Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionBollard Group LLC
Latest Disclosed Ownership31,880 shares
Latest Disclosed Value $ 2,213
Bollard Group LLC reports 17.03% increase in ownership of BKH / Black Hills Corporation

On May 14, 2026 - Bollard Group LLC filed a 13F-HR form disclosing ownership of 31,880 shares of Black Hills Corporation (US:BKH) valued at $2,212,791 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 27,241 shares of Black Hills Corporation. This represents a change in shares of 17.03% during the quarter. The current value of the position is $2,320,226 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F BLACK HILLS COM 092113109 31,880 4,639 17.03 2 100.00 0.0652
2026-02-13 2025-12-31 13F BLACK HILLS COM 092113109 27,241 -404 -1.46 2 0.00 0.0473
2025-11-14 2025-09-30 13F BLACK HILLS COM 092113109 27,645 698 2.59 2 0.00 0.0400
2025-08-13 2025-06-30 13F Black Hills COM 092113109 26,947 1,508 5.93 2 0.00 0.0346
2025-05-15 2025-03-31 13F Black Hills COM 092113109 25,439 327 1.30 2 0.00 0.0405
2025-02-14 2024-12-31 13F Black Hills COM 092113109 25,112 73 0.29 1 0.00 0.0407
2024-11-13 2024-09-30 13F Black Hills COM 092113109 25,039 14,344 134.12 2 0.0407
2024-08-14 2024-06-30 13F Black Hills COM 092113109 10,695 6,966 186.81 1 0.0164
2024-05-13 2024-03-31 13F Black Hills COM 092113109 3,729 934 33.42 0 0.0062
2024-02-13 2023-12-31 13F Black Hills COM 092113109 2,795 34 1.23 0 0.0053
2023-11-14 2023-09-30 13F Black Hills COM 092113109 2,761 31 1.14 0 0.0052
2023-08-14 2023-06-30 13F Black Hills COM 092113109 2,730 28 1.04 0 0.0056
2023-05-12 2023-03-31 13F Black Hills COM 092113109 2,702 26 0.97 0 0.0062
2023-02-10 2022-12-31 13F Black Hills COM 092113109 2,676 -2,701 -50.23 0 -100.00 0.0072
2022-11-09 2022-09-30 13F Black Hills COM 092113109 5,377 41 0.77 364 -6.19 0.0153
2022-08-12 2022-06-30 13F Black Hills COM 092113109 5,336 41 0.77 388 -4.90 0.0157
2022-05-12 2022-03-31 13F Black Hills COM 092113109 5,295 45 0.86 408 9.97 0.0131
2022-02-11 2021-12-31 13F Black Hills COM 092113109 5,250 47 0.90 371 13.46 0.0119
2021-11-12 2021-09-30 13F Black Hills COM 092113109 5,203 41 0.79 327 -3.54 0.0107
2021-08-12 2021-06-30 13F Black Hills COM 092113109 5,162 44 0.86 339 -0.88 0.0107
2021-05-11 2021-03-31 13F Black Hills COM 092113109 5,118 0 0.00 342 8.92 0.0120
2021-02-04 2020-12-31 13F Black Hills COM 092113109 5,118 0 0.00 314 14.60 0.0117
2020-11-12 2020-09-30 13F Black Hills COM 092113109 5,118 0 0.00 274 -5.52 0.0099
2020-08-13 2020-06-30 13F Black Hills COM 092113109 5,118 0 0.00 290 -11.59 0.0114
2020-05-14 2020-03-31 13F Black Hills COM 092113109 5,118 0 0.00 328 -18.41 0.0146
2020-02-10 2019-12-31 13F Black Hills COM 092113109 5,118 0 0.00 402 2.29 0.0130
2019-11-13 2019-09-30 13F Black Hills COM 092113109 5,118 0 0.00 393 -1.75 0.0138
2019-08-13 2019-06-30 13F Black Hills COM 092113109 5,118 0 0.00 400 5.54 0.0138
2019-05-10 2019-03-31 13F Black Hills COM 092113109 5,118 0 0.00 379 18.07 0.0143
2019-02-05 2018-12-31 13F Black Hills COM 092113109 5,118 0 0.00 321 8.08 0.0142
2018-11-08 2018-09-30 13F Black Hills COM 092113109 5,118 20 0.39 297 -4.81 0.0119
2018-08-09 2018-06-30 13F Black Hills COM 092113109 5,098 20 0.39 312 13.04 0.0143
2018-05-14 2018-03-31 13F Black Hills COM 092113109 5,078 46 0.91 276 -8.61 0.0137
2018-01-29 2017-12-31 13F Black Hills COM 092113109 5,032 41 0.82 302 -12.21 0.0145
2017-10-27 2017-09-30 13F Black Hills COM 092113109 4,991 31 0.62 344 2.69 0.0181
2017-07-19 2017-06-30 13F Black Hills COM 092113109 4,960 32 0.65 335 2.13 0.0181
2017-04-19 2017-03-31 13F Black Hills COM 092113109 4,928 33 0.67 328 9.33 0.0188
2017-01-25 2016-12-31 13F Black Hills COM 092113109 4,895 34 0.70 300 0.67 0.0196
2016-10-26 2016-09-30 13F Black Hills COM 092113109 4,861 34 0.70 298 -1.97 0.0191
2016-07-20 2016-06-30 13F Black Hills COM 092113109 4,827 34 0.71 304 5.56 0.0208
2016-05-09 2016-03-31 13F Black Hills COM 092113109 4,793 35 0.74 288 30.32 0.0232
2016-02-04 2015-12-31 13F Black Hills COM 092113109 4,758 45 0.95 221 13.33 0.0182
2015-10-30 2015-09-30 13F Black Hills COM 092113109 4,713 48 1.03 195 -4.41 0.0160
2015-08-12 2015-06-30 13F Black Hills COM 092113109 4,665 39 0.84 204 -12.45 0.0154
2015-05-12 2015-03-31 13F Black Hills COM 092113109 4,626 37 0.81 233 -4.12 0.0173
2015-02-12 2014-12-31 13F Black Hills COM 092113109 4,589 33 0.72 243 11.47 0.0214
2014-11-14 2014-09-30 13F Black Hills COM 092113109 4,556 33 0.73 218 -21.58 0.0206
2014-08-13 2014-06-30 13F Black Hills COM 092113109 4,523 15 0.33 278 6.92 0.0269
2014-05-14 2014-03-31 13F Black Hills COM 092113109 4,508 16 0.36 260 10.17 0.0263
2014-02-13 2013-12-31 13F Black Hills COM 092113109 4,492 17 0.38 236 5.83 0.0260
2013-11-12 2013-09-30 13F/A-1 Black Hills COM 092113109 4,475 0 0.00 223 2.29 0.0262
2013-11-05 2013-09-30 13F Black Hills COM 092113109 4,475 223
2013-08-12 2013-06-30 13F Black Hills COM 092113109 4,475 4,475 218 0.0419
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.