Last Updated: 17 Sep 2024
Executive Summary
Pinnacle Financial Partners Inc. (PNFP) is a leading regional bank holding company with a strong track record of financial performance. The company's recent financial results have been mixed, with revenue growth offset by rising expenses. However, PNFP's fundamentals remain solid, and the company is well-positioned to benefit from rising interest rates. Analysts are generally positive on PNFP, with a consensus target price of $101.36.
Company Overview
Pinnacle Financial Partners Inc. is a bank holding company headquartered in Nashville, Tennessee. The company operates through its wholly-owned subsidiary, Pinnacle Bank. Pinnacle Bank offers a range of banking products and services to individuals, businesses, and municipalities in the Southeastern United States. As of June 30, 2024, Pinnacle Bank had total assets of $36.3 billion and total deposits of $29.1 billion.
Fundamental Analysis
Pinnacle Financial Partners Inc.'s financial performance has been mixed in recent quarters. Revenue has grown steadily, but expenses have risen at a faster pace. In the most recent quarter, PNFP reported revenue of $1.49 billion, up 0.3% year-over-year. However, net income fell 7.5% to $332.6 million.
Despite the recent decline in profitability, PNFP's fundamentals remain solid. The company has a strong balance sheet with ample liquidity and capital. PNFP also has a track record of generating consistent earnings and increasing its dividend.
Technical Analysis
Pinnacle Financial Partners Inc.'s stock price has been trending sideways in recent months. The stock is currently trading at $95.38, near the middle of its 52-week range of $59.00 to $99.90. The 50-day moving average is $91.55, and the 200-day moving average is $84.35.
The technical indicators are mixed. The relative strength index (RSI) is at 50, indicating that the stock is neither overbought nor oversold. The moving average convergence divergence (MACD) is also neutral.
Short Term Outlook
The short-term outlook for Pinnacle Financial Partners Inc. is mixed. The company's fundamentals are solid, but the stock price has been trending sideways in recent months. The technical indicators are also mixed.
In the short term, PNFP's stock price is likely to continue to trade sideways. However, the stock could move higher if the company reports strong earnings in the next quarter.
Long Term Outlook
The long-term outlook for Pinnacle Financial Partners Inc. is positive. The company has a strong track record of financial performance and is well-positioned to benefit from rising interest rates.
In the long term, PNFP's stock price is likely to move higher. The company's fundamentals are solid, and the banking sector is expected to benefit from rising interest rates.
Analyst Recommendations
Analysts are generally positive on Pinnacle Financial Partners Inc. The consensus target price is $101.36, which represents a potential upside of 6.3% from the current price.
Three analysts rate PNFP as a "strong buy," five analysts rate it as a "buy," and five analysts rate it as a "hold." No analysts rate PNFP as a "sell" or "strong sell."
