Vanguard Cuts Simmons First National Stake to 8.08%
Ticker: SFNC · Form: SC 13G/A · Filed: 2024-02-13T00:00:00.000Z
Sentiment: bearish
Topics: institutional-ownership, ownership-change, amendment, banking
TL;DR
**Vanguard trimmed its stake in Simmons First National to 8.08%, signaling a potential shift in their outlook.**
AI Summary
The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership in Simmons First National Corporation Class A Common Stock as of December 29, 2023. Vanguard reported holding 10,034,705 shares, representing 8.08% of the company's outstanding shares. This is a decrease from their previous filing, indicating Vanguard has reduced its stake, which could signal a shift in their investment strategy for Simmons First National.
Why It Matters
This filing shows that a major institutional investor, Vanguard, has reduced its ownership in Simmons First National Corporation, which could be interpreted as a lack of conviction or a reallocation of assets, potentially influencing other investors' perceptions of the stock.
Risk Assessment
Risk Level: medium — A significant institutional investor reducing its stake can sometimes precede further stock price declines if other investors follow suit.
Analyst Insight
Investors should monitor future institutional filings for Simmons First National Corporation to see if other major holders are also reducing their positions, and consider if Vanguard's move aligns with their own investment thesis for the company.
Key Numbers
- 10,034,705 — Shares Beneficially Owned (Represents the total number of Simmons First National Class A Common Stock shares Vanguard holds.)
- 8.08% — Percentage of Class Outstanding (Indicates Vanguard's significant, but reduced, ownership stake in Simmons First National Corporation.)
- 0 — Sole Voting Power (Vanguard holds no sole voting power over the shares, indicating they are likely held for clients in various funds.)
- 10,034,705 — Shared Voting Power (Vanguard shares voting power over all its beneficially owned shares, typical for an asset manager.)
- 10,034,705 — Shared Dispositive Power (Vanguard shares dispositive power over all its beneficially owned shares, meaning they can decide to sell them.)
Key Players & Entities
- The Vanguard Group (company) — reporting person, institutional investor
- Simmons First National Corporation Class A (company) — subject company, issuer of securities
- 10,034,705 (dollar_amount) — number of shares beneficially owned by Vanguard
- 8.08% (dollar_amount) — percentage of class outstanding owned by Vanguard
- December 29, 2023 (date) — date of event requiring the filing
- February 13, 2024 (date) — filing date of the SC 13G/A
Forward-Looking Statements
- Other institutional investors may review Vanguard's reduced stake and potentially re-evaluate their own positions in Simmons First National Corporation. (Simmons First National Corporation) — medium confidence, target: Q1 2024
- The stock price of Simmons First National Corporation could experience short-term volatility as the market digests the news of Vanguard's reduced ownership. (Simmons First National Corporation) — medium confidence, target: February 2024
FAQ
What is the purpose of this SC 13G/A filing by The Vanguard Group?
This SC 13G/A is an amendment (Amendment No. 10) to a Schedule 13G filing, indicating a change in The Vanguard Group's beneficial ownership of Simmons First National Corporation Class A Common Stock, specifically as of the event date of December 29, 2023.
How many shares of Simmons First National Corporation Class A Common Stock does The Vanguard Group beneficially own as reported in this filing?
As of December 29, 2023, The Vanguard Group beneficially owns 10,034,705 shares of Simmons First National Corporation Class A Common Stock, as stated in Item 9 of the filing.
What percentage of Simmons First National Corporation Class A Common Stock does Vanguard's ownership represent?
The 10,034,705 shares beneficially owned by The Vanguard Group represent 8.08% of the total outstanding shares of Simmons First National Corporation Class A Common Stock, as detailed in Item 11 of the filing.
Does The Vanguard Group have sole voting or dispositive power over these shares?
No, The Vanguard Group reports 0 shares with sole voting power and 0 shares with sole dispositive power. Instead, it reports 10,034,705 shares with shared voting power and 10,034,705 shares with shared dispositive power, which is typical for an investment adviser managing funds for clients.
When was the event date that triggered this filing, and when was the filing submitted?
The date of the event which required this filing was December 29, 2023. The filing itself, an amendment, was submitted on February 13, 2024, as indicated by the 'FILED AS OF DATE' and 'DATE AS OF CHANGE' in the header.
Filing Stats: 816 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-02-13 17:13:59
Filing Documents
- tv01923-simmonsfirstnational.htm (SC 13G/A) — 11KB
- 0001104659-24-021940.txt ( ) — 13KB
(a) - Name of Issuer
Item 1(a) - Name of Issuer: Simmons First National Corporation Class A
(b) - Address of Issuer's Principal Executive Offices
Item 1(b) - Address of Issuer's Principal Executive Offices: 501 South Main Street Pine Bluff, AR 71601
(a) - Name of Person Filing
Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930
(b) – Address of Principal Business Office or, if none, residence
Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355
(c) – Citizenship
Item 2(c) – Citizenship: Pennsylvania
(d) - Title of Class of Securities
Item 2(d) - Title of Class of Securities: Common Stock
(e) - CUSIP Number
Item 2(e) - CUSIP Number 828730200
- Type of Filing
Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).
- Ownership
Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.
- Ownership of Five Percent or Less of a Class
Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following
- Ownership of More Than Five Percent on Behalf of Another Person
Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable
- Identification and Classification of Members of Group
Item 8 - Identification and Classification of Members of Group: Not applicable
- Notice of Dissolution of Group
Item 9 - Notice of Dissolution of Group: Not applicable
- Certification
Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration