Back to top

Analyst Blog

Zacks Investment Research upgraded Pinnacle Financial Partners, Inc. (PNFP - Snapshot Report) to a Zacks Rank #1 (Strong Buy) on Jun 20, 2013.

Why the Upgrade?

Shares of Pinnacle Financial have grown 15.3% since this financial services firm reported impressive results for the first quarter of 2013. Earnings per share came in at 39 cents, way above 21 cents in the year-ago quarter and 18.2% above the Zacks Consensus Estimate of 33 cents.

Interest income grew 2.9% year over year while a decline of 30.4% was recorded in interest expense. Overall, net interest income after provision for loan losses increased 5.5% in the quarter. Talking of the non interest income and expenses, the former increased by 19.6% while the latter fell 9.4% year over year. Pre-tax income grew roughly 59.1% in the quarter.  

Exiting the quarter, Pinnacle Financial had cash and cash equivalents of $99.6 million while its loan (net of loan losses allowance) balance was approximately $3.7 billion. Total deposits were roughly $3.9 billion, including 20.2% of interest bearing deposits and 25.0% of non interest bearing deposits.

Pinnacle Financial’s solid quarter results as well as positive earnings surprise in the trailing four quarters with an average of 10.2%, raise our optimism for the company’s better results. The Zacks Consensus Estimate for 2013 and 2014 currently is at $1.58 and $1.69, representing an increase of 12.1% and 9.7%, respectively, in the last 90 days.

Other Stocks to Consider

Pinnacle Financial currently has an $857 million market capitalization. Other stocks that are worth a look in the industry are Ameris Bancorp (ABCB - Snapshot Report), Farmers Capital Bank Corporation (FFKT - Snapshot Report) and First M&F Corporation , each has a Zacks Rank #1 (Strong Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
CENTURY ALU… CENX 22.53 +4.50%
ERBA DIAGNO… ERB 2.91 +4.30%
PLANAR SYST… PLNR 4.31 +3.86%
MALLINCKROD… MNK 72.17 +3.83%
GTT COMMUNI… GTT 12.06 +3.52%