DaveManuel.com · Institutional Ownership · Who Owns It
BLACK HILLS CORP (BKH)
Institutional ownership reported to the SEC as of Q2 2026, across 32 quarters.
481
Reporting holders
$5.9B
Reported value
103.0%
Of shares outstanding
0.2%
Calls
0.1%
Puts
+3
Holder change
Institutions report 78,532,207 shares against 76,253,141 outstanding. Shares only - option lines are excluded, which is why this can be compared with the company at all. The count comes from the cover page of the company's own most recent report, so it is dated when that was filed rather than at quarter end. Over 100% because an adviser and a sub-adviser can both report the same shares, and both are counted.
Calls and puts are the parts of reported value carried in derivative lines rather than shares, and they point in opposite directions: a manager holding calls is positioned for the security, one holding puts against it - or hedging shares they already own, which is why index funds carry so many. Most sites add the two together and report one figure, which averages away the only interesting part.
Holders
| Filer | Value | Shares | Their book | Held | Change |
|---|---|---|---|---|---|
| BlackRock, Inc. | $928.7M | 12,482,189 | 0.01% | 8q | +2.9%+$26.2M |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $382.5M | 5,141,103 | 0.02% | 2q | +2.0%+$7.5M |
| STATE STREET CORP | $284.2M | 3,819,510 | 0.01% | 31q | +5.5%+$14.8M |
| VANGUARD CAPITAL MANAGEMENT LLC | $255.1M | 3,428,442 | 0.01% | 2q | +1.7%+$4.4M |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $185.8M | 2,496,967 | 0.28% | 3q | -6.8%-$13.6M |
| AQR CAPITAL MANAGEMENT LLC | $166.1M | 2,232,003 | 0.06% | 31q | +39.9%+$47.3M |
| Point72 Asset Management, L.P. | $160.8M | 2,161,197 | 0.18% | 4q | +11.2%+$16.2M |
| GEODE CAPITAL MANAGEMENT, LLC | $158.6M | 2,131,386 | 0.01% | 31q | +6.8%+$10.2M |
| FRANKLIN RESOURCES INC | $146.1M | 1,963,191 | 0.03% | 31q | +24.5%+$28.8M |
| Capital Research Global Investors | $135.9M | 1,825,961 | 0.02% | 18q | -19.8%-$33.5M |
| TWO SIGMA INVESTMENTS, LP | $123.7M | 1,663,178 | 0.09% | 13q | -24.9%-$41.1M |
| COHEN & STEERS, INC. | $119.6M | 1,607,981 | 0.19% | 4q | +26.8%+$25.3M |
| Covalis Capital LLP | $110.2M | 1,481,404 | 6.22% | 3q | -15.5%-$20.2M |
| Engineers Gate Manager LP | $107.3M | 1,442,064 | 1.39% | 14q | +35.7%+$28.2M |
| GOLDMAN SACHS GROUP INC | $106.5M | 1,431,217 | 0.01% | 31q | -9.7%-$11.4M |
| CITADEL ADVISORS LLC | $96.6M incl. $2.9M options CALL+PUT | 1,259,693 | 0.01% | 31q | +39.5%+$27.4M |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $90.3M | 1,213,841 | 0.01% | 31q | HELD |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $88.2M | 1,185,024 | 0.12% | 5q | -42.7%-$65.8M |
| DIMENSIONAL FUND ADVISORS LP | $87.1M | 1,171,138 | 0.02% | 31q | +2.6%+$2.2M |
| Invesco Ltd. | $87.1M | 1,170,367 | 0.01% | 31q | +10.3%+$8.2M |
| MORGAN STANLEY | $83.9M | 1,127,193 | 0.00% | 35q | +37.3%+$22.8M |
| Nuveen, LLC | $72.9M | 979,186 | 0.02% | 6q | +0.6%+$441.9K |
| VICTORY CAPITAL MANAGEMENT INC | $69.9M | 939,239 | 0.04% | 31q | +37.1%+$18.9M |
| NORTHERN TRUST CORP | $68.8M | 924,786 | 0.01% | 31q | -2.1%-$1.5M |
| Pictet Asset Management Holding SA | $62.1M | 835,252 | 0.06% | 12q | +40.7%+$18.0M |
| Bank of New York Mellon Corp | $56.8M | 763,990 | 0.01% | 31q | -2.6%-$1.5M |
| FULLER & THALER ASSET MANAGEMENT, INC. | $55.6M | 747,808 | 0.15% | 23q | -2.7%-$1.6M |
| FIRST TRUST ADVISORS LP | $50.4M | 676,867 | 0.03% | 31q | -4.0%-$2.1M |
| BANK OF AMERICA CORP /DE/ | $42.6M | 572,758 | 0.00% | 31q | -36.4%-$24.3M |
| GABELLI FUNDS LLC | $38.6M | 518,975 | 0.25% | 31q | -2.1%-$843.8K |
| CRAWFORD INVESTMENT COUNSEL INC | $38.4M | 516,589 | 0.64% | 28q | HELD |
| VANGUARD FIDUCIARY TRUST CO | $37.6M | 504,768 | 0.01% | 2q | +3.0%+$1.1M |
| ProShare Advisors LLC | $34.5M | 464,173 | 0.05% | 31q | +3.7%+$1.2M |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | $34.2M | 459,540 | 0.32% | 29q | HELD |
| Yaupon Capital Management LP | $34.1M | 458,430 | 0.67% | 3q | +85.9%+$15.8M |
| Merewether Investment Management, LP | $33.9M | 455,327 | 0.64% | new | NEW |
| JPMORGAN CHASE & CO | $32.0M | 421,165 | 0.00% | 31q | +2.6%+$805.1K |
| UBS Group AG | $31.4M | 421,574 | 0.00% | 31q | +5.6%+$1.7M |
| OLD REPUBLIC INTERNATIONAL CORP | $31.0M | 416,000 | 1.16% | 31q | HELD |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $29.4M | 395,331 | 0.02% | 31q | HELD |
| HighTower Advisors, LLC | $29.4M | 394,572 | 0.03% | 26q | +18.0%+$4.5M |
| First Eagle Investment Management, LLC | $26.5M | 355,980 | 0.02% | 13q | +176.4%+$16.9M |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $26.4M | 354,743 | 0.08% | 16q | +0.6%+$161.4K |
| PRINCIPAL FINANCIAL GROUP INC | $25.3M | 340,645 | 0.01% | 31q | +6.1%+$1.5M |
| Connor, Clark & Lunn Investment Management Ltd. | $25.1M | 337,335 | 0.05% | 6q | +19.9%+$4.2M |
| D. E. Shaw & Co., Inc. | $25.0M | 335,535 | 0.01% | 4q | -3.5%-$901.7K |
| Legal & General Group Plc | $24.0M | 321,911 | 0.00% | 31q | +2.6%+$601.8K |
| Jupiter Topco LLC | $23.5M | 316,064 | 0.01% | new | FIRST |
| Freestone Grove Partners LP | $22.5M | 302,329 | 0.14% | 4q | -23.0%-$6.7M |
| Resolution Capital Ltd | $19.2M | 257,983 | 0.35% | 2q | +50.2%+$6.4M |
| RENAISSANCE TECHNOLOGIES LLC | $18.4M | 247,800 | 0.03% | 2q | +212.9%+$12.5M |
| RHUMBLINE ADVISERS | $18.0M | 241,914 | 0.01% | 31q | +4.8%+$823.2K |
| EVENTIDE ASSET MANAGEMENT, LLC | $17.2M | 230,351 | 0.23% | new | NEW |
| CONGRESS ASSET MANAGEMENT CO | $16.3M | 219,718 | 0.10% | 31q | +96.6%+$8.0M |
| Paradiem, LLC | $16.3M | 219,405 | 3.52% | 7q | -2.4%-$406.4K |
| BW Gestao de Investimentos Ltda. | $16.0M | 215,401 | 0.32% | 3q | +64.8%+$6.3M |
| GAMCO INVESTORS, INC. ET AL | $15.4M | 206,488 | 0.14% | 31q | HELD |
| Zimmer Partners, LP | $14.4M | 193,534 | 0.33% | 8q | -73.9%-$40.7M |
| Squarepoint Ops LLC | $14.2M | 190,598 | 0.02% | 7q | -29.2%-$5.8M |
| Verbena Value LP | $13.3M | 178,800 | 2.20% | new | NEW |
| GLENMEDE TRUST CO NA | $12.4M | 167,215 | 0.05% | 9q | -4.3%-$560.6K |
| Russell Investments Group, Ltd. | $11.9M | 160,433 | 0.01% | 31q | +30.3%+$2.8M |
| Swiss National Bank | $11.4M | 152,579 | 0.01% | 31q | +2.2%+$245.5K |
