Pinnacle Financial Partners (PNFP)
Market Price (9/18/2026): $96.05 | Market Cap: $14.5 BilSector: Financials | Industry: Regional Banks
Pinnacle Financial Partners (PNFP)
Market Price (9/18/2026): $96.05Market Cap: $14.5 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 9.8% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -106% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 88% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. | Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -68% Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11% | Key risksPNFP key risks include [1] interest rate sensitivity impacting net interest margin and loan reinvestment rates, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, FCF Yield is 9.8% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -106% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 88% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 43% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -68% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 11% |
| Key risksPNFP key risks include [1] interest rate sensitivity impacting net interest margin and loan reinvestment rates, Show more. |
Qualitative Assessment
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Pinnacle Financial Partners (PNFP) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings with Strong Underlying Metrics.
Pinnacle Financial Partners reported adjusted diluted earnings per share (EPS) of $2.50 for fiscal Q2 2026 (ending June 30, 2026), surpassing analyst consensus estimates of $2.46 by $0.04, or 1.6%. While reported quarterly revenue of $1.24 billion was largely in line with analyst expectations, adjusted non-interest revenue saw a linked-quarter decline of $12 million, partly due to a strategic shift in an equity-method investment. This mixed financial performance, combined with robust period-end loan growth of $2.9 billion (3% from the prior quarter, or 14% annualized) to $88.1 billion, and stable credit quality with a non-performing asset ratio of 0.50%, likely fostered a balanced investor response, preventing significant upward momentum due to the revenue nuances while reassuring investors with strong core banking metrics.
2. Ongoing Merger Integration with Future System Conversion.
The company is in the process of integrating its merger with Synovus Financial Corp., which officially closed on January 1, 2026. While management highlighted continued progress in integration and its contribution to earnings accretion and growth, the full operational integration, including a system conversion, is planned for March 2027. This extended integration timeline introduces a degree of investor caution or a "wait-and-see" approach, as the market anticipates the full realization of merger synergies, thereby contributing to the stock's relatively stable price movement in the interim.
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Pinnacle Financial Partners (PNFP) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings with Strong Underlying Metrics.
Pinnacle Financial Partners reported adjusted diluted earnings per share (EPS) of $2.50 for fiscal Q2 2026 (ending June 30, 2026), surpassing analyst consensus estimates of $2.46 by $0.04, or 1.6%. While reported quarterly revenue of $1.24 billion was largely in line with analyst expectations, adjusted non-interest revenue saw a linked-quarter decline of $12 million, partly due to a strategic shift in an equity-method investment. This mixed financial performance, combined with robust period-end loan growth of $2.9 billion (3% from the prior quarter, or 14% annualized) to $88.1 billion, and stable credit quality with a non-performing asset ratio of 0.50%, likely fostered a balanced investor response, preventing significant upward momentum due to the revenue nuances while reassuring investors with strong core banking metrics.
2. Ongoing Merger Integration with Future System Conversion.
The company is in the process of integrating its merger with Synovus Financial Corp., which officially closed on January 1, 2026. While management highlighted continued progress in integration and its contribution to earnings accretion and growth, the full operational integration, including a system conversion, is planned for March 2027. This extended integration timeline introduces a degree of investor caution or a "wait-and-see" approach, as the market anticipates the full realization of merger synergies, thereby contributing to the stock's relatively stable price movement in the interim.
3. Neutralizing Macroeconomic Environment for Regional Banks.
The broader regional banking sector experienced a stabilizing environment in fiscal Q2 2026, marked by overall loan growth and rising net interest income across the industry, which helped to alleviate prior credit concerns. However, this positive sentiment was tempered by ongoing macroeconomic uncertainties, including potential pressures on earnings from exposure to non-depository financial institutions and a general slowing of economic conditions in 2025. This balance of favorable and cautious macroeconomic factors for regional banks created a largely neutral backdrop for Pinnacle Financial Partners' stock performance.
4. Consistent Analyst Sentiment with Moderate Upside.
Wall Street analysts generally maintain a "Moderate Buy" or "Buy" consensus rating for PNFP, with average 12-month price targets ranging from $118.35 to $122.00. These targets suggest a potential upside of approximately 17% to 22% from the stock's recent trading levels. Despite this positive long-term outlook, some analyst price targets were recently decreased in August 2026, indicating a measured approach to valuation rather than an overwhelmingly bullish sentiment. This consistent but not aggressively optimistic analyst coverage likely contributed to the stock remaining largely at its current level.
