Regional banking company Pinnacle Financial Partners (NASDAQ: PNFP) will be reporting earnings this Wednesday after market hours. Here’s what investors should know.
Pinnacle Financial Partners beat analysts’ revenue expectations last quarter, reporting revenues of $563.5 million, up 15.7% year on year. It was a slower quarter for the company, with a miss of analysts’ EPS estimates and a slight miss of analysts’ net interest income estimates.
Is Pinnacle Financial Partners a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Pinnacle Financial Partners’s revenue to grow 148% year on year, improving from the 14% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Pinnacle Financial Partners has a history of exceeding Wall Street’s expectations.
Looking at Pinnacle Financial Partners’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Wintrust Financial delivered year-on-year revenue growth of 11.4%, beating analysts’ expectations by 1.2%, and BancFirst reported revenues up 7.8%, topping estimates by 1%. BancFirst traded up 3.6% following the results.
Read our full analysis of Wintrust Financial’s results here and BancFirst’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 10.2% on average over the last month. Pinnacle Financial Partners is up 17.4% during the same time and is heading into earnings with an average analyst price target of $111.42 (compared to the current share price of $98.40).
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