REVG Institutional Holder Drops Below 5% in Updated 13G Filing

Rhea-AI Filing Summary

Segall Bryant & Hamill, LLC has filed Amendment No. 2 to Schedule 13G disclosing its current passive stake in REV Group, Inc. (REVG) as of 30 June 2025.

• Beneficial ownership: 1,660,498 common shares.
• Ownership percentage: 3.4 % of outstanding shares, now below the 5 % reporting threshold.
• Sole voting power: 1,150,092 shares; shared voting power: 0.
• Sole dispositive power: 1,660,498 shares; shared dispositive power: 0.
• The filer is an Investment Adviser (IA) organized in Delaware and certifies that the shares are held in the ordinary course with no intent to influence control.
• The certification was signed by Chief Compliance Officer Jasper Frontz on 10 July 2025.

The amendment confirms that Segall Bryant & Hamill is no longer a 5 % beneficial owner, indicating a reduced or diluted position since its previous filing. While the firm still controls over 1.6 million shares, the decline in institutional ownership may be interpreted by some investors as a modestly negative signal for near-term sentiment.

Positive

• Transparent disclosure of beneficial ownership with detailed voting and dispositive powers.
• Certification confirms no intent to influence control, reducing governance risk concerns.

Negative

• Segall Bryant & Hamill’s stake is now 3.4 %, below the 5 % threshold, implying a reduced institutional position in REVG.
• Lower ownership may signal diminished confidence or portfolio rotation, potentially pressuring share sentiment.

Insights

Portfolio Manager

TL;DR: Stake falls to 3.4 %; modestly bearish as institutional ownership declines.

The filing shows Segall Bryant & Hamill’s holdings dropping below the 5 % threshold. Such reductions often signal portfolio rebalancing or profit-taking. Although 1.66 million shares remain under sole dispositive control, the diminished position can lower perceived institutional support, potentially affecting liquidity and sentiment. No activist intent is declared, so governance risk stays low. Overall impact is slightly negative but not materially transformative for REVG’s fundamentals.

Corporate Governance Analyst

TL;DR: Passive investor; no control ambitions—neutral governance impact.

The Schedule 13G/A reaffirms the filer’s passive status and ordinary-course holding. Absence of shared voting or dispositive power limits any influence on board matters. The certification language satisfies Rule 13d-1(b), supporting transparency without signalling strategic shifts. From a governance standpoint, the change is routine and carries minimal risk implications.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

REV Group, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

749527107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 749527107

1

Names of Reporting Persons

SEGALL BRYANT & HAMILL, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,150,092.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,660,498.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,660,498.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: REV Group, Inc.
(b)	Address of issuer's principal executive offices: 245 SOUTH EXECUTIVE DRIVE, 245 SOUTH EXECUTIVE DRIVE, BROOKFIELD, WISCONSIN, 53005.
Item 2.
(a)	Name of person filing: Segall Bryant & Hamill, LLC
(b)	Address or principal business office or, if none, residence: 10 South Wacker Drive, Suite 3100 Chicago, IL, 60606
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 749527107
Item 4.	Ownership
(a)	Amount beneficially owned: 1,660,498
(b)	Percent of class: 3.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,150,092
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,660,498
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SEGALL BRYANT & HAMILL, LLC

Signature:	Jasper Frontz
Name/Title:	Chief Compliance Officer
Date:	07/10/2025

FAQ

How many REV Group (REVG) shares does Segall Bryant & Hamill now own?

The firm beneficially owns 1,660,498 common shares of REVG.

What percentage of REVG’s outstanding shares does this represent?

The holding equals 3.4 % of the outstanding common stock.

Does Segall Bryant & Hamill have control intentions over REV Group?

No. The filer certified the shares are held in the ordinary course with no intent to influence control.

How much voting power does the filer possess?

It has sole voting power over 1,150,092 shares and no shared voting power.

Why was an amendment to Schedule 13G filed?

Because the investor’s stake fell to 3.4 %, below the 5 % threshold, requiring an update under SEC rules.