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Stock Movement Drivers
Fundamental Drivers
The -0.5% change in PNFP stock from 5/31/2026 to 9/17/2026 was primarily driven by a -20.9% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9172026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.28 | 96.77 | -0.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,606 | 3,306 | 26.9% |
| Net Income Margin (%) | 25.0% | 24.8% | -0.7% |
| P/E Multiple | 22.5 | 17.8 | -20.9% |
| Shares Outstanding (Mil) | 151 | 151 | -0.1% |
| Cumulative Contribution | -0.5% |
Market Drivers
5/31/2026 to 9/17/2026| Return | Correlation | |
|---|---|---|
| PNFP | -0.5% | |
| Market (SPY) | 0.8% | 27.0% |
| Sector (XLF) | 8.3% | 50.6% |
Fundamental Drivers
The 7.7% change in PNFP stock from 2/28/2026 to 9/17/2026 was primarily driven by a 82.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9172026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.88 | 96.77 | 7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,809 | 3,306 | 82.7% |
| Net Income Margin (%) | 34.5% | 24.8% | -27.9% |
| P/E Multiple | 11.1 | 17.8 | 60.7% |
| Shares Outstanding (Mil) | 77 | 151 | -49.1% |
| Cumulative Contribution | 7.7% |
Market Drivers
2/28/2026 to 9/17/2026| Return | Correlation | |
|---|---|---|
| PNFP | 7.7% | |
| Market (SPY) | 11.5% | 36.9% |
| Sector (XLF) | 9.2% | 57.4% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 9/17/2026| Return | Correlation | |
|---|---|---|
| PNFP | ||
| Market (SPY) | 19.2% | 37.0% |
| Sector (XLF) | 4.7% | 61.0% |
Fundamental Drivers
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Market Drivers
8/31/2023 to 9/17/2026| Return | Correlation | |
|---|---|---|
| PNFP | ||
| Market (SPY) | 75.3% | 37.0% |
| Sector (XLF) | 69.8% | 61.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PNFP Return | - | - | - | - | - | 3% | 3% |
| Peers Return | 30% | 4% | -9% | 23% | 20% | 7% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| PNFP Win Rate | - | - | - | - | - | 33% | |
| Peers Win Rate | 72% | 53% | 43% | 62% | 62% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| PNFP Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -22% | -26% | -47% | -16% | -26% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TFC, RF, FHN, SBCF, ABCB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/17/2026 (YTD)
How Low Can It Go
PNFP has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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PNFP has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Pinnacle Financial Partners (PNFP)
Pinnacle Financial Partners (PNFP) is a regional bank holding company based in Nashville, Tennessee, that operates a comprehensive network of offices primarily across the southeastern United States. Through its subsidiary, Pinnacle Bank, the company provides a wide array of banking and financial services, positioning itself as a full-service financial partner for its clients. Essentially, PNFP facilitates financial transactions, provides capital, and offers advisory services to individuals and businesses within its operational footprint.
The company's main products and services encompass traditional banking functions and specialized financial solutions. Core offerings include various deposit accounts such as savings, checking, money market, and certificates of deposit. On the lending side, PNFP provides commercial loans for equipment and working capital, commercial real estate loans, and a full suite of consumer loans including mortgages, home equity, and personal lines of credit. Beyond conventional banking, PNFP also offers investment products, brokerage and investment advisory programs, fiduciary and wealth management services, insurance agency services, and merger and acquisition advisory, making it a diversified financial services provider.
Pinnacle Financial Partners primarily serves individuals, small to medium-sized businesses, and professional entities. As of late 2020, its extensive network of 114 offices was strategically located across key markets in Tennessee, North Carolina, South Carolina, Virginia, and Georgia. This regional concentration allows the company to cater effectively to the specific financial needs of the communities and businesses within these rapidly growing southeastern states.
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Pinnacle Financial Partners is like a regional U.S. Bancorp, offering comprehensive banking and financial advisory services.
