BlackRock Trims PFIS Stake to 9.9% as of Dec 31, 2023
Ticker: PFIS · Form: SC 13G/A · Filed: Jan 26, 2024 · CIK: 1056943
| Field | Detail |
|---|---|
| Company | Peoples Financial Services Corp. (PFIS) |
| Form Type | SC 13G/A |
| Filed Date | Jan 26, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, financial-services
TL;DR
**BlackRock slightly cut its stake in Peoples Financial Services to 9.9%.**
AI Summary
BlackRock Inc. has updated its ownership stake in Peoples Financial Services Corp. (PFIS) as of December 31, 2023, reducing its beneficial ownership from 10.0% to 9.9%. This change, reported in an SC 13G/A filing on January 26, 2024, means BlackRock now beneficially owns 698,079 shares of PFIS Common Stock. This slight decrease in a major institutional investor's stake could signal a minor shift in their portfolio strategy, which might be a point of consideration for current or prospective PFIS shareholders.
Why It Matters
A slight reduction in BlackRock's stake, a major institutional investor, could indicate a minor re-evaluation of Peoples Financial Services Corp. by a significant market player, potentially influencing investor sentiment.
Risk Assessment
Risk Level: low — The change in ownership is minor (0.1% decrease) and does not suggest a significant shift in the company's fundamentals or a major divestment.
Analyst Insight
An investor should note that a major institutional holder like BlackRock slightly reduced its stake. While not a red flag, it warrants monitoring future filings for further changes in institutional ownership and considering if this aligns with their own investment thesis for PFIS.
Key Numbers
- 698,079 — Shares Beneficially Owned (This is the total number of Common Stock shares of Peoples Financial Services Corp. that BlackRock Inc. beneficially owns as of December 31, 2023.)
- 9.9% — Percentage of Class (This represents BlackRock Inc.'s beneficial ownership percentage of Peoples Financial Services Corp.'s Common Stock as of December 31, 2023.)
Key Players & Entities
- BlackRock Inc. (company) — the institutional investor filing the SC 13G/A
- Peoples Financial Services Corp. (company) — the subject company whose shares are being reported
- 698,079 (dollar_amount) — number of shares beneficially owned by BlackRock Inc. as of December 31, 2023
- 9.9% (dollar_amount) — percentage of class beneficially owned by BlackRock Inc. as of December 31, 2023
- December 31, 2023 (date) — the date of the event requiring the filing
- January 26, 2024 (date) — the filing date of the SC 13G/A
Forward-Looking Statements
- BlackRock will maintain a significant, but slightly reduced, institutional stake in Peoples Financial Services Corp. throughout 2024. (BlackRock Inc.) — medium confidence, target: December 31, 2024
FAQ
What is the purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No: 4) by BlackRock Inc. to update its beneficial ownership of Common Stock in Peoples Financial Services Corp. as of December 31, 2023, as required by Rule 13d-1(b) of the Securities Exchange Act of 1934.
Who is the reporting person in this filing?
The reporting person is BlackRock Inc., a security broker, dealer, and flotation company based in New York, NY, with CIK 0001364742.
What is the subject company of this filing?
The subject company is Peoples Financial Services Corp., a national commercial bank based in Scranton, PA, with CIK 0001056943.
What was BlackRock's beneficial ownership percentage in Peoples Financial Services Corp. as of December 31, 2023?
As of December 31, 2023, BlackRock Inc. beneficially owned 9.9% of the Common Stock of Peoples Financial Services Corp., which amounts to 698,079 shares.
When was this amendment filed and what date does the reported information pertain to?
This amendment was filed on January 26, 2024, and the reported ownership information pertains to the date of event, December 31, 2023.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 26, 2024 regarding PEOPLES FINANCIAL SERVICES CORP. (PFIS).