Its Asset Management Group segment offers investment and retirement planning, customized investment management, credit and cash management solutions and trust management and administration services for high net worth and ultra-high net worth individuals, and their families, as well as multi-generational family planning services for ultra-high net worth individuals and their families. It also provides outsourced chief investment officer, custody, private real estate, cash and fixed-income client solutions, and fiduciary retirement advisory services for institutional clients.
The dividend yield here is 4.57%. The Barclays target price is $167, while the consensus target is lower at $141.90. PNC Financial Services stock closed on Tuesday at $130.05.
Wells Fargo
This large-cap bank is perhaps the best solid value play for 2023, and it also benefits from higher net interest income. Wells Fargo & Co. (NYSE: WFC) is a diversified financial services company that provides banking, investment, mortgage and consumer and commercial finance products and services in the United States and internationally.
Its Consumer Banking and Lending segment offers diversified financial products and services for consumers and small businesses. Financial products and services include checking and savings accounts, and credit and debit cards, as well as home, auto, personal and small business lending services.
The Commercial Banking segment provides financial solutions to private, family-owned and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products and treasury management services.
The Corporate and Investment Banking segment offers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading and research capabilities services.
The Wealth and Investment Management segment provides personalized wealth management, brokerage, financial planning, lending, private banking and trust and fiduciary products and services to affluent, high net worth and ultra-high net worth clients.
Shareholders receive a 3.12% dividend. Wells Fargo stock has a $54 price target at Barclays. The consensus target is $50.89. The shares were last seen Tuesday at $39.17.
While avoiding the smaller banks makes sense, especially after the Moody’s downgrades, it is important to remember that some of the aforementioned bigger players are also on the firm’s radar. These five mega-cap giants will likely weather any storm. While most across Wall Street and the financial world hate to say it, the old axiom is true: they are all “too big to fail.” In addition, the negative bias is likely to return for the sector, so these companies should remain cheap.
Originally published at 24/7 Wall St.
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