Think of it as a regional PNC, but with a particularly strong emphasis on wealth management and specialized advisory for businesses.
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- Deposit Accounts: Offers various accounts including savings, checking, money market, and certificate of deposit accounts.
- Loan Products: Provides diverse loans such as commercial, commercial real estate, individual installment, residential mortgages, home equity, and credit cards.
- Investment & Brokerage Services: Offers securities, investment products, and brokerage and investment advisory programs.
- Fiduciary & Investment Management Services: Delivers personal trust, endowment, foundation, individual retirement account, pension, and custody services.
- Insurance Agency Services: Primarily provides property and casualty insurance through its agency.
- Advisory Services: Specializes in merger and acquisition, private debt, equity, mezzanine, and other middle-market advisory services.
- Digital & Cash Management Services: Provides treasury management, online and mobile banking, debit cards, direct and remote deposit, ATM, and cash management solutions.
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Pinnacle Financial Partners (PNFP) primarily serves the following categories of customers:
- Individuals
- Small to medium-sized businesses
- Professional entities
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Kevin S. Blair
President and Chief Executive Officer
Kevin S. Blair became President and Chief Executive Officer of Pinnacle Financial Partners following the successful merger with Synovus Financial in early 2026. Prior to the merger, he served as Chairman, President, and CEO of Synovus Financial Corporation, a role he assumed in April 2021, and was appointed Chairman in January 2023. He joined Synovus in August 2016 as Executive Vice President and Chief Financial Officer. Before joining Synovus, Mr. Blair held senior positions at SunTrust, including Corporate Treasurer, and various leadership roles across corporate strategy, finance, credit risk management, and line management. His financial services career commenced in 1995 at Signet Bank in Richmond, Virginia.
Jamie Gregory
Chief Financial Officer
Jamie Gregory serves as the Chief Financial Officer for Pinnacle Financial Partners, a position he assumed after the merger with Synovus, where he was Executive Vice President and CFO since June 2019. He is responsible for directing the company's financial operations, including accounting, financial planning and reporting, budgeting, treasury, tax, and corporate strategy. Before his tenure at Synovus, Mr. Gregory was Executive Vice President and Head of Corporate Financial Strategy for Regions Financial Corporation, which he joined in 2009. Prior to that, he spent 10 years as a Senior Vice President with Wachovia, holding various corporate investment and portfolio management positions.
Robert A. McCabe, Jr.
Founder, Chief Banking Officer and Vice Chair
Robert A. McCabe, Jr. is a co-founder of Pinnacle Financial Partners, established in 2000, and served as its Chairman. He now holds the role of Chief Banking Officer and Vice Chair for the combined entity after the merger. His banking career began in 1976 with Park National Bank of Knoxville. He later joined First American as an executive vice president of the retail bank, was appointed vice chairman in 1991, and managed all banking and non-banking operations until First American's merger with AmSouth in October 1999. Mr. McCabe has also served on six public company boards during his career.
Zack Bishop
Chief Operating Officer
Zack Bishop is the Chief Operating Officer of Pinnacle Financial Partners. He joined Synovus in November 2018 as Executive Vice President of Technology, Operations and Security. Before Synovus, he was Chief Information Officer and Executive Vice President of Renasant Bank, where he oversaw all digital operations, including technology, infrastructure, mobile and online banking, and information security, and was responsible for integrating technology and systems of acquired banks. Prior to joining Renasant in 2013, Mr. Bishop held numerous senior leadership positions in technology, operations, mergers and acquisitions, and digital innovation at Regions Bank. His banking career commenced in 1994 at Union Planters Bank in Memphis.
Shellie Creson
Chief Risk Officer
Shellie Creson serves as the Chief Risk Officer for Pinnacle Financial Partners. She was appointed Executive Vice President and Chief Risk Officer at Synovus in August 2022. With over 30 years of financial services and audit experience, including more than a decade as a certified public accountant at KPMG, her background spans enterprise risk, audit leadership, and strategic planning. Prior to joining Synovus, Ms. Creson was Executive Vice President and Chief Audit Executive at Fifth Third Bank from 2017 to 2022. Before her time at Fifth Third, she spent 10 years at Regions Financial, where she held leadership positions in strategic and corporate planning, audit, and finance.
