Matrix Asset Advisors, an asset management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter of 2023, the stock market rallied despite the fall in banking sector stocks. In the first quarter, Matrix’s Large Cap Value Portfolio posted a strong mid-high-single digit return which is in line with the S&P 500 Index and well ahead of the Russell 1000 Value Index. While the Dividend Income strategy, after a good year in 2022, lagged behind both indexes in the first quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Matrix Asset Advisors highlighted stocks like The PNC Financial Services Group, Inc. (NYSE:PNC) in the first quarter 2023 investor letter. Headquartered in Pittsburgh, Pennsylvania, The PNC Financial Services Group, Inc. (NYSE:PNC) is a financial services company that operates through Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. On May 5, 2023, The PNC Financial Services Group, Inc. (NYSE:PNC) stock closed at $116.18 per share. One-month return of The PNC Financial Services Group, Inc. (NYSE:PNC) was -4.93%, and its shares lost 29.02% of their value over the last 52 weeks. The PNC Financial Services Group, Inc. (NYSE:PNC) has a market capitalization of $46.435 billion.
Matrix Asset Advisors made the following comment about The PNC Financial Services Group, Inc. (NYSE:PNC) in its Q1 2023 investor letter:
“During the quarter, we started a new position in PNC Financial Services Group, Inc. (NYSE:PNC), swapping out from Truist Financial. Both companies are strong, well-managed regional banks, but in the recent sell-off of regional bank stocks, we believed this was a quality upgrade with similar upside potential.
PNC Financial is the 6 th largest bank in the United States by assets. The firm’s branch network extends from St. Louis to Pittsburgh and down to Texas and Florida. PNC has a long history of being a “relationship-based” bank with more of its revenues coming from lower-risk clients and lower-risk service fees such as treasury, payments, and asset management. We view PNC positively for its growth potential from national expansion, lower credit risk historically, a disciplined acquisition strategy, valuation discount to historical metrics, and strong technology. The firm pays a safe and healthy dividend yield which should grow nicely due to good earnings growth and a conservative payout ratio.”
Pachai Leknettip/Shutterstock.com
The PNC Financial Services Group, Inc. (NYSE:PNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held The PNC Financial Services Group, Inc. (NYSE:PNC) at the end of the fourth quarter which was 43 in the previous quarter.
We discussed The PNC Financial Services Group, Inc. (NYSE:PNC) in another article and shared the list of biggest holding companies in USA. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Best Small-Cap Value Stocks to Invest In
- 20 Largest R&D Companies in the World
- 15 Biggest Oil Companies in Texas
Disclosure: None. This article is originally published at Insider Monkey.
