Ranked by reported Q1 2026 13F market value
Share of total reported institutional value in BKH held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 12.1M | $841.9M | -0.1% | 15.949% | 0.01% |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 5.0M | $349.8M | — | 6.627% | 0.02% |
| 3 | STATE STREET CORP | 3.6M | $251.3M | -4.2% | 4.761% | 0.01% |
| 4 | VANGUARD CAPITAL MANAGEMENT LLC | 3.4M | $233.9M | — | 4.430% | 0.01% |
| 5 | NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 2.7M | $186.0M | +0.9% | 3.523% | 0.32% |
| 6 | Capital Research Global Investors | 2.3M | $158.0M | 0.0% | 2.993% | 0.02% |
| 7 | TWO SIGMA INVESTMENTS, LP | 2.2M | $153.8M | +88.3% | 2.914% | 0.12% |
| 8 | ADAGE CAPITAL PARTNERS GP, L.L.C. | 2.1M | $143.7M | +30.0% | 2.721% | 0.22% |
| 9 | GEODE CAPITAL MANAGEMENT, LLC | 2.0M | $138.5M | +5.3% | 2.623% | 0.01% |
| 10 | Point72 Asset Management, L.P. | 1.9M | $134.9M | +3.6% | 2.555% | 0.19% |
| 11 | Covalis Capital LLP | 1.8M | $121.7M | -14.8% | 2.305% | 7.48% |
| 12 | GOLDMAN SACHS GROUP INC | 1.6M | $110.0M | +63.8% | 2.083% | 0.01% |
| 13 | FRANKLIN RESOURCES INC | 1.6M | $109.4M | +89.3% | 2.073% | 0.03% |
| 14 | AQR CAPITAL MANAGEMENT LLC | 1.6M | $109.4M | +12.5% | 2.098% | 0.05% |
| 15 | CITADEL ADVISORS LLC | 1.3M | $91.0M | +482.8% | 1.724% | 0.04% |
| 16 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 1.2M | $84.4M | +2.1% | 1.599% | 0.01% |
| 17 | DIMENSIONAL FUND ADVISORS LP | 1.1M | $79.2M | +1.6% | 1.501% | 0.02% |
| 18 | Engineers Gate Manager LP | 1.1M | $73.8M | +25.2% | 1.397% | 0.92% |
| 19 | Invesco Ltd. | 1.1M | $73.6M | +74.0% | 1.395% | 0.01% |
| 20 | Nuveen, LLC | 973K | $67.6M | -20.9% | 1.280% | 0.02% |
| 21 | NORTHERN TRUST CORP | 944K | $65.5M | +2.8% | 1.242% | 0.01% |
| 22 | BANK OF AMERICA CORP /DE/ | 900K | $62.5M | +109.2% | 1.183% | 0.00% |
| 23 | Zimmer Partners, LP | 866K | $60.1M | +213.7% | 1.139% | 1.46% |
| 24 | MORGAN STANLEY | 821K | $57.0M | +44.8% | 1.079% | 0.00% |
| 25 | Bank of New York Mellon Corp | 784K | $54.4M | -0.7% | 1.031% | 0.01% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in BKH — a direct measure of their conviction.
Filings activity in BKH during Q1 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q1 2026 | 459 | +1.3% | 91.64% | +4.18 pp | $5.12B | +4.8% |
| Q4 2025 | 453 | +8.6% | 87.46% | +17.84 pp | $4.89B | +26% |
| Q3 2025 | 417 | +1.2% | 69.62% | +10.71 pp | $3.89B | +18% |
| Q2 2025 | 412 | +1.0% | 58.91% | 5.11 pp | $3.29B | 8.0% |
| Q1 2025 | 408 | +4.6% | 64.02% | +2.66 pp | $3.58B | +4.3% |
| Q4 2024 | 390 | +1.3% | 61.36% | 1.49 pp | $3.43B | 2.4% |
| Q3 2024 | 385 | +3.2% | 62.85% | +7.89 pp | $3.51B | +14% |
| Q2 2024 | 373 | — | 54.96% | — | $3.07B | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying BKH stock.
Based on Q1 2026 13F filings, institutional ownership of Black Hills Corporation stands at 91.6%, held across 459 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of BKH, with approximately 12,129,658 shares worth $0.84B as of Q1 2026.
Yes — 3 widely-followed marquee investors appear among the top 25 institutional holders of BKH, including TWO SIGMA INVESTMENTS, LP, Point72 Asset Management, L.P., CITADEL ADVISORS LLC.
Our composite Smart Money Score for BKH is 72 out of 100 (Bullish). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
63 institutions opened new positions in BKH during Q1 2026, while 57 fully exited. 191 added to existing positions and 190 trimmed.
BKH institutional ownership rose by 4.18 percentage points quarter-over-quarter, with a net change of +6 holders.
The top 10 institutions account for 50.6% of all reported 13F value in BKH, and the top 25 account for 74.4%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.
Black Hills Corporation (BKH) Institutional Ownership