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Key Risks to Pinnacle Financial Partners (PNFP)
- Commercial Real Estate (CRE) Exposure and Credit Risk: Pinnacle Financial Partners faces significant exposure to commercial real estate loans, which represents a key risk to its business. Regional banks, including PNFP, are disproportionately exposed to vulnerable CRE markets, with CRE debt accounting for a substantial portion of their total loans. Delinquency rates for office loans, in particular, have been rising, and a significant volume of CRE loans are slated to mature by the end of 2025, creating refinancing challenges in a higher interest rate environment. Pinnacle Financial Partners has high commercial loan exposure, with investor CRE loans (including office and construction loans) making up 30% of its total loans, and construction loans being double the U.S. bank median. Concerns over potential loan defaults and credit quality issues in the broader regional banking sector further intensify this risk.
- Integration and Execution Risk from Mergers: The recently completed merger with Synovus, effective January 1, 2026, introduces significant integration and execution risks for Pinnacle Financial Partners. These risks include challenges in operational integration, aligning corporate cultures, and potential disruptions to client and advisor relationships. The success of the combined entity hinges on the effective realization of anticipated benefits and synergies from this large-scale combination. Melding information technology systems and infrastructure, along with fostering a uniform culture, are also noted challenges.
- Interest Rate Sensitivity and Net Interest Margin (NIM) Compression: Pinnacle Financial Partners' profitability is sensitive to fluctuations in interest rates, which can impact its net interest margin (NIM). Adverse changes in interest rates, particularly in a persistently high-rate environment, can lead to increased interest expenses on deposits, thus compressing the bank's NIM. While PNFP has managed to grow its NIM through 2025, this has come at the cost of higher deposit interest expense. Historically, Pinnacle Financial Partners' net interest margin has been described as subpar compared to other banks, signaling that its core lending activities may not be as profitable.
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The rapid emergence and growth of digital-only banks and financial technology (Fintech) companies. These entities leverage technology to offer a streamlined, often lower-cost, and more convenient user experience for banking services such as deposits, payments, and certain lending products. This trend directly challenges Pinnacle Financial Partners' traditional branch-based model and established customer relationships by attracting consumers and businesses who prioritize digital convenience and potentially lower fees over physical presence.
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Pinnacle Financial Partners offers a range of banking products and services, and the addressable markets for its main offerings are substantial across the United States and within its operating regions.
Deposits
- The total domestic deposits across all U.S. banks are significant, with the top five companies in the ranking having combined deposits of nearly $7.5 trillion as of June 30, 2024.
- Specifically in North Carolina, the total deposits in banks reached approximately $693 billion in 2024.
Loan Products
- Commercial Loans: The commercial banking market size in the United States is estimated at USD 226.44 billion in 2024. The global commercial lending market was valued at USD 10.68 trillion in 2024 and is projected to reach USD 25.39 trillion by 2033.
- Commercial Real Estate Loans: In the U.S., total commercial real estate mortgage borrowing and lending was estimated to be $498 billion in 2024.
- Residential First Mortgage Loans and Home Equity Loans: The U.S. home loan market size is estimated to reach USD 2.42 trillion in 2026. For North Carolina, new home loans booked in 2024 amounted to $37.2 billion. The overall U.S. mortgage market is approximately $14.5 trillion.
Wealth Management and Investment Services
- The global wealth management market size was valued at USD 1.83 trillion in 2024 and is poised to grow to USD 5.95 trillion by 2033. North America notably contributed about two-thirds of the global wealth management market revenue in 2022. In the U.S., robo-advisors alone manage over $1 trillion in assets as of 2025.
Insurance Agency Services (Property & Casualty)
- The U.S. property and casualty insurance market is valued at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030.
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Expected Drivers of Future Revenue Growth for Pinnacle Financial Partners (PNFP)
Over the next 2-3 years, Pinnacle Financial Partners (PNFP) is expected to drive revenue growth through several key initiatives:
- Strategic Merger with Synovus Financial Corp.: The completion of the merger with Synovus Financial Corp. on January 1, 2026, is a significant driver. This combination is set to substantially expand Pinnacle's operational footprint, creating a larger entity with approximately 400 offices across nine Southeastern states, and is anticipated to be accretive to earnings per share. This expansion will lead to increased assets, loans, and overall market share.
