Evercore ISI Raises Price Target on Pinnacle Financial (PNFP) to $116, Keeps Overweight Call

Pinnacle Financial Partners Inc. (NYSE:PNFP) is one of the 10 Best Bank Stocks to Buy in 2026.

On February 6, Evercore ISI raised its target price on Pinnacle Financial by 0.9% to $116 (from $115) and retained its Outperform call on the stock. The price change comes as the firm updated the models of the regional banks in its coverage, following the release of Q4 2025 results.

Pinnacle Financial released its 4th quarter earnings report on January 21, which was headlined by a 12.5% YoY growth in net income available to common shareholders to $166.0 million (from $147.5 million). On a per share basis, diluted earnings grew 11.5% YoY to $2.13 (from $1.91).

Earnings growth was driven primarily by a 12.0% YoY increase in net interest income (NII) to $407.4 million (from $363.8 million), which in turn was driven by earning asset growth and a slight uptick in net interest margin (NIM). Earning assets rose 9.5% YoY to $51.7 billion (from $47.2 billion). Loans accounted for 82% of this increase, growing 10.3% YoY to $39.2 billion (from $35.5 billion). The rest came from investment securities, which grew 9.3% YoY to $9.2 billion (from $8.4 billion).

$3.8 billion out of the $4.5 billion asset base expansion was funded by the 10.0% YoY growth in deposits to $41.9 billion (from $38.1 billion). Longer-term debt and other funding sources, which grew 9.1% YoY to $8.0 billion (from $7.3 billion), accounted for the remainder of the growth.

NIMs, meanwhile, showed modest expansion of 5 basis points YoY to 3.27% (from 3.22%) as the reduction in funding costs slightly offset the deterioration in earning asset yields.

Management also provided guidance for 2026 and an update on the expected impact of Pinnacle’s merger with Synovus, which closed on January 1. They expect to realize $250 million in cost synergies over the next three years. They also expect the consolidated loan book to reach $91-$93 billion by the end of 2026, supported by a deposit base of $106.5-$108.5 billion. Management is forecasting two 25-basis-point rate cuts from the US Fed, which would bring consolidated NIMs to 3.45%-3.55%.

Pinnacle Financial Partners Inc. (NYSE:PNFP) is a holding company that owns and operates Pinnacle Bank. The bank offers a wide range of financial services, from banking, investment, trust, mortgage, and insurance, for both consumer and commercial clients. The company is based in Atlanta, Georgia, and was founded in 2000.

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