KBW Maintains Market Perform on Pinnacle Financial Partners

KBW is out with its report today on Pinnacle Financial Partners PNFP, maintaining Market Perform. In a note to clients, KBW writes, "Pinnacle beat consensus and KBW in 2Q mainly from lower net charge-offs. NPAs fell sharply to 3.4% from 4.0%, the largest single qtr decline we've seen from PNFP. NCOs also fell to ~1.1%. Loans shrunk less than 1% un-annualized, although core deposits grew an impressive 10% un-annualized. We are raising 2011 and 2012 forecast EPS, although leaving 2013 and our price target alone. We are also maintaining our Market Perform rating." KBW maintains a $15 PT on PNFP. Shares of PNFP closed Wednesday at $15.61.