Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the S&P 500 Index had a 5.9% increase in third-quarter trading, the benchmark index ended the first nine months of 2024 with a remarkable 22.1% gain. The exceptional performance was fueled by a strong surge in technology stocks, artificial intelligence trends, and the start of a U.S. Federal Reserve (Fed) rate reduction cycle. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like The PNC Financial Services Group, Inc. (NYSE:PNC) in the third quarter 2024 investor letter. The PNC Financial Services Group, Inc. (NYSE:PNC) is a diversified financial services company, headquartered in Pittsburgh, Pennsylvania. The one-month return of The PNC Financial Services Group, Inc. (NYSE:PNC) was 9.81%, and its shares gained 59.65% of their value over the last 52 weeks. On November 13, 2024, The PNC Financial Services Group, Inc. (NYSE:PNC) stock closed at $207.96 per share with a market capitalization of $82.515 billion.
Carillon Eagle Growth & Income Fund stated the following regarding The PNC Financial Services Group, Inc. (NYSE:PNC) in its Q3 2024 investor letter:
“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.”
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The PNC Financial Services Group, Inc. (NYSE:PNC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held The PNC Financial Services Group, Inc. (NYSE:PNC) at the end of the second quarter which was 52 in the previous quarter. In the third quarter, The PNC Financial Services Group, Inc. (NYSE:PNC) reported $1.5 billion in net income worth $3.49, diluted earnings per share. While we acknowledge the potential of The PNC Financial Services Group, Inc. (NYSE:PNC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed The PNC Financial Services Group, Inc. (NYSE:PNC) and shared Artisan Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 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.