Solid Performance and a Solid Dividend Have Braced PNC for a Recession
While I haven't written a ton about PNC Financial (NYSE: PNC) lately, the sixth-largest bank by assets in the U.S. has been a solid performer with a strong valuation and a very good dividend yield. The Pittsburgh, PA-based bank made a big move in 2020 during the pandemic when it announced that it would purchase the U.S. operations of the Spanish lender BBVA.
The bank made the move at a good time when the regulatory environment for large bank mergers was a lot friendlier and when bank valuations weren't too demanding. While it's still a little early to evaluate how that acquisition has turned out, I do think PNC is a reliable bank to own should the U.S. economy enter a recession. Here's why.
Credit quality is still by and large pretty clean across the banking system, with certain segments of the consumer segment beginning to show some cracks.
Source Fool.com
