Equity Analysis /
United States of America

US : Pinnacle Financial Partners, Inc. - PNFP | 4Q20 First Look: Lower LLP Fuels EPS Beat; Raises Dividend, Announces Repurchase Program

    Contributors
    Joseph Yanchunis
    Carl-Harry Doirin
    CGS-CIMB
    20 January 2021
    Published byCGS-CIMB

    Event: Pinnacle reported 4Q20 EPS of $1.42. However, ex. items detailed in the table on page 4, we peg core EPS at $1.56 which exceeded our estimate of $1.35 and consensus of $1.36 (range: $1.21 - $1.43). On a core basis, a lower loan loss provision and stronger net interest income more than offset