Pinnacle Financial Partners Inc "Conference Takeaways - CEO and CBO" (Buy)

研报英文原文证据摘录

Pinnacle Financial Partners Inc "Conference Takeaways - CEO and CBO" (Buy)

Global Research

9 June 2026ab

Pinnacle Financial Partners Inc Equities

United StatesConference Takeaways - CEO and CBO

Banks, Ex-S&L

12-month rating Buy

Our Call

Key takeaway from the CEO and CBO: the merger—after a clean, uneventful first 12m price target US$120.00

quarter—continues to track ahead of expectations, with the recent deck reinforcing

confidence in FY27 EPS. PNFP remains our Top-Pick, as we look for shares to re-rate to

Price (08 Jun 2026) US$96.49

a peer like multiple, implying 27% upside from current levels.

RIC: PNFP.N BBG: PNFP US

Takeaway #1: Revenues

Trading data and key metrics

Revenue is modestly softer, largely driven by BHG, as more production is being retained

52-wk range US$119.63-82.10

and securitized—delaying recognition but improving predictability versus secondary

Market cap. US$7.49b

market sales (faster revenue realization). The NIM update, while below our model but

Shares o/s 77.7m (COM)

closer to consensus, reads positively, with deposit costs and loan yields exceeding

Free float 96%

expectations; the shortfall is driven by incremental debt issuance and a higher cash/

securities mix. Avg. daily volume ('000) 435

Avg. daily value (m) US$39.7

Takeaway #2: Loans/Deposits Common s/h equity (12/26E) US$14.6b

Incremental commentary on the balance sheet was constructive, with management P/BV (12/26E) 1.0x

indicating that loan growth is running ahead of expectations, supported by hiring Tier 1 ratio 10%

momentum and broad-based production rather than utilization-driven demand. This EPS (UBS, diluted) (USD)

reinforces high-end tracking within the unchanged FY26 guide and supports the ~$92B 12/26E

year-end bogey as the key KPI.