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Another Top Banking Buy for 2012

PNC just drove above the upper end of its bull channel


PNC Financial Services (NYSE:PNC) – This retail, institutional and corporate banker provides many of its services nationally but is still considered a member of the regional banking group.

Like BB&T (NYSE:BBT), which we highlighted in yesterday’s Trade of the Day, PNC has maintained profitability throughout the recent financial crisis. Earnings fell to $2.46 in 2008 from $4.35 in 2007, but it earned $4.36 in 2009, $5.02 in 2010, and is estimated to earn $6.33 this year. Earnings for 2012 are estimated to be $6.53.

With a dividend of $1.40 per share (2.39% yield) and a history of regular dividend increases, PNC is targeted by analysts at $65.

Technically the stock is entering a zone of resistance, but yesterday drove above the upper channel of its bull channel and appears capable of going to $65 to $70 sometime in 2012.

Trade of the Day – PNC Financial Services (NYSE:PNC)
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Trade of the Day Chart Key

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