- Aggressive Revenue Producer Hiring: Pinnacle Financial Partners plans to continue its strategy of recruiting experienced bankers, referred to as "revenue producers," targeting up to 250 new hires in 2026. This recruitment model is designed to drive significant loan and deposit growth, particularly as new hires consolidate client portfolios and establish relationships in expansion markets.
- Expansion into New Geographic Markets and Specialty Verticals: The company is focused on growth in "expansion geographic markets" and developing "specialty verticals." The Synovus merger significantly contributes to this by expanding their presence across the Southeast. This targeted geographical and product development allows Pinnacle to tap into high-growth areas and diversify its service offerings.
- Net Interest Income (NII) Growth and Net Interest Margin (NIM) Management: Pinnacle anticipates continued net interest income growth, with a projected net interest margin in the range of 3.45% to 3.55% for 2026. This growth is expected to be supported by the repricing of fixed-rate assets and the benefits from core deposit growth, directly contributing to overall revenue.
- Growth in Non-Interest Revenue: The company expects an increase in non-interest revenue, particularly from service charges, wealth management services, and contributions from its investment in Bankers Healthcare Group (BHG). For 2026, adjusted non-interest revenue is projected to be approximately $1.1 billion, with BHG contributing an estimated $125 million to $135 million in investment income.
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Share Repurchases
- Pinnacle Financial Partners authorized a share repurchase program for up to $125.0 million in January 2023, which expired on March 31, 2024. No shares were repurchased under this program in 2022 or 2024.
- A subsequent share repurchase program for up to $125.0 million was approved in January 2025, to commence upon the expiration of the prior program (March 31, 2025) and is scheduled to expire on March 31, 2026.
Share Issuance
- Pinnacle Financial Partners completed an $8.6 billion all-stock merger with Synovus Financial Corp. on January 1, 2026. As part of this transaction, Synovus shares were converted into new Pinnacle common stock.
- As of February 20, 2025, Pinnacle Financial Partners had 77,366,731 shares of common stock issued and outstanding.
Outbound Investments
- The most significant outbound investment was the $8.6 billion all-stock merger with Synovus Financial Corp., announced on July 24, 2025, and completed on January 1, 2026.
- This merger created a combined entity with approximately $117.2 billion in assets and around 400 offices across nine states in the Southeast.
Capital Expenditures
- Capital expenditures were -$94.52 million in fiscal year 2024.
- Capital expenditures were -$78.26 million in fiscal year 2023.
- Capital expenditures were -$63.52 million in fiscal year 2022.
Peer Outperformance in Regional Banks
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 25.6% | 72.3% | 130.3% | SPNT 162% · RGA 145% · RNR 137% |
| Investment Banking & Brokerage | 13 | -0.7% | 98.4% | 114.1% | IBKR 490% · SNEX 242% · GS 174% |
| Diversified Banks | 12 | 29.7% | 123.6% | 112.7% | CM 152% · JPM 151% · RY 143% |
| Life & Health Insurance | 20 | 9.0% | 54.4% | 104.7% | JXN 546% · UNM 358% · FG 212% |
| Multi-Sector Holdings | 4 | 3.5% | 45.9% | 80.7% | JONE 361% · BRK-B 84% · VOYA 77% |
| Property & Casualty Insurance | 42 | 11.0% | 67.5% | 66.8% | ASIC 2816900% · HRTG 488% · UVE 321% |
