| Wednesday | ||||
Virtual Meetings to be… Virtual Meetings to be held on February 24-25 hosted by JPMorgan. | ||||
| Over a week ago | ||||
Virtual Meetings to be… Virtual Meetings to be held on February 24-25 hosted by JPMorgan. | ||||
| Over a month ago | ||||
Truist analyst Jennifer… Truist analyst Jennifer Demba raised the firm's price target on Pinnacle Financial to $81 from $68 and keeps a Buy rating on the shares after its Q4 earnings beat. Pinnacle shares remain attractive in spite of its premium valuation given the company's superior profitability and growth outlook, the analyst tells investors in a research note. Demba adds that the Pinnacle 's loan losses will be contained and manageable given that its "portfolio has been thoroughly reviewed." | ||||
Wells Fargo analyst Jared… Wells Fargo analyst Jared Shaw raised the firm's price target on Pinnacle Financial to $70 from $65 and keeps an Equal Weight rating on the shares. The analyst notes that Pinnacle continues to benefit from its tactical expansion over the past decade into higher growth markets. Through the combination of deals and hiring, Pinnacle is taking market share and increasing its brand recognition in vibrant markets, he adds. | ||||
On January 19, Pinnacle… On January 19, Pinnacle Financial's Board of Directors increased the quarterly cash dividend to 18c per common share to be paid on February 26 to common shareholders of record as of the close of business on February 5. Additionally, the board of directors approved a quarterly dividend of approximately $3.8M, or $16.88 per share, on Pinnacle Financial's 6.75% Series B Non-Cumulative Perpetual Preferred Stock payable on March 1 to shareholders of record at the close of business on February 14. The firm also announced that its board of directors has authorized a new share repurchase plan for up to $125M of the company's common stock. The board authorized the repurchase program to remain in effect through March 31, 2022, unless the entire repurchase amount has been acquired before that date. | ||||
Raymond James analyst… Raymond James analyst Michael Rose raised the firm's price target on Pinnacle Financial to $80 from $50 and keeps an Outperform rating on the shares. Rose says the company's Q3 results exceeded consensus expectations, fueled by stronger than forecast NIM and net interest income, greater than forecast balance sheet growth, and a lower loan loss provision driven by improved credit metrics. | |
Keefe Bruyette analyst… Keefe Bruyette analyst Catherine Mealor raised the firm's price target on Pinnacle Financial Partners to $80 from $60 and keeps an Outperform rating on the shares. The analyst increased estimates following the company's "strong" quarter | |
Reports Q4 net… Reports Q4 net charge-offs $10.8M compared to $13.1M previous quarter. Q4 EPS excludes gains and losses on the sale of investment securities and ORE expense for the three months ended December 31, 2020 and 2019 and $15.0M of FHLB restructuring and hedge termination charges for the three months ended December 31. "As we all know, the 2020 operating environment was very challenging," said M. Terry Turner, Pinnacle's president and CEO. "However, the unique commitment our associates possess for this firm and our focus on growing revenue resulted in very strong core performance in the Q4. In spite of all the hardships in 2020, we are very pleased to report diluted earnings per share growth over 12%, or over 24% percent on an adjusted basis, over the Q4 of 2019. Additionally, we increased our book value per share by 8.6% between Dec. 31, 2020 and Dec. 31, 2019, while tangible book value per share increased 14.8% during that same time. Our hiring pipelines continue to grow across our markets as we remain excited about the opportunity to produce outsized earnings and tangible book value per share growth going into 2021." | |
Notable companies… Notable companies reporting after the market close, with earnings consensus, include Netflix (NFLX), consensus $1.39... J.B. Hunt (JBHT), consensus $1.30... Zions Bancorp (ZION), consensus $1.02... Pinnacle Financial (PNFP), consensus $1.35. | |
Wells Fargo analyst Jared… Wells Fargo analyst Jared Shaw downgraded Pinnacle Financial to Equal Weight from Overweight with a price target of $65, up from $48. Shaw says mid-cap banks go into 2021 having proved capital adequacy, underwriting standards and broader industry lending standards have all dramatically improved. Despite the headwinds, profitability prospects have improved slightly for 2021 and 2022, which the analyst believes warrants a trading range of 115%-150%, in-line with the current 135%. |