Vanguard Amends PNC Financial Stake, Maintains Significant Holding

TL;DR

**Vanguard still owns a big chunk of PNC, signaling institutional confidence.**

AI Summary

The Vanguard Group Inc. filed an amended Schedule 13G/A on February 13, 2024, indicating its ownership of common stock in PNC Financial Services Group Inc. as of December 29, 2023. This filing updates previous disclosures, showing Vanguard continues to be a significant institutional holder in PNC, a major national commercial bank. This matters to investors because large institutional ownership by entities like Vanguard can signal confidence in the company's long-term prospects and stability, potentially influencing other investors' perceptions.

Why It Matters

This filing confirms Vanguard's continued substantial investment in PNC, which can be a positive signal for current and prospective shareholders, suggesting institutional confidence in the bank's stability and future performance.

Risk Assessment

Risk Level: low — This is a routine update from a major institutional investor and does not indicate any immediate significant risk or change in company fundamentals.

Analyst Insight

Investors should note Vanguard's continued presence as a major shareholder, which suggests a stable institutional backing for PNC. This filing is a routine update and doesn't warrant immediate action, but it reinforces the company's appeal to large, long-term investors.

Key Players & Entities

• Vanguard Group Inc. (company) — the reporting person and institutional investor
• PNC Financial Services Group Inc. (company) — the subject company whose securities are being reported
• December 29, 2023 (date) — the date of the event requiring the filing
• February 13, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant ownership stake in PNC Financial Services Group Inc. throughout 2024. (Vanguard Group Inc.) — high confidence, target: December 31, 2024

FAQ

Filing Documents

• tv01717-pncfinancialservices.htm (SC 13G/A) — 11KB
• 0001104659-24-021731.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: PNC Financial Services Group Inc/The

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: The Tower at PNC Plaza, 300 5th Avenue Pittsburgh, PA 15222-2401

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 693475105

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of 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 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. 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. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration