10 Best Bank Stocks To Invest In For the Long Term

6. The PNC Financial Services Group, Inc. (NYSE:PNC)

Number of Hedge Fund Investors In Q3 2024: 51

The PNC Financial Services Group, Inc. (NYSE:PNC) is one of the biggest regional banks in America. It had $565 billion in total assets as of September 2024. Like other mega banking players, it has had to walk a tightrope between interest income and expenses in the current era of high rates. For the first three quarters of 2024, The PNC Financial Services Group, Inc. (NYSE:PNC)’s interest income grew by 11.2% but its interest expenses grew by 37.5% and led to a 4.7% drop in net interest income. The bank also had to account for higher credit losses, which grew by 88% in Q3 to touch $243 million. These headwinds meant that for the first nine months of 2024, The PNC Financial Services Group, Inc. (NYSE:PNC)’s net income dropped by 10% to $4.3 billion. However, the bank is positioning itself for a low-rate environment that proves to be a boon for consumer lending. It is spending a whopping $500 million to open 100 new branches and overhaul 200 existing branches in the US which could add to its already sizable footprint in America.

Carillon Tower Advisors mentioned The PNC Financial Services Group, Inc. (NYSE:PNC) in its Q3 2024 investor letter. Here is what the fund said:

“The PNC Financial Services Group, Inc. (NYSE:PNC) contributed to performance as the company delivered strong financial results implying that its net interest income may have troughed. Financial results also implied an acceleration in loan growth at the end of the quarter; period-end loan growth vastly outpaced average loan growth throughout the quarter.”