Pinnacle Financial Partners Management Meeting: We Would Buy The Dip as Hiring and Loan Growth Has Accelerated So Far In 2Q26; OW

Research evidence excerpt

Pinnacle Financial Partners Management Meeting: We Would Buy The Dip as Hiring and Loan Growth Has Accelerated So Far In 2Q26; OW

J P M O R G A N North America Equity Research

10 June 2026

Pinnacle Financial Partners Overweight

PNFP, PNFP US

Management Meeting: We Would Buy The Dip as Hiring Price (09 Jun 26):$95.20

and Loan Growth Has Accelerated So Far In 2Q26; OW ▼Price Target (Dec-26):$115.00 Prior (Dec-26):$120.00

U.S. Mid and Small Cap Banks

Anthony Elian, CFA AC

(1-212) 622-5067

anthony.elian@jpmorgan.com

Michael PietriniWe recently hosted a group dinner with President and CEO Kevin Blair and CFO

(1-212) 622-0618

Jamie Gregory, which followed the company publishing a slide deck with 2Q26 michael.pietrini@jpmorgan.com

guidance and expectations for the full year 2026 outlook, which was reiterated. The J.P. Morgan Securities LLC

key topics that were addressed include (1) the pace of revenue producer hires

remains strong with no “frontloading” occurring in 2Q26 and (2) loan growth also

remains strong. First, while Pinnacle hired 50 revenue producers in 1Q26, it has Key Changes (FYE Dec)

already made an additional 48 hires so far in 2Q26 through May 31 and expects a Prev Cur Δ

Adj. EPS - 26E ($) 10.57 10.19 -3.7%

full quarter total in the 70-80 range. Importantly, the elevated level of hires in 2Q26

is not a sign of any planned hires being brought forward from 2H26 and there is still Quarterly Forecasts (FYE Dec)

an expectation for the level of 2H26 hires to remain robust. On loan growth, the Adj. EPS ($)

~$2.5B of sequential growth that the company projects in 2Q26 equates to a 15% 2025A 2026E 2027E

annualized growth rate, an acceleration from the 10% annualized growth from Q1 1.90 2.39A 2.85

1Q26 with growth being led by the specialty businesses.