0.0002
2025-05-15 2024-12-31 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 149,820 -7,110 -4.53 3,850 -4.42 0.0003
2025-02-14 2024-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 149,820 -7,110 3,850 0.0003
2025-05-14 2024-09-30 13F/A-2 BUSINESS FIRST BANCSHARES IN COM 12326C105 156,930 73,084 87.16 4,028 120.83 0.0003
2025-02-14 2024-09-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 156,930 73,084 4,028 0.0003
2024-11-14 2024-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 156,930 73,084 4,028 0.0000
2025-05-14 2024-06-30 13F/A-2 BUSINESS FIRST BANCSHARES IN COM 12326C105 83,846 2,061 2.52 1,825 0.11 0.0001
2024-10-17 2024-06-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 83,846 2,061 1,825 0.0001
2024-08-14 2024-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 83,846 2,061 1,825 0.0001
2024-10-17 2024-03-31 13F/A-2 BUSINESS FIRST BANCSHARES IN COM 12326C105 81,785 -10,283 -11.17 1,822 -19.70 0.0001
2024-08-16 2024-03-31 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 81,785 -10,283 1,822 0.0000
2024-05-15 2024-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 81,785 -10,283 1,822 0.0001
2024-08-16 2023-12-31 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 92,068 34,378 59.59 2,269 109.70 0.0002
2024-02-13 2023-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 92,068 34,378 2,269 0.0002
2023-11-15 2023-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 57,690 -2,674 -4.43 1,082 19.03 0.0001
2023-08-14 2023-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 60,364 -14,267 -19.12 910 -28.87 0.0001
2023-05-15 2023-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 74,631 51,496 222.59 1,278 149.61 0.0001
2023-02-14 2022-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 23,135 6,145 36.17 512 40.27 0.0001
2022-11-14 2022-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 16,990 4,423 35.20 365 36.19 0.0000
2022-10-27 2022-06-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 12,567 7,395 142.98 268 114.40 0.0000
2022-08-15 2022-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 12,567 7,395 268 0.0000
2022-10-27 2022-03-31 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 5,172 -976 -15.88 125 -28.16 0.0000
2022-05-13 2022-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 5,172 -976 125 0.0000
2022-02-14 2021-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 6,148 2,554 71.06 174 107.14 0.0000
2021-11-15 2021-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 3,594 2,231 163.68 84 170.97 0.0000
2021-08-23 2021-06-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 1,363 1,266 1,305.15 31 1,450.00 0.0000
2021-08-16 2021-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 1,363 1,266 31 0.0000
2021-05-17 2021-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 97 -14,204 -99.32 2 -99.31 0.0000
2021-02-16 2020-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 14,301 7,179 100.80 291 171.96 0.0000
2020-11-13 2020-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 7,122 -4,330 -37.81 107 -39.55 0.0000
2020-08-14 2020-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 11,452 2,353 25.86 177 45.08 0.0000
2020-05-26 2020-03-31 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 9,099 -21,591 -70.35 122 -84.05 0.0000
2020-05-15 2020-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 9,099 -21,591 122 9.3721
2020-02-14 2019-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 30,690 13,376 77.26 765 81.28 0.0002
2019-11-14 2019-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 17,314 2,969 20.70 422 15.62 0.0001
2019-08-14 2019-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 14,345 10,909 317.49 365 339.76 0.0001
2019-05-15 2019-03-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 3,436 -32,225 -90.36 83 -90.39 0.0000
2019-02-14 2018-12-31 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 35,661 9,746 37.61 864 25.58 0.0003
2019-04-23 2018-09-30 13F/A-2 BUSINESS FIRST BANCSHARES IN COM 12326C105 25,915 4,737 22.37 688 23.30 0.0002
2018-11-20 2018-09-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 25,915 0 688 0.0002
2018-11-14 2018-09-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 25,915 4,737 688
2019-04-23 2018-06-30 13F/A-1 BUSINESS FIRST BANCSHARES IN COM 12326C105 21,178 21,178 558 0.0002
2018-08-14 2018-06-30 13F BUSINESS FIRST BANCSHARES IN COM 12326C105 21,178 558 0.0002
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.