| Regional Banks ← | 265 | 25.6% | 88.8% | 64.1% | ESQ 371% · VBNK 348% · GCBC 328% |
| Multi-line Insurance | 9 | 12.2% | 71.6% | 62.2% | GNW 191% · L 108% · SLF 97% |
| Financial Exchanges & Data | 15 | -9.0% | 11.9% | 30.6% | VIRT 182% · CBOE 130% · CME 77% |
| Diversified Financial Services | 4 | -11.2% | 18.3% | 26.4% | FRHC 168% · EQH 110% · TMS -58% |
| Consumer Finance | 30 | 2.8% | 81.9% | 25.4% | ENVA 459% · EZPW 347% · FCFS 163% |
| Insurance Brokers | 16 | -16.5% | -6.4% | 19.7% | LIFE 253% · ARX 89% · AJG 71% |
| Asset Management & Custody Banks | 84 | -10.6% | 13.4% | 11.6% | WT 303% · SII 270% · VCTR 247% |
| Commercial & Residential Mortgage Finance | 13 | -52.3% | 20.7% | 10.1% | FNMA 458% · FMCC 424% · ACT 204% |
| Specialized Finance | 3 | 17.1% | 37.2% | -1.0% | EFC 28% · CACC -1% · HASI -17% |
| Mortgage REITs | 33 | -11.8% | 4.3% | -15.7% | NREF 53% · RITM 43% · DX 35% |
| Transaction & Payment Processing Services | 15 | -0.7% | -9.1% | -44.6% | V 73% · MA 70% · CPAY 57% |
| Diversified Capital Markets | 20 | -33.8% | 14.9% | -57.1% | OPY 188% · LPLA 130% · GOLD 96% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.05 |
| Mkt Cap | 13.0 |
| Rev LTM | 3,366 |
| Op Inc LTM | - |
| FCF LTM | 1,226 |
| FCF 3Y Avg | 1,057 |
| CFO LTM | 1,298 |
| CFO 3Y Avg | 1,122 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 30.4% |
| CFO/Rev 3Y Avg | 34.3% |
| FCF/Rev LTM | 29.0% |
| FCF/Rev 3Y Avg | 32.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking | 1,791 | 1,521 | 1,383 | 1,305 | 1,140 |
| Total | 1,791 | 1,521 | 1,383 | 1,305 | 1,140 |
| $ Mil | 2008 |
|---|---|
| Commercial Banking | 0 |
| Trust and Investment Services | 0 |
| Mortgage Origination | 0 |
| Insurance Services | 0 |
| Total | 0 |
| $ Mil | 2008 |
|---|---|
| Commercial Banking | 5 |
| Mortgage Origination | 0 |
| Insurance Services | 0 |
| Trust and Investment Services | 0 |
| Total | 5 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.86 | 0.37 | 0.39 | 0.62 | -0.12 | 0.19 |
| Up Beta | 1.32 | 0.33 | -0.03 | 0.58 | -0.22 | 0.17 |
| Down Beta | 0.83 | -0.60 | 0.17 | 0.46 | 0.50 | -0.17 |
| Up Capture | 13% | 54% | 65% | 67% | 41% | 4% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 35 | 68 | 89 | 89 |
| Down Capture | 147% | 76% | 60% | 70% | 64% | 35% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 19 | 29 | 59 | 76 | 76 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PNFP | |
|---|---|---|---|---|
| PNFP | 3.3% | 27.8% | 0.14 | - |
| Sector ETF (XLF) | 5.6% | 14.6% | 0.15 | 61.0% |
| Equity (SPY) | 16.6% | 12.9% | 0.92 | 37.0% |
| Gold (GLD) | 17.4% | 29.3% | 0.55 | 6.3% |
| Commodities (DBC) | 45.8% | 20.7% | 1.72 | -25.2% |
| Real Estate (VNQ) | 5.7% | 13.5% | 0.16 | 41.1% |
| Bitcoin (BTCUSD) | -34.9% | 43.9% | -0.85 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PNFP | |
|---|---|---|---|---|
| PNFP | 0.6% | 27.8% | 0.14 | - |
| Sector ETF (XLF) | 9.9% | 18.4% | 0.40 | 61.0% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 37.0% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 6.3% |
| Commodities (DBC) | 11.7% | 19.6% | 0.47 | -25.2% |
| Real Estate (VNQ) | 1.0% | 18.8% | -0.05 | 41.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.5% | 0.38 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PNFP | |
|---|---|---|---|---|
| PNFP | 0.3% | 27.8% | 0.14 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 61.0% |
| Equity (SPY) | 15.1% | 18.0% | 0.71 | 37.0% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 6.3% |
