Benign Inflation Data Pushed The PNC Financial Services Group (PNC)
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The S&P 500 Index rose 11.7% in Q4 and 26.3% for the year. Investors became more comfortable that the U.S. Federal Reserve was done with raising interest rates, leading to a decrease of over 70 basis points in 10-year U.S. Treasury yields. The Federal Reserve’s core Personal Consumption Expenditures (PCE) Price Index has been moderating on a year-over-year basis, easing concerns about interest rates. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Growth & Income Fund featured stocks like The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter 2023 investor letter. Headquartered in Pittsburgh, Pennsylvania, The PNC Financial Services Group, Inc. (NYSE:PNC) is a diversified financial services company. On March 8, 2024, The PNC Financial Services Group, Inc. (NYSE:PNC) stock closed at $150.33 per share. One-month return of The PNC Financial Services Group, Inc. (NYSE:PNC) was 0.80%, and its shares gained 15.59% of their value over the last 52 weeks. The PNC Financial Services Group, Inc. (NYSE:PNC) has a market capitalization of $59.802 billion.
Carillon Eagle Growth & Income Fund stated the following regarding The PNC Financial Services Group, Inc. (NYSE:PNC) in its fourth quarter 2023 investor letter:
"The PNC Financial Services Group, Inc. (NYSE:PNC) and JPMorgan performed well due to more benign inflation data, which the market likely interpreted as a sign that a recession is now less likely to occur. Recall that historically speaking, banks are hyper-cyclical stocks and typically will trade lower if investors foresee a recession, because recessions tend to trigger loan losses."
A view of a busy banking hall, customers engaging with banking staff to conduct their financial transactions.
The PNC Financial Services Group, Inc. (NYSE:PNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The PNC Financial Services Group, Inc. (NYSE:PNC) was held by 37 hedge fund portfolios, down from 45 in the previous quarter, according to our database.
We discussed The PNC Financial Services Group, Inc. (NYSE:PNC) in another article and shared the list of best regional bank dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