| California Public Employees Retirement System | $11.1M | 148,807 | 0.01% | 31q | -17.6%-$2.4M |
| ALLIANCEBERNSTEIN L.P. | $10.8M | 155,711 | 0.00% | 31q | +5.6%+$571.8K |
| Hunter Perkins Capital Management, LLC | $10.4M | 140,213 | 2.34% | 15q | HELD |
| Leeward Investments, LLC - MA | $10.1M | 135,390 | 0.46% | 18q | -1.7%-$177.4K |
| Ceredex Value Advisors LLC | $10.1M | 135,300 | 0.28% | new | NEW |
| AMERIPRISE FINANCIAL INC | $10.0M | 134,718 | 0.00% | 31q | +0.5%+$54.7K |
| ROYAL BANK OF CANADA | $9.8M | 132,406 | 0.00% | 31q | +28.4%+$2.2M |
| Lighthouse Investment Partners, LLC | $9.6M | 129,097 | 0.26% | 4q | +98.2%+$4.8M |
| Martin Capital Partners, LLC | $9.2M | 123,104 | 3.37% | 13q | HELD |
| VOYA INVESTMENT MANAGEMENT LLC | $9.1M | 122,778 | 0.01% | 31q | -5.6%-$539.1K |
| STIFEL FINANCIAL CORP | $8.7M | 117,181 | 0.01% | 22q | HELD |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $8.6M | 115,661 | 0.00% | 31q | HELD |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC | $8.5M | 114,791 | 0.08% | 31q | -5.4%-$487.8K |
| Phocas Financial Corp. | $8.5M | 113,884 | 1.18% | 31q | -5.0%-$442.8K |
| Cerity Partners LLC | $8.4M | 112,794 | 0.01% | 13q | +37.9%+$2.3M |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8.2M incl. $7.6M options CALL+PUT | 8,089 | 0.00% | 31q | -86.0%-$50.7M |
| HITE Hedge Asset Management LLC | $8.1M | 108,500 | 0.44% | 3q | HELD |
| Verition Fund Management LLC | $7.8M | 105,000 | 0.04% | 12q | +5.8%+$427.1K |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | $7.8M | 104,756 | 0.04% | 31q | -10.9%-$951.7K |
| PRICE T ROWE ASSOCIATES INC /MD/ | $7.7M | 103,696 | 0.00% | 31q | +17.6%+$1.2M |
| Cambridge Investment Research Advisors, Inc. | $7.5M | 100,976 | 0.01% | 23q | +105.4%+$3.9M |
| SEI INVESTMENTS CO | $7.3M | 98,513 | 0.01% | 31q | -6.5%-$508.4K |
| MAIRS & POWER INC | $7.3M | 98,285 | 0.07% | 31q | HELD |
| Thrivent Financial for Lutherans | $7.2M | 96,182 | 0.01% | 31q | +3.4%+$232.1K |
| TUDOR INVESTMENT CORP ET AL | $7.1M | 95,184 | 0.01% | 2q | +7.9%+$519.6K |
| IEQ CAPITAL, LLC | $6.9M | 92,351 | 0.03% | 7q | +40.3%+$2.0M |
| WELLS FARGO & COMPANY/MN | $6.8M | 91,625 | 0.00% | 31q | +61.2%+$2.6M |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $6.6M | 88,457 | 0.03% | 12q | -22.5%-$1.9M |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $6.5M | 87,420 | 0.01% | 31q | -2.3%-$152.5K |
| Magellan Asset Management Ltd | $6.3M | 85,307 | 0.14% | 31q | +15.0%+$829.2K |
| Hudson Bay Capital Management LP | $6.3M | 85,101 | 0.02% | 3q | +15.2%+$833.3K |
| SG Americas Securities, LLC | $6.3M | 85,084 | 0.00% | 12q | +191.2%+$4.2M |
| Mariner, LLC | $6.3M | 84,814 | 0.01% | 18q | +85.7%+$2.9M |
| MetLife Investment Management, LLC | $6.0M | 80,633 | 0.03% | 4q | +4.6%+$263.5K |
| Retirement Systems of Alabama | $5.9M | 78,739 | 0.02% | 31q | -14.9%-$1.0M |
| DEUTSCHE BANK AG\ | $5.8M | 78,413 | 0.00% | 34q | +24.5%+$1.1M |
| Sagefield Capital LP | $5.7M | 77,093 | 0.43% | new | NEW |
Showing the largest 100 of 481 reported holders.
