Goldman Sachs Sees Opportunity in PNC After Recent Bank Selloff

The PNC Financial Services Group, Inc. (NYSE:PNC) is included among the 13 Bank Stocks with Highest Dividends.

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On April 6, Goldman Sachs raised its price recommendation on The PNC Financial Services Group, Inc. (NYSE:PNC) to $220 from $215. It maintained a Neutral rating on the shares. The update came as part of a broader note previewing Q1 results for banks. The analyst said valuations across the group look more appealing after a 7% decline so far this year. That drop was driven entirely by multiple compressions, which brings valuations closer to historical levels. Goldman further added that investors are likely to focus on a few main areas. These include the outlook for net interest income, pressure on capital markets revenue from recent volatility, and how higher energy prices could affect credit quality and provisions.

On April 2, the company’s board of directors declared a quarterly cash dividend of $1.70 per share on its common stock. The dividend is set to be paid on May 5 to shareholders of record as of the close of business on April 14. The board also approved cash dividends for holders of several series of preferred stock. These will be paid to shareholders of record as of the respective record dates.

The PNC Financial Services Group, Inc. (NYSE:PNC) operates as a diversified financial services company in the United States. It provides retail and business banking, a full range of lending products, and specialized services for corporations and government entities. Its offerings also include wealth management and asset management.

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