Jim Cramer is Recommending These 10 Stocks in June

6. PNC Financial Services Group Inc (NYSE:PNC)

Number of Hedge Fund Investors: 52

Headquartered in Pittsburgh, Pennsylvania, PNC Financial Services Group Inc (NYSE:PNC) is one of the most notable regional bank stocks. Jim Cramer was recently asked about the stock during his program on CNBC. Cramer hit the “buy, buy, buy” button for the stock and said he believes the stock will touch its all-time high and then go “higher.” Cramer also highlighted that the stock’s yields 4% in dividends.

With over 14 years of consistent dividend increases, PNC Financial Services Group Inc (NYSE:PNC) is indeed a solid dividend growth stock. Last year PNC Financial Services Group Inc (NYSE:PNC) paid just 27.3% of its earnings in dividends, which means it’s a safe dividend stock.

PNC Financial Services Group Inc (NYSE:PNC) reported strong Q1 results in April driven by lower provision for credit losses and lower core expenses.

Artisan Value Fund stated the following regarding The PNC Financial Services Group, Inc. (NYSE:PNC) in its fourth quarter 2023 investor letter:

“Banks were well represented among our top Q4 performers as the Treasury market rally drove big gains in the bank stocks. US Bancorp (USB), The PNC Financial Services Group, Inc. (NYSE:PNC) and Bank of America—the three banks we hold in the portfolio—were each among our top five contributors to return. When bank stocks sold off in Q1 due to fears of contagion following Silicon Valley Bank’s failure, we took advantage of the market dislocation by purchasing top-10 US banks USB and PNC at what were, in our view, cheap prices. USB and PNC are banks we have known for years. They are well managed and well capitalized. As large banks, they were less impacted by the turmoil that affected smaller institutions as depositors sought the safest places to store their money. The recent rebound is an example of how our approach of investing in out-of-favor businesses can lead to alpha. USB and PNC are not immune from industry-wide headwinds from higher deposit costs, pressured net interest margins and fleeing deposits. However, we did not see these banks having a similar level of risk, with respect to uninsured deposits and unrealized losses, which contributed in varying degrees to the collapses of other banks in March 2023. As investors, we cannot avoid risk. However, we are willing to take risk if we are being compensated appropriately.”