Based on 19 hedge funds · latest filing: 2026 Q1 · updated quarterly
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Selling streak — 2 quarters in a row
For 2 consecutive quarters, more hedge funds reduced or closed their PBHC positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
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High ownership — 83% of 3.0Y peak
83% of all-time peak
19 funds currently hold this stock — 83% of the 3.0-year high of 23 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
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Outflows — 17% fewer funds vs a year ago
fund count last 6Q
4 fewer hedge funds hold PBHC compared to a year ago (-17% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
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Heavy selling pressure — only 36% buying
5 buying9 selling
Last quarter: 9 funds sold vs only 5 buyers. This is widespread institutional distribution — not a few funds rebalancing, but a broad exit. High conviction bearish signal.
➡️
Steady new buyers — ~2 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 2 → 2 → 0 → 2. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
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68% of holders stayed for 2+ years
■ 68% conviction (2yr+)
■ 21% medium
■ 11% new
13 out of 19 hedge funds have held PBHC for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
⚠️
Saturation — most institutions already know this story
3 → 2 → 2 → 0 → 2 new funds/Q
New funds entering each quarter: 2 → 2 → 0 → 2. Far fewer institutions are entering now vs. a year ago. When the pool of potential new buyers shrinks this fast, future price support from institutional inflows weakens significantly.
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Veteran-anchored — 74% veterans vs 11% newcomers
■ 74% veterans
■ 16% 1-2yr
■ 11% new
Entry-cohort mix of 19 holders: 14 (74%) are 2+ year veterans, 3 entered 1–2 years ago, and 2 (11%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
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Elite ownership — 51% AUM from top-100 funds
51% from top-100 AUM funds
7 of 18 holders are among the 100 largest funds by AUM, controlling 51% of total institutional value in PBHC. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
Exit risk score 3.1/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.