BLACK HILLS CORP

Ticker: BKH CUSIP: 092113109 Class: COM

FARMERS & MERCHANTS INVESTMENTS INC's Holding History (CIK: 0001259969)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 45,978 Value ($000) $3,192 Avg Close $66.47 Range $58.20 - $73.32

Q3 2025

Shares 47,364 Value ($000) $2,917 Avg Close $57.38 Range $54.13 - $60.96

Q2 2025

Shares 47,498 Value ($000) $2,665 Avg Close $56.47 Range $52.67 - $59.65

Q1 2025

Shares 50,024 Value ($000) $3,034 Avg Close $56.47 Range $52.15 - $59.45

Q4 2024

Shares 56,627 Value ($000) $3,314 Avg Close $57.33 Range $53.67 - $62.19

Q3 2024

Shares 60,107 Value ($000) $3,674 Avg Close $54.39 Range $49.37 - $58.14

Q2 2024

Shares 61,469 Value ($000) $3,343 Avg Close $50.26 Range $46.53 - $53.93

Q1 2024

Shares 74,201 Value ($000) $4,051 Avg Close $47.73 Range $44.68 - $50.77

Q4 2023

Shares 97,056 Value ($000) $5,236 Avg Close $46.16 Range $41.54 - $51.76

Q3 2023

Shares 172,287 Value ($000) $8,716 Avg Close $50.50 Range $44.92 - $54.81

Q2 2023

Shares 172,394 Value ($000) $10,388 Avg Close $55.83 Range $52.26 - $58.57

Q1 2023

Shares 172,899 Value ($000) $10,910 Avg Close $57.47 Range $51.53 - $64.19

Q4 2022

Shares 170,256 Value ($000) $11,976 Avg Close $58.05 Range $50.78 - $62.96

Q3 2022

Shares 169,047 Value ($000) $11,450 Avg Close $64.21 Range $58.14 - $68.58

Q2 2022

Shares 168,998 Value ($000) $12,298 Avg Close $63.81 Range $56.66 - $68.52

Q1 2022

Shares 140,079 Value ($000) $10,789 Avg Close $58.63 Range $54.02 - $65.73

Q4 2021

Shares 140,544 Value ($000) $9,918 Avg Close $55.40 Range $51.95 - $59.51

Q3 2021

Shares 144,171 Value ($000) $9,048 Avg Close $56.46 Range $51.50 - $60.51

Q2 2021

Shares 145,461 Value ($000) $9,547 Avg Close $55.86 Range $53.24 - $58.36

Q1 2021

Shares 144,686 Value ($000) $9,661 Avg Close $50.63 Range $47.19 - $55.19

Q4 2020

Shares 154,689 Value ($000) $9,506 Avg Close $48.27 Range $42.45 - $52.98

Q3 2020

Shares 152,919 Value ($000) $8,180 Avg Close $45.64 Range $41.75 - $49.89

Q2 2020

Shares 152,127 Value ($000) $8,620 Avg Close $47.91 Range $41.68 - $55.82

Q1 2020

Shares 135,943 Value ($000) $8,704 Avg Close $59.44 Range $37.90 - $68.25

Q4 2019

Shares 133,692 Value ($000) $10,500 Avg Close $60.15 Range $57.52 - $62.11

Q3 2019

Shares 135,736 Value ($000) $10,415 Avg Close $60.34 Range $54.21 - $62.80

Q2 2019

Shares 135,042 Value ($000) $10,556 Avg Close $58.01 Range $54.08 - $63.38

Q1 2019

Shares 135,521 Value ($000) $10,038 Avg Close $52.65 Range $46.35 - $57.40

Q4 2018

Shares 134,306 Value ($000) $8,432 Avg Close $47.68 Range $43.15 - $52.00

Q3 2018

Shares 126,237 Value ($000) $7,333 Avg Close $45.23 Range $42.66 - $48.12

Q2 2018

Shares 123,765 Value ($000) $7,576 Avg Close $42.43 Range $39.15 - $46.25

Q1 2018

Shares 118,905 Value ($000) $6,457 Avg Close $39.62 Range $37.38 - $44.38

Q4 2017

Shares 96,435 Value ($000) $5,797 Avg Close $45.46 Range $41.87 - $51.03

Q3 2017

Shares 63,684 Value ($000) $4,386 Avg Close $50.60 Range $48.73 - $51.89

Q2 2017

Shares 61,912 Value ($000) $4,177 Avg Close $49.84 Range $47.18 - $52.32

Q1 2017

Shares 61,912 Value ($000) $4,115 Avg Close $45.51 Range $43.01 - $48.38

Q4 2016

Shares 64,225 Value ($000) $3,940 Avg Close $42.62 Range $38.96 - $45.02

Q3 2016

Shares 64,325 Value ($000) $3,938 Avg Close $43.19 Range $40.45 - $45.62

Q2 2016

Shares 59,700 Value ($000) $3,763 Avg Close $42.44 Range $39.39 - $44.88

