Zacks Investment Research upgraded
Pinnacle Financial Partners, Inc.
) 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
Farmers Capital Bank Corporation
First M&F Corporation
), each has a Zacks Rank #1 (Strong Buy).
AMERIS BANCORP (ABCB): Free Stock Analysis
FARMERS CAP KY (FFKT): Free Stock Analysis
FIRST M & F CRP (FMFC): Get Free Report
PINNACLE FIN PT (PNFP): Free Stock Analysis
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