PNC FINL SVCS GROUP INC

PNC Q1 2026 shows $65.8B in institutional value across 1,856 holders; the quarter is defined by two explosive NEW entries and a sharp active-manager rebalancing. BlackRock $6.7B (31.9M shares, -0.2%, -$75M, slight trim). Vanguard total $7.9B across three: Capital Management $5.5B (26.2M shares), Portfolio Management $2.0B (9.8M shares), Fiduciary Trust $473M (2.3M shares) -- three NEW positions totaling 38.3M shares. State Street $3.7B (17.7M shares, +0.3%, +$62M). FMR/Fidelity $3.3B (15.7M shares, -0.4%, -$57M). Geode Capital $2.0B (9.4M shares, +1.1%, +$107M). Capital Research Global Investors $1.8B (8.7M shares), NEW position with +1,268.8M value change vs previous holdings of 2.63M shares -- massive new build. Franklin Resources $1.8B (8.6M shares, +1.4%, +$116M). Bank of America $1.7B (7.99M shares, +1.2%, +$96M). MassFinancial $1.6B (7.5M shares, -11.6%, -$196M). Wells Fargo $1.1B (5.4M shares), NEW position with +401.9M value change from 3.43M prior shares -- significant new financial conviction. Invesco $1.0B (4.8M shares, -0.8%, -$40M). Morgan Stanley $1.0B (4.8M shares, flat). Ameriprise $938M (4.5M shares, -1.1%, -$51M). JPMorgan not in top-20 (small $396M). AQR Capital $914M (4.4M shares, +1.3%, +$52M). Northern Trust $904M (4.3M shares, +0.4%, +$18M). Deutsche Bank $881M (4.2M shares, +1.9%, +$80M). Charles Schwab IM $872M (4.2M shares), NEW position +345.5M from 2.5M prior shares -- tripled stake. Aristotle Capital $856M (4.1M shares, -1.0%, -$43M). UBS AM $743M (3.6M shares, +2.0%, +$71M). RBC $685M (3.3M shares, +1.5%, +$91M). Bank of NY Mellon $536M (2.6M shares, -1.0%, -$26M). Federated Hermes $603M (2.9M shares, -0.4%, -$11M). Viking Global $630M (3.0M shares, -58.6%, -$891M) -- largest single seller. Janus Henderson $660M (3.2M shares, -1.7%, -$59M). New positions: Capital Research Global (explosive), Wells Fargo, Schwab IM, Vanguard three. Sellers: Viking -$891M, MassFinancial -$196M, FMR -$58M, Ameriprise -$51M, Invesco -$40M, Aristotle -$43M, Janus -$59M, BofNY -$27M, BofA not significant, BofA buyer slight. Buyers: Capital Research +$1.27B (new), Wells Fargo +$402M (new), Schwab IM +$346M (new), Franklin +$116M, Geode +$107M, BofA +$96M, Deutsche Bank +$80M, UBS AM +$71M, RBC +$91M, Northern Trust +$18M, State Street +$62M. SMART-MONEY READ: Q1 2026 institutional conviction on PNC is strongly BULLISH. The three explosive new positions from Capital Research ($1.27B new), Wells Fargo ($402M new), and Charles Schwab IM ($346M new, 4x from prior) read as a coordinated bet on regional/national bank strength and PNC's valuation. That Capital Research -- a disciplined research-driven shop -- opened a position at this scale is the highest-conviction signal in the quarter. Viking Global's $891M liquidation is a notable outlier but is characteristic of that manager's high-frequency style rather than a fundamental PNC view. Net flow from active managers is measurably positive; the sell-cohort (Viking $891M + MassFinancial $196M) is partially offset by the buy-cohort new positions alone, which total $2B+.