{"id":23185,"date":"2023-06-15T18:50:10","date_gmt":"2023-06-15T22:50:10","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/pnc-financial-near-5-dividend-yield-a-buying-opportunity-nysepnc\/"},"modified":"2023-06-15T18:50:12","modified_gmt":"2023-06-15T22:50:12","slug":"pnc-financial-near-5-dividend-yield-a-buying-opportunity-nysepnc","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23185","title":{"rendered":"PNC Financial Near 5% Dividend Yield, A Buying Opportunity (NYSE:PNC)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture><\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<h2>Summary<\/h2>\n<p>Now that the Fed has decided to keep rates steady after their much awaited June 14th meeting came and went, just what does this mean for bank stocks like PNC Financial (<span class=\"ticker-hover-wrapper\">NYSE:PNC<\/span>)?<\/p>\n<p>In today&#8217;s analysis, I discuss why PNC<span class=\"paywall-full-content invisible\"> should have a <\/span><strong class=\"paywall-full-content invisible\">Buy Rating<\/strong><span class=\"paywall-full-content invisible\"> as it will continue to benefit from the current rate environment, but also is a strong dividend play, has a reasonable valuation, priced right, has a solid capital and liquidity position. A potential risk is its exposure to uninsured deposits.<\/span><\/p>\n<h2 class=\"paywall-full-content invisible\">Company Brief &amp; Story<\/h2>\n<p class=\"paywall-full-content invisible\">My first experience with the PNC brand was actually in the summer of 1999, when I walked into a branch to open up my first student checking account.<\/p>\n<p class=\"paywall-full-content invisible\">Today, as an analyst writing about that same bank, it is evident that the PNC brand has matured long past just small town bank<span class=\"paywall-full-content invisible no-summary-bullets\"> accounts and debit cards, yet has retained its iconic orange and blue logo.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Ranked #8 among largest banks in the US, this Pittsburgh-based firm with company roots going back to 1845, is today in 2023 a financial giant that crosses several business segments including personal, small business, corporate and institutional banking, as well as advisory services\u2026 not to mention having its name on a baseball stadium.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Rating Methodology<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">To rate this bank stock, I am breaking the larger rating down into 5 categories, each worth 20 points:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>Is it a good dividend opportunity? (20 points).<\/li>\n<li>Is it reasonably or undervalued? (20 points).<\/li>\n<li>Does the price show buying opportunity? (20 points).<\/li>\n<li>Is there strong Capital &amp; Liquidity? (20 points).<\/li>\n<li>Is the Interest rate environment in its favor? (20 points).<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">20 points are deducted if this firm&#8217;s risk exposure shows a lot of commercial real estate risk tied to office properties, as well as the risk of a large uninsured deposit base.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">My rating is based on the cumulative score:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(<em>Strong Sell:<\/em> 0 points, <em>Sell:<\/em> 20 points, <em>Hold:<\/em> 40 to 60 points, <em>Buy:<\/em> 80 points, <em>Strong Buy:<\/em> 100 points).<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">A Dividend Opportunity with Near 5% Yield<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Based on dividend info from <em>Seeking Alpha<\/em>, this stock currently offers a dividend yield of <strong>4.66%<\/strong>, with a dividend payment of $1.50 each quarter.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Also, the dividend has grown steadily since 2021, going from $1.15 in April 2021 to $1.50 in April 2023, a 30% increase, with a history of regular quarterly payments:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-16868404327739968.jpg\" alt=\"PNC - dividend growth\" width=\"287\" height=\"223\" contenteditable=\"true\" data-width=\"287\" data-height=\"223\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">PNC &#8211; dividend growth (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">How does their yield compare with its banking peers?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For example, US Bancorp (USB) has a dividend yield of 5.98%, Capital One (COF) has a yield of 2.14%, and Wells Fargo (WFC) has a yield of 2.85%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So, PNC being near a 5% yield makes it competitive in this sector I think, and an opportunity for a dividend-income investor to diversify their bank sector portfolio.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">A Reasonable Valuation<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The following data is from valuation info from <em>Seeking Alpha,<\/em> based on P\/E ratio and P\/B ratio.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This stock has a forward P\/E of 9.26, which is 1.47% below the sector median.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Its forward P\/B is 1.13, which is over 16% lower than its own 5-year average.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I should point out that its peer, US Bancorp, does present a better valuation at 7.62 P\/E and 1.00 P\/B.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">However, in prior articles my standard to weigh against was 1.0 for P\/B ratios and 14.93 for P\/E ratios, the May 2023 median ratio for the S&amp;P 500.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In this case, PNC has a P\/E below that median, and a P\/B slightly above the 1.0 benchmark I set.