SCHEDULE: Nomura Holdings Boosts BJ's Restaurants Stake

Nomura Holdings Inc. and its subsidiaries have disclosed a significant passive ownership stake in BJ's Restaurants Inc., holding 8.9% of the common stock.

Summary

• Nomura Holdings Inc. and its subsidiaries, Nomura Global Financial Products, Inc. and Nomura Securities International, Inc., collectively beneficially own 1,959,336 shares of BJ's Restaurants Inc. common stock.
• This represents an 8.9% ownership stake in the company.
• Nomura Global Financial Products, Inc. directly holds 1,935,256 shares, accounting for 8.8% of the class.
• Nomura Securities International, Inc. holds 24,080 shares.
• The ownership percentage is calculated based on 22,115,837 shares of common stock outstanding as of May 2, 2025.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating an update to previously reported ownership.

Sentiment

Score: 6

Explanation: The filing indicates a significant passive ownership stake by a major financial institution, which is generally viewed as a positive signal of institutional confidence, though it does not provide new operational or financial performance data.

Positives

• A major financial institution, Nomura Holdings Inc., has disclosed a substantial passive ownership stake, indicating institutional interest in BJ's Restaurants Inc.
• The aggregate beneficial ownership of 8.9% suggests a significant commitment from Nomura.

Risks

• The investment is stated to be for ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Future Outlook

The filing indicates a passive investment strategy, with shares acquired and held in the ordinary course of business, not for influencing control of the issuer.

Management Comments

• 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 and are not held 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.

Industry Context

The disclosure of a significant passive stake by a major financial institution like Nomura Holdings Inc. in BJ's Restaurants Inc. suggests potential institutional confidence in the casual dining sector or the specific company's operational resilience and growth prospects within the competitive restaurant industry.

Stakeholder Impact

• Shareholders: Increased institutional ownership may be viewed positively, potentially signaling confidence and stability.
• Management: No direct impact on management control due to the passive nature of the investment.

Next Steps

• Continued passive holding of the disclosed shares by Nomura Holdings Inc. and its subsidiaries.

Key Dates

Recommendation

The Schedule 13G filing indicates a significant passive ownership stake by Nomura Holdings Inc. in BJ's Restaurants Inc. While this demonstrates institutional confidence and could be a positive signal, the filing itself does not contain new financial performance data or strategic shifts that would warrant a strong buy or sell recommendation. The investment is stated to be for ordinary course of business, not for influencing control. Therefore, a 'hold' recommendation is appropriate, acknowledging the institutional interest without implying a change in the company's fundamental outlook based solely on this ownership disclosure.

Keywords

BJ's Restaurants, Nomura Holdings, Schedule 13G, passive investment, institutional ownership, restaurant industry, common stock