Q1 2016

Shares 59,700 Value ($000) $3,590 Avg Close $37.32 Range $31.07 - $42.88

Q4 2015

Shares 59,700 Value ($000) $2,772 Avg Close $30.44 Range $27.84 - $33.06

Q3 2015

Shares 56,700 Value ($000) $2,344 Avg Close $28.18 Range $25.38 - $32.28

Q2 2015

Shares 56,800 Value ($000) $2,479 Avg Close $32.61 Range $29.70 - $35.86

Q1 2015

Shares 53,800 Value ($000) $2,714 Avg Close $34.02 Range $32.42 - $35.85

Q4 2014

Shares 54,100 Value ($000) $2,869 Avg Close $35.24 Range $31.42 - $38.13

Q3 2014

Shares 52,300 Value ($000) $2,504 Avg Close $35.67 Range $31.93 - $41.13

Q2 2014

Shares 52,400 Value ($000) $3,217 Avg Close $38.31 Range $36.56 - $40.65

Q1 2014

Shares 52,400 Value ($000) $3,021 Avg Close $36.15 Range $33.35 - $38.82

Q4 2013

Shares 52,400 Value ($000) $2,752 Avg Close $33.02 Range $30.45 - $35.53

Q3 2013

Shares 52,450 Value ($000) $2,615 Avg Close $32.70 Range $30.21 - $35.44

Q2 2013

Shares 60,450 Value ($000) $2,947 Avg Close $30.15 Range $27.57 - $32.51

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	45,978	$3,192	$66.47	$58.20 - $73.32
Q3 2025	47,364	$2,917	$57.38	$54.13 - $60.96
Q2 2025	47,498	$2,665	$56.47	$52.67 - $59.65
Q1 2025	50,024	$3,034	$56.47	$52.15 - $59.45
Q4 2024	56,627	$3,314	$57.33	$53.67 - $62.19
Q3 2024	60,107	$3,674	$54.39	$49.37 - $58.14
Q2 2024	61,469	$3,343	$50.26	$46.53 - $53.93
Q1 2024	74,201	$4,051	$47.73	$44.68 - $50.77
Q4 2023	97,056	$5,236	$46.16	$41.54 - $51.76
Q3 2023	172,287	$8,716	$50.50	$44.92 - $54.81
Q2 2023	172,394	$10,388	$55.83	$52.26 - $58.57
Q1 2023	172,899	$10,910	$57.47	$51.53 - $64.19
Q4 2022	170,256	$11,976	$58.05	$50.78 - $62.96
Q3 2022	169,047	$11,450	$64.21	$58.14 - $68.58
Q2 2022	168,998	$12,298	$63.81	$56.66 - $68.52
Q1 2022	140,079	$10,789	$58.63	$54.02 - $65.73
Q4 2021	140,544	$9,918	$55.40	$51.95 - $59.51
Q3 2021	144,171	$9,048	$56.46	$51.50 - $60.51
Q2 2021	145,461	$9,547	$55.86	$53.24 - $58.36
Q1 2021	144,686	$9,661	$50.63	$47.19 - $55.19
Q4 2020	154,689	$9,506	$48.27	$42.45 - $52.98
Q3 2020	152,919	$8,180	$45.64	$41.75 - $49.89
Q2 2020	152,127	$8,620	$47.91	$41.68 - $55.82
Q1 2020	135,943	$8,704	$59.44	$37.90 - $68.25
Q4 2019	133,692	$10,500	$60.15	$57.52 - $62.11
Q3 2019	135,736	$10,415	$60.34	$54.21 - $62.80
Q2 2019	135,042	$10,556	$58.01	$54.08 - $63.38
Q1 2019	135,521	$10,038	$52.65	$46.35 - $57.40
Q4 2018	134,306	$8,432	$47.68	$43.15 - $52.00
Q3 2018	126,237	$7,333	$45.23	$42.66 - $48.12
Q2 2018	123,765	$7,576	$42.43	$39.15 - $46.25
Q1 2018	118,905	$6,457	$39.62	$37.38 - $44.38
Q4 2017	96,435	$5,797	$45.46	$41.87 - $51.03
Q3 2017	63,684	$4,386	$50.60	$48.73 - $51.89
Q2 2017	61,912	$4,177	$49.84	$47.18 - $52.32
Q1 2017	61,912	$4,115	$45.51	$43.01 - $48.38
Q4 2016	64,225	$3,940	$42.62	$38.96 - $45.02
Q3 2016	64,325	$3,938	$43.19	$40.45 - $45.62
Q2 2016	59,700	$3,763	$42.44	$39.39 - $44.88
Q1 2016	59,700	$3,590	$37.32	$31.07 - $42.88
Q4 2015	59,700	$2,772	$30.44	$27.84 - $33.06
Q3 2015	56,700	$2,344	$28.18	$25.38 - $32.28
Q2 2015	56,800	$2,479	$32.61	$29.70 - $35.86
Q1 2015	53,800	$2,714	$34.02	$32.42 - $35.85
Q4 2014	54,100	$2,869	$35.24	$31.42 - $38.13
Q3 2014	52,300	$2,504	$35.67	$31.93 - $41.13
Q2 2014	52,400	$3,217	$38.31	$36.56 - $40.65
Q1 2014	52,400	$3,021	$36.15	$33.35 - $38.82
Q4 2013	52,400	$2,752	$33.02	$30.45 - $35.53
Q3 2013	52,450	$2,615	$32.70	$30.21 - $35.44
Q2 2013	60,450	$2,947	$30.15	$27.57 - $32.51