Opinions
Jenny Harrington, CEO, Gilman Hill Asset Management
PNC Financial Services Group Inc
PNC-N
BUY ON WEAKNESS
Oct 27, 2023
$111.240
Stock price when the opinion was issued
Financial Services
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TOP PICK
Stockchase Research Editor: Michael O'Reilly We reiterate this Pittsburgh based bank that has over 2500 branches. We like that is has built cash reserves while aggressively reducing debt. It trades at only 1.4x book and offers a good dividend, backed by a payout ratio under 50% of cash flow. The dividend has grown for 10 consecutive years. We recommend trailing up the stop loss (from $125) to $140, looking to achieve $189 -- upside potential over 20%. Yield 3.7% (Analysts’ price target is $188.56)
Financial Services
TOP PICK
Stockchase Research Editor: Michael O'Reilly We again reiterate this Pittsburgh based bank that has over 2500 branches as a TOP PICK. They are embarking on a cost saving plan to reduce branches in several store kiosks as customers opt increasingly for electronic banking. The company is prudently using cash reserves to aggressively retire debt and buy back shares. It trades at 12x earnings and 1.2x book. It offers a good dividend, backed by a payout ratio under 50% of cash flow. We recommend trailing up the stop loss (from $140) to $147, looking to achieve $186 -- upside potential over 19%. Yield 3.87% (Analysts’ price target is $185.84)
Financial Services
PAST TOP PICK
(A Top Pick Dec 27/22, Down 5.7%)Stockchase Research Editor: Michael O’Reilly
Our PAST TOP PICK with PNC has triggered its stop at $147. To remain disciplined we recommend covering the position at this time. This will result in a net investment loss of 4%, when combined with our previous buy recommendation.
Financial Services
The regional banks have been reporting decent earnings, because net-interest margins are great and high rates are another benefit. She will buy names like PNC.