PNC Financial Discloses 12.52% Stake in Erie Indemnity Co.

TL;DR

**PNC owns 12.52% of Erie Indemnity, watch for potential influence.**

AI Summary

PNC Financial Services Group, Inc. filed an amended SC 13G/A on February 9, 2024, indicating a change in their beneficial ownership of Erie Indemnity Company's Class A Common Stock as of December 31, 2023. PNC now beneficially owns 5,781,066 shares, representing 12.52% of the class. This filing is an update to their previous holdings, showing a significant stake in Erie Indemnity, which could influence future corporate decisions or signal PNC's long-term confidence in the company.

Why It Matters

This filing shows that a major financial institution, PNC, holds a substantial portion of Erie Indemnity's stock, which can be seen as a vote of confidence or a potential influence on the company's direction.

Risk Assessment

Risk Level: low — This filing is a routine update on institutional ownership and does not inherently present a high risk.

Analyst Insight

Investors should note PNC's substantial 12.52% ownership in Erie Indemnity, as such a large institutional stake could imply stability or potential strategic influence. Monitor future filings for any significant changes in this position.

Key Numbers

• 5,781,066 — Shares Beneficially Owned (This is the total number of Erie Indemnity Class A Common Stock shares PNC Financial Services Group, Inc. beneficially owns as of December 31, 2023.)
• 12.52% — Percent of Class (This represents the significant portion of Erie Indemnity's Class A Common Stock that PNC Financial Services Group, Inc. now controls.)
• 29530P102 — CUSIP Number (This unique identifier confirms the specific Class A Common Stock of Erie Indemnity Company being reported.)
• February 9, 2024 — Filing Date (This is the date the SC 13G/A amendment was filed with the SEC, updating the public on PNC's holdings.)
• December 31, 2023 — Event Date (This is the specific date as of which PNC's beneficial ownership of Erie Indemnity shares is being reported.)

Key Players & Entities

• PNC Financial Services Group, Inc. (company) — the reporting person beneficially owning shares of Erie Indemnity Company
• Erie Indemnity Company (company) — the issuer whose Class A Common Stock is being reported
• 5,781,066 (dollar_amount) — the aggregate amount of shares beneficially owned by PNC
• 12.52% (dollar_amount) — the percentage of Class A Common Stock represented by PNC's ownership
• December 31, 2023 (date) — the date of the event which required the filing of this statement

Forward-Looking Statements

• PNC Financial Services Group, Inc. will maintain a significant stake in Erie Indemnity Company for the foreseeable future. (PNC Financial Services Group, Inc.) — medium confidence, target: December 31, 2024

FAQ

Filing Documents

• d733370dsc13ga.htm (SC 13G/A) — 48KB
• 0001193125-24-029324.txt ( ) — 50KB

(a)- NAME OF ISSUER

ITEM 1(a)- NAME OF ISSUER: Erie Indemnity Company

(b)- ADDRESS

ITEM 1(b)- ADDRESS OF ISSUERS PRINCIPAL EXECUTIVE OFFICES: 100 Erie Insurance Place Erie, Pennsylvania 16530

(a)- NAME

ITEM 2(a)- NAME OF PERSON FILING: The PNC Financial Services Group, Inc.; and PNC Bank, National Association

(b)- ADDRESS OF PRINCIPAL BUSINESS OFFICE

ITEM 2(b)- ADDRESS OF PRINCIPAL BUSINESS OFFICE: The PNC Financial Services Group, Inc. 300 Fifth Avenue, Pittsburgh, PA 15222-2401 PNC Bank, National Association 300 Fifth Avenue, Pittsburgh, PA 15222-2401

(c)- CITIZENSHIP

ITEM 2(c)- CITIZENSHIP: The PNC Financial Services Group, Inc. - Pennsylvania PNC Bank, National Association - United States

(d)- TITLE OF CLASS OF SECURITIES

ITEM 2(d)- TITLE OF CLASS OF SECURITIES: Class A Common

(e)- CUSIP

ITEM 2(e)- CUSIP NUMBER: 29530P102

- IF THIS

ITEM 3- IF THIS (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) Group, in accordance with 240.13d-1(b)(1)(ii)(K). Page 5 of 6 Pages

- OWNERSHIP

ITEM 4- OWNERSHIP: The following information is as of December 31, 2023: (a) Amount Beneficially Owned: 5,781,066 shares (b) Percent of Class: 12.52 (c) Number of shares to which such person has: (i) sole power to vote or to direct the vote 5,781,066 (ii) shared power to vote or to direct the vote -0- (iii) sole power to dispose or to direct the disposition of 4,906,399 (iv) shared power to dispose or to direct the disposition of 2,673 The total shares reported herein are held in accounts at PNC Bank, National Association in a fiduciary capacity for clients. PNC Bank, National Association (PNC Bank) is the trustee on a particular trust account (Frank William Hirt Trust) holding at year end 2,616,000 shares of the Class A Common Stock reported herein (5.66% of the class). The trustee may be deemed to have sole voting authority and sole dispositive power with respect to the shares in that trust account. The inclusion of the reporting persons and such securities in this report shall not be deemed an admission of beneficial ownership by the reporting persons for the purposes of Section 13(d) or 13(g) of the Act, or for any other purposes.

- OWNERSHIP OF FIVE PERCENT OR LESS

ITEM 5- OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: Not Applicable. ITEM 6- PNC Bank, as trustee has the power to direct the receipt of dividends from, or the proceeds from the sale of, the Class A common stock held by the trust noted in Item 4 above. The beneficiaries of the trust have the right to receive dividends from the Class A common stock in their trust accounts. ITEM 7- IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: Included are the following subsidiaries of The PNC Financial Services Group, Inc. - HC: PNC Bank, National Association - BK

- IDENTIFICATION

ITEM 8- IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE 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 and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 6 of 6 Pages 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. February 9, 2024 Date By: /s/ Gregory H. Kozich Signature The PNC Financial Services Group, Inc. Gregory H. Kozich, Senior Vice President & Controller Name & Title February 9, 2024 Date By: /s/ Gregory H. Kozich Signature PNC Bank, National Association Gregory H. Kozich, Executive Vice President & Controller Name & Title AN AGREEMENT TO FILE A JOINT STATEMENT WAS PREVIOUSLY FILED

View Full Filing

View this SC 13G/A filing on SEC EDGAR