Pinnacle Financial Partners: One step at a time

研报英文原文证据摘录

Pinnacle Financial Partners: One step at a time

Analyst

(Category IV threshold; liquidity rules). Forecast FY26/27/28 net interest margin of +1 646 855 3081

gabriel.angelini@bofa.com

3.45%/3.35%/3.32% vs. NII growth of 12.9%/9.2%/9.1%, respectively.

Michael Campos

Stock re-ratings are never easy, but possible ResearchBofAS Analyst

+1 646 855 3912

Our constructive thesis on the stock is based on our view that management will be able michael.c.campos@bofa.com

to disprove the negative investor predisposition towards mergers-of-equals by delivering

above-average growth on the back of strong banker hiring/retention (= legacy Pinnacle

momentum continuing) and limiting negative surprises (= management able to execute

Stock Dataon plan without major hiccups). Easier said than done, with CEO Kevin Blair

acknowledging investor skepticism during the call when noting, “I understand the Price 99.81 USD

skepticism and we intend to keep answering it the only way we know how: one quarter, Price Objective 120.00 USD

one client, one banker at a time.” We believe it will require a string of in-line to better- Date Established 24-Apr-2026

than-expected quarters for the stock to eliminate the 2x+ P/E discount to peers. Shares Investment Opinion C-1-7

trade at 1.4x YE27e P/TBV vs. our 16% average ROTCE forecast. 52-Week Range 81.08 USD -113.34 USD

Mrkt Val / Shares Out (mn) 15,082 USD / 151.1

Estimates (Dec) (US$) 2024A 2025A 2026E 2027E 2028E Free Float 96.0%

EPS 6.92 8.41 10.18 11.40 12.50 Average Daily Value 134.55 USD

EPS Change (YoY) -1.4% 21.5% 21.0% 12.0% 9.6% BofA Ticker / Exchange PNFP / NAS

Consensus EPS (Bloomberg) 10.13 11.65 13.49

Bloomberg / Reuters PNFP US / PNFP.N

Consensus EPS (Visible Alpha) 10.08 11.13 12.90

DPS 0.88 0.96 2.00 2.24 2.40 ROE (2026E) 0%

Valuation (Dec)