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I would call it a reasonable valuation, then, for value buyers.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">A Favorable Price Opportunity for Value Buyers<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The following is the price chart for this stock on June 14:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-16867687040049784.jpg\" alt=\"PNC - Price Chart on June 14PNC - Price Chart on June 14\" width=\"640\" height=\"334\" contenteditable=\"true\" data-width=\"640\" data-height=\"334\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">PNC &#8211; Price Chart on June 14 (StreetSmart Edge trading platform)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In this chart, which runs from 2022 through June 2023, I am tracking the <strong>50-day SMA<\/strong> (dark blue solid line) vs the <strong>200-day SMA<\/strong> (dark red solid line).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">After a <em>death cross<\/em> (red circle shown) forms in April 2022 where the 50-day crosses below the 200 day, it indicates a bearish period for this stock price, which continues until a rebound above the 200 day, followed by the steep price dip around the time of the regional bank failures in March 2023.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I believe that this price chart still presents a buying opportunity one can take advantage of, and I like the stock at $125 to $129, well below the current 200-day SMA. I would get in on the lower end of that range, and ride it up until it goes past its 200-day SMA again.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Capital &amp; Liquidity Position<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The bank has a <strong>CET1 ratio<\/strong> above both the 4.5% Basel III standard as well as the additional 2.9% stress capital buffer:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-16868460137490058.jpg\" alt=\"PNC Financial - capital ratios\" width=\"381\" height=\"454\" contenteditable=\"true\" data-width=\"381\" data-height=\"454\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">PNC Financial &#8211; capital ratios (PNC Financial &#8211; quarterly presentation)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">At the end of the first quarter, PNC also had over $32B in cash balances held at the Fed.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Keep in mind, according to a June 2022 article on Seeking Alpha, that PNC became subject to the 2.9% capital buffer requirement starting in Q4 2022.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This is a well-capitalized bank and is continually subject to stress tests, which I think is a good thing systemically speaking.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">The Rate Environment Continues to be Favorable<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The current interest rate environment has continued to benefit this firm:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-16868411327383883.jpg\" alt=\"PNC - quarterly results - NII and NIM\" width=\"640\" height=\"324\" contenteditable=\"true\" data-width=\"640\" data-height=\"324\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">PNC &#8211; quarterly results &#8211; NII and NIM (PNC Financial &#8211; quarterly results presentation)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With a <strong>28% YoY growth in NII<\/strong>, and 56bps growth in NIM, as shown above, PNC continues to reap the harvest of what the Fed is sowing.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">And since the Fed has just decided to hold steady, as well as the potential for one more rate hike next month, according to the sentiment of rate traders surveyed by CME FedWatch, which is predicting over 60% probability of a rate hike at the July 26 Fed meeting, we should continue to see good NII and NIM numbers looking forward to the next earnings release.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Although interest income is not the bank&#8217;s only source of revenue, as the chart below shows, it certainly is a major component of it:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-16868456497458012.jpg\" alt=\"PNC Financial - quarterly presentation\" width=\"303\" height=\"450\" contenteditable=\"true\" data-width=\"303\" data-height=\"450\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">PNC Financial &#8211; quarterly presentation (PNC Financial &#8211; quarterly presentation)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In fact, in the most recent quarter NII made up 64% of the revenue mix, so well over half, based on the above chart.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As far as further rate increases by the Fed, a June 14th article in the <em>Wall Street Journal<\/em> mentioned, &#8220;They are leaning towards raising them next month if the economy and inflation don&#8217;t cool further.&#8221;<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Risk Exposure Managed Well<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">A common question I get is what is this bank&#8217;s exposure to commercial real estate, particularly office space.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">If you look at the data below from their quarterly results presentation, the <em>office<\/em> category is <strong>less than 3%<\/strong> of total loans.