SCHEDULE: Vanguard Group Amends FS Bancorp Stake to Zero

The Vanguard Group has amended its Schedule 13G filing for FS Bancorp Inc, reporting zero beneficial ownership following an internal realignment.

Summary

• The Vanguard Group filed an Amendment No. 2 to its Schedule 13G for FS Bancorp Inc.
• The filing reports 0 shares beneficially owned, representing 0% of the Common Stock class.
• This change in reported ownership is a result of an internal realignment within The Vanguard Group, Inc. that occurred on January 12, 2026.
• Following the realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report their beneficial ownership separately on a disaggregated basis.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by these newly disaggregated subsidiaries and/or business divisions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for FS Bancorp Inc, as it primarily reflects an internal organizational change within The Vanguard Group regarding how beneficial ownership is reported, rather than a change in investment strategy or a divestment by Vanguard's underlying funds.

Future Outlook

Certain subsidiaries or business divisions of The Vanguard Group, Inc. will pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment and will report their beneficial ownership separately.

Management Comments

• On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment.
• In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release.
• These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

Industry Context

StockSavvy.ai notes that internal realignments and subsequent changes in reporting beneficial ownership are common among large institutional investors like The Vanguard Group, often driven by operational efficiencies or regulatory interpretations. This specific filing reflects a technical change in how Vanguard's various entities report their holdings, rather than a strategic divestment from FS Bancorp Inc by the broader Vanguard ecosystem.

Stakeholder Impact

• Shareholders of FS Bancorp Inc: May observe a technical change in institutional ownership reporting, but the underlying investment by Vanguard's funds may persist through other reporting entities.

Next Steps

• Certain Vanguard subsidiaries or business divisions will report their beneficial ownership of FS Bancorp Inc separately on a disaggregated basis.

Key Dates

Keywords

Vanguard Group, FS Bancorp Inc, Schedule 13G, Beneficial Ownership, Investment Adviser, SEC Filing, Common Stock, Institutional Ownership