Phocas Financial Trims Black Hills Stake

Institutional investor reduces holdings in utility company by 11.8% in Q4 2025

Apr. 6, 2026 at 10:41am

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Phocas Financial Corp., an institutional investor, reduced its stake in Black Hills Corporation (NYSE: BKH) by 11.8% during the fourth quarter of 2025, according to a recent SEC filing. Phocas Financial now owns approximately 154,041 shares of the utility provider, or around 0.21% of the company.

Why it matters

This filing provides insight into the portfolio management decisions of Phocas Financial, a notable institutional investor. Changes in major shareholders' positions can signal broader market trends or shifts in sentiment around a particular stock.

The details

According to the SEC filing, Phocas Financial sold 20,619 shares of Black Hills stock during the fourth quarter, reducing its total holdings to 154,041 shares. Black Hills makes up 1.4% of Phocas Financial's portfolio, making it the 19th largest position. The filing does not provide additional details on the rationale behind the reduced stake.

  • Phocas Financial filed the 13F report with the SEC on April 6, 2026, disclosing its Q4 2025 holdings.
  • The filing covers the three-month period from October 1 to December 31, 2025.

The players

Phocas Financial Corp.

An institutional investor that manages a diversified portfolio of stocks, including a position in utility company Black Hills Corporation.

Black Hills Corporation

A diversified energy company that provides electricity and natural gas distribution services to residential, commercial, and industrial customers across several states.

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The takeaway

This filing highlights the ongoing portfolio adjustments of major institutional investors like Phocas Financial. While the reasons behind the reduced stake are not explicitly stated, the change in holdings could signal broader market trends or shifts in sentiment around Black Hills Corporation's stock.