Pinnacle Financial Partners Inc (PNFP.K): 2Q26 Model Update – Healthy Growth, Modest NIM Compression Trend

研报英文原文证据摘录

Pinnacle Financial Partners Inc (PNFP.K): 2Q26 Model Update – Healthy Growth, Modest NIM Compression Trend

Action |

24 Jun 2026 16:00:00 ET │ 12 pages

Pinnacle Financial Partners Inc (PNFP.K)

2Q26 Model Update – Healthy Growth, Modest NIM Compression Trend

CITI’S TAKE

Commentary throughout the quarter continues to suggest a solid level of

Buy hiring and loan production, however, the modest headwind to sentiment

Price (24 Jun 26 09:30) US$96.12 continues to be the lingering question of future funding costs.

Operationally, we believe NII growth will be driven by AEA growth, with Target price US$126.00↑

NIM trends moving down modestly throughout the next couple years. We from US$122.00

think seasonal deposit trends should act as a funding cost buffer in 2H26, Expected share price return 31.1%

although the relative size in now fairly modest. Shares have Expected dividend yield 2.1%

underperformed our expectations as NIM skepticism builds, however, if Expected total return 33.2%

and when stability is found we believe the shares are likely to re-rate

Market Cap US$14,524M quickly. Capital levels are appropriate for the outsized growth we think,

but limit near-term buyback potential. We raise our TP to $126 (from $122)

as we believe the NIM debate / concern is overblown and our near-term

estimates move higher due to a larger balance sheet size. Benjamin GerlingerAC

+1-212-816-3538

Estimate Changes — We update our model to account for a higher Fed funds levels. benjamin.gerlinger@citi.com

We lift our 2026E EPS to $10.44 from $10.29 previously (vs. FactSet consensus of Kaili Wang, CFA

$10.27). We also raise our 2027E EPS up to $12.03 from $11.85 previously (vs. FactSet

+1-716-730-7408

consensus of $11.80). Our estimates move up mainly on lower provision expenses