Pzena's 9.4% passive stake signals strong institutional conviction in TrueBlue's value. Monitor for any future 13D conversion or additional accumulation, which would indicate a shift toward activist engagement. The filing date of October 19, 2026, with a September 30 measurement date, suggests the position was built during Q3 2026.
Price Chart
Executive Summary
Pzena Investment Management LLC filed an amended Schedule 13G disclosing a 9.4% passive stake in TrueBlue, Inc. as of September 30, 2026, holding 2,846,983 shares. This is a new passive filer for TBI, indicating significant institutional conviction without activist intent.
Key Financial Metrics
Key Facts
- Pzena Investment Management LLC reported beneficial ownership of 2,846,983 shares of TrueBlue common stock, representing 9.4% of shares outstanding.
- The filing is an amendment to Schedule 13G, confirming passive investment intent under Rule 13d-1(b).
- Sole voting power is held over 2,339,332 shares; sole dispositive power over 2,846,983 shares.
- The stake was acquired in the ordinary course of business, not for changing or influencing control of the issuer.
Financial Impact
9.4% stake valued at approximately $28.5 million based on current market cap context — a material passive position.
Risk Factors
- Passive 13G status means Pzena cannot engage in activist activities without converting to 13D — any control-related moves would trigger a new filing.
- A large passive holder could sell down if fundamentals deteriorate, creating overhang.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G/A Filing (Primary) | 0001027796-26-000058 |
| Document: 0001027796-26-000058-index.html | 0001027796-26-000058 |
| Document: 0001027796-26-000058.txt | 0001027796-26-000058 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $9.83 | awaiting T+5 | — | $9.83 (−0.00%) |
Oct 19, 2026 7d ago | SC 13G/A | $8.15 $9.83 | ▲ +20.61% | ▲ +20.76% | $9.83 (+20.61%) |
Aug 4, 2026 11w ago | 8-K | $9.90 $9.92 | ▲ +0.20% | ▼ −0.15% | $9.83 (−0.71%) |
May 6, 2026 24w ago | 8-K | $6.01 $5.81 | ▼ −3.33% | ▼ −4.83% | $9.83 (+63.56%) |
May 5, 2026 24w ago | 8-K | $6.05 $5.28 | ▼ −12.73% | ▼ −13.86% | $9.83 (+62.48%) |
Apr 13, 2026 28w ago | 8-K | $3.65 $4.50 | ▲ +23.29% | ▲ +19.99% | $9.83 (+169.32%) |
Mar 3, 2026 33w ago | DEFA14A | $4.27 $3.87 | ▼ −9.37% | ▼ −8.03% | $9.83 (+130.21%) |
Mar 3, 2026 33w ago | DFAN14A | $4.27 $3.87 | ▲ +9.37% | ▲ +8.03% | $9.83 (−130.21%) |
Feb 24, 2026 34w ago | Insider Cluster | $3.44 $4.14 | ▲ +20.35% | ▲ +21.38% | $9.83 (+185.76%) |
Feb 24, 2026 34w ago | Insider Cluster | $3.44 $4.14 | ▲ +20.35% | ▲ +21.38% | $9.83 (+185.76%) |
US Market Status
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