FJ Capital Management Holds 1.6M Shares in Pioneer Bancorp (PBFS)

TL;DR

**FJ Capital Management still owns a big chunk of Pioneer Bancorp, signaling continued interest.**

AI Summary

FJ Capital Management LLC, a Delaware-based investment firm, has filed an amended SC 13G/A, indicating a significant ownership stake in Pioneer Bancorp Inc. (PBFS). As of December 31, 2023, FJ Capital Management LLC, along with its associated funds (Financial Hybrid Opportunity Fund LLC, Financial Hybrid Opportunity SPVI LLC, and Financial Opportunity Fund LLC), collectively hold shared voting power over 1,607,359 shares of PBFS common stock. This filing matters to investors because it shows a prominent institutional investor maintains a substantial position, potentially signaling confidence in the bank's future or an active interest in its strategic direction.

Why It Matters

This filing reveals that a major institutional investor, FJ Capital Management LLC, continues to hold a significant stake in Pioneer Bancorp, Inc., which could influence the company's governance and strategic decisions.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous disclosure, indicating a stable or slightly adjusted institutional ownership rather than a new, volatile event.

Analyst Insight

A smart investor would note FJ Capital Management's continued substantial stake in PBFS, suggesting a potential long-term view or strategic interest, and might research FJ Capital's investment thesis for regional banks.

Key Numbers

• 1,607,359 — Shared Voting Power (The total number of shares of Pioneer Bancorp Inc. common stock over which FJ Capital Management LLC and its group members have shared voting power as of December 31, 2023.)
• 723561106 — CUSIP Number (The unique identification number for Pioneer Bancorp Inc.'s Common Stock.)
• 12/31/2023 — Date of Event (The date that triggered the requirement for this Schedule 13G/A filing.)

Key Players & Entities

• FJ Capital Management LLC (company) — the reporting person and investment firm
• Pioneer Bancorp, Inc./MD (company) — the subject company (issuer) of the securities
• Financial Hybrid Opportunity Fund LLC (company) — a group member associated with FJ Capital Management LLC
• Financial Hybrid Opportunity SPVI LLC (company) — a group member associated with FJ Capital Management LLC
• Financial Opportunity Fund LLC (company) — a group member associated with FJ Capital Management LLC
• Martin S. Friedman (person) — a group member associated with FJ Capital Management LLC

Forward-Looking Statements

• FJ Capital Management LLC will maintain a significant ownership stake in Pioneer Bancorp Inc. throughout 2024. (FJ Capital Management LLC) — medium confidence, target: 12/31/2024
• Pioneer Bancorp Inc.'s stock price will experience moderate stability due to continued institutional interest. (Pioneer Bancorp Inc.) — low confidence, target: 06/30/2024

FAQ

Filing Documents

• eps11128_pbfs.htm (SC 13G/A) — 126KB
• 0001171520-24-000070.txt ( ) — 128KB

(a)

Item 1(a). Name of Issuer: Pioneer Bancorp Inc (PBFS)

(b)

Item 1(b). Address of Issuer’s Principal Executive Offices: 652 Albany Shaker Road Albany, NY 12211

(a)

Item 2(a). Name of Person Filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Financial Hybrid Opportunity Fund LLC Financial Hybrid Opportunity SPVI LLC Martin Friedman

(b)

Item 2(b). Address of Principal Business Office or, if None, Residence: FJ Capital Management, LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Hybrid Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Hybrid Opportunity SPVI LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 CUSIP No. 723561106 Page 8 of 11

(c)

Item 2(c). Citizenship: Financial Opportunity Fund LLC, Financial Hybrid Opportunity Fund LLC, Financial Hybrid Opportunity SPVI LLC, and FJ Capital Management LLC, LLC – Delaware limited liability companies Martin Friedman – United States citizen

(d)

Item 2(d). Title of Class of Securities: Common Stock

(e)

Item 2(e). CUSIP Number: 723561106 Item 3. If This Statement is Filed Pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), Check Whether the Person Filing is a: (a) Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with §240.13d-1(b)(ii)(G); (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) Group, in accordance with §240.13d-1(b)(1)(ii)(J). CUSIP No. 723561106 Page 9 of 11 Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: FJ Capital Management LLC – 1,607,359 shares Financial Opportunity Fund LLC – 648,383 shares Financial Hybrid Opportunity Fund LLC – 301,719 shares Financial Hybrid Opportunity SPVI LLC – 657,257 shares Martin Friedman – 1,607,359 shares (b) Percent of class: FJ Capital Management LLC – 6.19% Financial Opportunity Fund LLC – 2.50% Financial Hybrid Opportunity Fund LLC – 1.16% Financial Hybrid Opportunity SPVI LLC – 2.53% Martin Friedman – 6.19% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote All

View Full Filing

View this SC 13G/A filing on SEC EDGAR