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-1686842496263092.jpg\" alt=\"PNC - quarterly presentation - CRE portfolio\" width=\"640\" height=\"329\" contenteditable=\"true\" data-width=\"640\" data-height=\"329\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">PNC &#8211; quarterly presentation &#8211; CRE portfolio (PNC Financial &#8211; quarterly results presentation)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The other metrics to look at are nonperforming loans, delinquencies, and net charge-offs:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-16868427907227268.jpg\" alt=\"PNC Financial - loan performance\" width=\"640\" height=\"328\" contenteditable=\"true\" data-width=\"640\" data-height=\"328\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">PNC Financial &#8211; loan performance (PNC Financial quarterly presentation)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With a <strong>13% YoY decline in NPLs, 22% YoY decline in delinquencies<\/strong>, and just a slight YoY increase in net charge-offs, it appears to me that PNC is heading in the right direction in terms of asset risk exposure.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">One other risk to banks that just does not seem to go away is the amount of <em>uninsured deposits<\/em> vs <em>insured deposits<\/em> they hold for their customers.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The choppy waters of the March regional bank failures still casts a shadow over this sector, and another question I get asked is what is this bank&#8217;s exposure to deposits beyond the FDIC insured limit.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In this category, although just 11% of consumer deposits are insured, <strong>80% of commercial deposits are uninsured!<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/58572054-1686846304821126.jpg\" alt=\"PNC Financial - insured vs. uninsured deposits\" width=\"373\" height=\"417\" contenteditable=\"true\" data-width=\"373\" data-height=\"417\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">PNC Financial &#8211; insured vs uninsured deposits (PNC Financial &#8211; quarterly presentation)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This is a risk worth keeping track of from a forward-looking perspective, and so I will deduct from the score as I think that figure of 80% uninsured commercial deposits could pose a risk.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Consider that, as mentioned in a Time article in March discussing Silicon Valley Bank&#8217;s failure, &#8220;more than 85% of the bank&#8217;s deposits were uninsured, according to estimates in a recent regulatory filing.&#8221;<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">When it comes to PNC, however, also keep in mind all the tools it can deploy in the event of a serious liquidity issue, such as borrowing from the Fed, overnight loans from other banks, and from the FHLB.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In his last quarterly earnings remarks, <em>PNC Chairman and CEO Bill Demchak<\/em> struck a positive tone for this year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to him\u2026 &#8220;looking ahead, PNC remains well positioned to deliver for all stakeholders through the current environment and beyond.&#8221;<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Risks to My Bullish Rating Outlook<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">A risk to my bullish outlook for PNC could be unrelated to its own fundamentals, but rather another depositor run at regional banks that run into trouble due to their risk exposure. An analysis of what kind of exposure these smaller banks have will have to be continual.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">We saw in March that an entire sector&#8217;s stock can start getting dumped by panicky investors, if panicky depositors start pulling out funds.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The central bankers will need to continue to instill a language of confidence in this sector, as they have attempted to do after the March turmoil, and I think will continue to do so, which should give PNC enough breathing room to recover in the event of another run on bank stocks.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Conclusion<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In conclusion, I reiterate my <strong>Buy Rating.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The 5 positive points include a competitive dividend yield, strong capital levels, reasonable valuation, value price opportunity, and a favorable rate environment going into the rest of 2023.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">A potential risk, which is unique to the banking sector and not present in tech companies, for example, is the risk of uninsured deposits.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Holistically, though, this could be a nice addition to a portfolio of existing financial-sector stocks, most of all for the dividend income.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4611835-pnc-financial-near-5-percent-dividend-yield-a-buying-opportunity?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary Now that the Fed has decided to keep rates steady after their much awaited June 14th meeting came and went, just what does this mean for bank stocks like PNC Financial (NYSE:PNC)? In today&#8217;s analysis, I discuss why PNC should have a Buy Rating as it will continue to benefit from the current rate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-23185","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PNC Financial Near 5% Dividend Yield, A Buying Opportunity (NYSE:PNC) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Summary Now that the Fed has decided to keep rates steady after their much awaited June 14th meeting came and went, just what does this mean for bank\" \/>\n<meta name=\"robots\" content=\"index, follow, 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