SCHEDULE 13G/A: PNC Financial Services Group Maintains Significant Stake in Kontoor Brands, Inc.

The PNC Financial Services Group, Inc. has filed an amended Schedule 13G, disclosing a continued beneficial ownership of 7.56% in Kontoor Brands, Inc. as of December 31, 2024.

Summary

• The PNC Financial Services Group, Inc. (PNC) filed Amendment No. 7 to its Schedule 13G, detailing its beneficial ownership in Kontoor Brands, Inc.
• As of December 31, 2024, PNC beneficially owns an aggregate of 4,168,098 shares of Kontoor Brands, Inc. common stock.
• This ownership represents 7.56% of the total outstanding common stock of Kontoor Brands, Inc.
• PNC holds sole voting power over 3,348 shares and shared voting power over 4,161,026 shares.
• PNC holds sole dispositive power over 6,294 shares and shared dispositive power over 4,161,722 shares.
• A substantial portion of the shares, 4,161,026 shares (7.55% of the class), are held in Barbey Family Trust accounts where PNC Bank, National Association serves as co-trustee, sharing both voting and dispositive power.
• An additional 6,693 shares are held in fiduciary accounts at PNC Bank, and 379 shares are held in fiduciary accounts at PNC Delaware Trust Company for clients outside the aforementioned trusts.
• PNC certifies that these securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control of Kontoor Brands, Inc.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing disclosing beneficial ownership, which is factual and does not inherently convey positive or negative sentiment regarding the issuer's performance or outlook.

Future Outlook

NA

Industry Context

Schedule 13G filings are mandatory disclosures by institutional investors who acquire more than 5% of a company's stock, indicating a passive investment intent. This filing demonstrates PNC's continued significant, but passive, stake in Kontoor Brands, primarily through its role as a co-trustee for client accounts, which is a standard practice for financial institutions managing large trusts.

Related Party Transactions

• The majority of the reported shares (4,161,026 shares, or 7.55% of the class) are held in Barbey Family Trust accounts, for which PNC Bank, National Association serves as co-trustee. This highlights a significant client relationship that accounts for the bulk of PNC's reported beneficial ownership.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, confirming a large, passive investment by PNC.
• Company Management: Awareness of a major institutional holder, though the filing explicitly states no intent to influence control of the issuer.

Key Dates

Keywords

Kontoor Brands, PNC Financial Services Group, Schedule 13G, beneficial ownership, common stock, SEC filing, institutional investor, equity stake