This Bank Stock Is a Must-Own for Any Dividend Investor
Rampant inflation, Russia's invasion of Ukraine, and the Federal Reserve Board's aggressive interest rate hikes are all contributing factors to the current bear market. In response to this uncertainty, a growing number of investors are turning to the safety of stocks that generate good dividends to offset the losses.
Some of the best dividend stocks right now are in the banking industry, as large banks are forced by federal regulators to meet rigorous standards to ensure they remain well capitalized through even the worst economic stresses. Perhaps the best dividend in the banking industry is PNC Financial Services Group (NYSE: PNC).
PNC Financial is the sixth-largest bank in the country, with about $535 billion in assets at the end of the first quarter. It has raised its dividend for the past 12 straight years, including through the COVID-19 recession in 2020, when the Fed placed a moratorium on banks raising their dividends. But as soon as the moratorium was lifted in the second quarter of 2021, PNC boosted the dividend by about 8%.
Source Fool.com