| Commodities (DBC) | 8.5% | 18.1% | 0.39 | -25.2% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 41.1% |
| Bitcoin (BTCUSD) | 62.0% | 66.1% | 1.02 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 9/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Montana, Gregory G | Direct | Buy | 9112026 | 98.61 | 500 | 49,305 | 489,007 | Form | |
| 2 | Blair, Kevin S | Chief Executive Officer | Direct | Buy | 9022026 | 97.48 | 2,565 | 250,036 | 14,855,660 | Form |
| 3 | Turner, M Terry | Direct | Sell | 8172026 | 108.13 | 54,107 | 5,850,590 | 26,829,540 | Form | |
| 4 | Turner, M Terry | Direct | Sell | 8172026 | 108.01 | 66,783 | 7,213,232 | 32,643,862 | Form | |
| 5 | Turner, M Terry | Direct | Sell | 8172026 | 108.10 | 53,601 | 5,794,268 | 39,890,305 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Montana, Gregory G | Direct | Buy | 9112026 | 98.61 | 500 | 49,305 | 489,007 | Form | |
| 2 | Blair, Kevin S | Chief Executive Officer | Direct | Buy | 9022026 | 97.48 | 2,565 | 250,036 | 14,855,660 | Form |
| 3 | Turner, M Terry | Direct | Sell | 8172026 | 108.13 | 54,107 | 5,850,590 | 26,829,540 | Form | |
| 4 | Turner, M Terry | Direct | Sell | 8172026 | 108.01 | 66,783 | 7,213,232 | 32,643,862 | Form | |
| 5 | Turner, M Terry | Direct | Sell | 8172026 | 108.10 | 53,601 | 5,794,268 | 39,890,305 | Form | |
| 6 | Turner, M Terry | Direct | Sell | 8102026 | 108.01 | 2,737 | 295,623 | 45,646,538 | Form | |
| 7 | McCabe, Robert A JR | Chief Banking Officer | Direct | Buy | 7242026 | 99.90 | 10,013 | 1,000,299 | 32,390,877 | Form |
| 8 | Gregory, Andrew J JR | Chief Financial Officer | Direct | Buy | 2132026 | 94.52 | 1,000 | 94,520 | 4,677,322 | Form |
| 9 | McCabe, Robert A JR | CHAIRMAN | Direct | Sell | 11282025 | 93.00 | 6,775 | 630,075 | 18,832,965 | Form |
| 10 | Thompson, G Kennedy | Direct | Buy | 10212025 | 87.63 | 5,000 | 438,150 | 2,924,388 | Form |
Investor Activity (13F)
Updated Sep 18, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BloombergSen Inc. | $66.7 Mil | 7.5% | 27 | Hold | 13F |
| 12th Street Asset Management Company, LLC | $34.7 Mil | 5.7% | 32 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $10.0 Mil | 3.2% | 42 | New | 13F |
| Troluce Capital Advisors LLC | $22.3 Mil | 2.4% | 46 | New | 13F |
| Shapiro Capital Management LLC | $21.1 Mil | 1.3% | 50 | New | 13F |
| Stieven Capital Advisors, L.P. | $5.2 Mil | 1.1% | 35 | New | 13F |
| Azora Capital LP | $12.8 Mil | 0.8% | 45 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| 12th Street Asset Management Company, LLC | $34.7 Mil | 5.7% | 32 | New | 13F |
| Troluce Capital Advisors LLC | $22.3 Mil | 2.4% | 46 | New | 13F |
| Shapiro Capital Management LLC | $21.1 Mil | 1.3% | 50 | New | 13F |
| Azora Capital LP | $12.8 Mil | 0.8% | 45 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $10.0 Mil | 3.2% | 42 | New | 13F |
| Stieven Capital Advisors, L.P. | $5.2 Mil | 1.1% | 35 | New | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BloombergSen Inc. | $66.7 Mil | 7.5% | 27 | Hold | 13F |
| 12th Street Asset Management Company, LLC | $34.7 Mil | 5.7% | 32 | New | 13F |
| Troluce Capital Advisors LLC | $22.3 Mil | 2.4% | 46 | New | 13F |
| Shapiro Capital Management LLC | $21.1 Mil | 1.3% | 50 | New | 13F |
| Azora Capital LP | $12.8 Mil | 0.8% | 45 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $10.0 Mil | 3.2% | 42 | New | 13F |
| Stieven Capital Advisors, L.P. | $5.2 Mil | 1.1% | 35 | New | 13F |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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