What the insiders did
Open market purchases and sales reported on Form 4 in the last 180 days. Grants, option exercises and shares surrendered to cover tax are left out: they are compensation rather than a decision to buy or sell. Where a broker filled one order in tranches the lines are summed, because it was one decision.
Officers and directors
| Date | Insider | Role | Side | Shares | Value |
|---|---|---|---|---|---|
| 2026-05-27 | Otto Robert P | Director | Sold | 4,109 | $305.0K |
Quarter by quarter
Coverage begins with the quarter ending 2018-12-31. Earlier filings exist only as occasional late amendments, too sparse to describe a market, so they are not shown.
| Quarter | Holders | Value | Shares | New | Added | Trimmed | Options |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 133 | $177.0M | 2,524,415 | 15 | 38 | 35 | 0.0% |
| Q2 2026 | 481 | $5.9B | 78,532,207 | 58 | 188 | 116 | 0.3% |
| Q1 2026 | 478 | $5.4B | 76,543,527 | 58 | 175 | 131 | 1.3% |
| Q4 2025 | 462 | $5.2B | 73,136,514 | 65 | 170 | 131 | 2.0% |
| Q3 2025 | 436 | $4.1B | 66,151,097 | 64 | 150 | 123 | 0.2% |
| Q2 2025 | 413 | $3.4B | 61,235,744 | 45 | 163 | 118 | 0.1% |
| Q1 2025 | 415 | $3.7B | 61,546,341 | 54 | 149 | 123 | 0.1% |
| Q4 2024 | 403 | $3.6B | 60,927,781 | 35 | 140 | 117 | 0.1% |
| Q3 2024 | 391 | $3.7B | 61,052,731 | 52 | 140 | 107 | 0.1% |
| Q2 2024 | 373 | $3.2B | 59,386,480 | 29 | 160 | 104 | 0.2% |
| Q1 2024 | 396 | $3.4B | 62,346,425 | 55 | 155 | 110 | 0.2% |
| Q4 2023 | 366 | $3.3B | 60,322,128 | 53 | 130 | 96 | 0.2% |
| Q3 2023 | 343 | $2.9B | 58,087,003 | 41 | 114 | 115 | 0.1% |
| Q2 2023 | 329 | $3.5B | 58,145,187 | 44 | 117 | 91 | 0.1% |
| Q1 2023 | 331 | $3.6B | 57,700,953 | 48 | 97 | 112 | 0.1% |
| Q4 2022 | 324 | $4.2B | 59,138,318 | 34 | 102 | 104 | 0.1% |
| Q3 2022 | 319 | $4.9B | 72,634,209 | 23 | 120 | 94 | 0.1% |
| Q2 2022 | 338 | $5.2B | 71,594,699 | 54 | 105 | 90 | 0.1% |
| Q1 2022 | 320 | $5.6B | 73,062,402 | 38 | 94 | 96 | 0.1% |
| Q4 2021 | 321 | $6.7B | 94,883,867 | 45 | 107 | 74 | 0.1% |
| Q3 2021 | 287 | $6.0B | 95,231,898 | 34 | 70 | 91 | 0.1% |
| Q2 2021 | 279 | $6.3B | 95,373,658 | 16 | 65 | 118 | 0.1% |
| Q1 2021 | 289 | $8.1B | 121,098,259 | 35 | 82 | 96 | 0.0% |
| Q4 2020 | 288 | $7.5B | 122,539,209 | 39 | 81 | 101 | 0.1% |
| Q3 2020 | 283 | $7.8B | 145,228,916 | 34 | 91 | 95 | 0.0% |
| Q2 2020 | 288 | $6.9B | 122,280,876 | 36 | 105 | 80 | 0.0% |
| Q1 2020 | 294 | $11.8B | 183,782,529 | 43 | 87 | 91 | 0.0% |
| Q4 2019 | 302 | $10.1B | 128,656,185 | 32 | 96 | 95 | 0.0% |
| Q3 2019 | 304 | $9.5B | 123,160,100 | 36 | 95 | 96 | 0.0% |
| Q2 2019 | 305 | $9.8B | 125,933,783 | 48 | 98 | 84 | 0.0% |
| Q1 2019 | 301 | $8.4B | 113,394,013 | 52 | 78 | 86 | 0.0% |
| Q4 2018 | 289 | $8.7B | 138,775,888 | 4 | 6 | 7 | 0.0% |