Victory Capital Management Boosts Stake in Black Hills Corporation

Investment firm increases ownership in utility provider by 2.8% in Q3 2025

Published on Mar. 8, 2026

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Victory Capital Management Inc. increased its stake in shares of Black Hills Corporation (NYSE:BKH) by 2.8% during the third quarter, according to a recent SEC filing. The firm now owns 727,443 shares of the utilities provider's stock, making up about 1% of Black Hills' total shares outstanding.

Why it matters

This filing indicates that a major institutional investor has increased its position in Black Hills Corporation, a regional utility company serving customers across six states in the Mountain West region. Tracking changes in institutional ownership can provide insights into market sentiment and potential future performance of a publicly traded company's stock.

The details

According to the filing, Victory Capital Management acquired an additional 19,869 shares of Black Hills in the third quarter, bringing its total ownership to 727,443 shares. This represents a 2.8% increase in the firm's stake in the utility company. Black Hills Corporation provides electricity and natural gas distribution services to residential, commercial and industrial customers across Colorado, Kansas, Montana, Nebraska, South Dakota and Wyoming.

  • Victory Capital Management filed the 13F report disclosing the increased stake in Black Hills on March 8, 2026.

The players

Victory Capital Management Inc.

An investment management firm that oversees over $157 billion in client assets as of the end of 2025.

Black Hills Corporation

A diversified energy company that provides electricity and natural gas distribution services to customers across six states in the Mountain West region.

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The takeaway

The increased stake by Victory Capital Management suggests the investment firm sees continued growth potential in Black Hills Corporation's utility business. As a major institutional investor, Victory Capital's actions can influence market sentiment and potentially impact the stock price going forward.