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Pinnacle Financial (PNFP) Moves 6.0% Higher: Will This Strength Last?
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Pinnacle Financial (PNFP - Free Report) shares ended the last trading session 6% higher at $84.99. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.4% gain over the past four weeks.
Shares of Pinnacle Financial rallied for the fourth consecutive trading session. With the Federal Reserve keeping an eye on employment reports and cooling inflation numbers, market participants are projecting interest rate cuts as early as September. Thus, for banks reeling under aggressive monetary tightening, this is a positive development. As the rates come down, so will banks’ funding costs. Moreover, given the soft landing of the U.S. economy, the lending scenario is expected to improve further. These positive developments have turned investors bullish on the banking sector stocks, driving PNFP higher.
This regional bank operator is expected to post quarterly earnings of $1.60 per share in its upcoming report, which represents a year-over-year change of -10.6%. Revenues are expected to be $426.4 million, down 12.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Pinnacle Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PNFP going forward to see if this recent jump can turn into more strength down the road.
Pinnacle Financial belongs to the Zacks Banks - Southeast industry. Another stock from the same industry, Amerant Bancorp Inc. (AMTB - Free Report) , closed the last trading session 4% higher at $24.23. Over the past month, AMTB has returned 5.6%.
For Amerant Bancorp, the consensus EPS estimate for the upcoming report has changed -7.5% over the past month to $0.35. This represents a change of +45.8% from what the company reported a year ago. Amerant Bancorp currently has a Zacks Rank of #5 (Strong Sell).
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Pinnacle Financial (PNFP) Moves 6.0% Higher: Will This Strength Last?
Pinnacle Financial (PNFP - Free Report) shares ended the last trading session 6% higher at $84.99. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.4% gain over the past four weeks.
Shares of Pinnacle Financial rallied for the fourth consecutive trading session. With the Federal Reserve keeping an eye on employment reports and cooling inflation numbers, market participants are projecting interest rate cuts as early as September. Thus, for banks reeling under aggressive monetary tightening, this is a positive development. As the rates come down, so will banks’ funding costs. Moreover, given the soft landing of the U.S. economy, the lending scenario is expected to improve further. These positive developments have turned investors bullish on the banking sector stocks, driving PNFP higher.
This regional bank operator is expected to post quarterly earnings of $1.60 per share in its upcoming report, which represents a year-over-year change of -10.6%. Revenues are expected to be $426.4 million, down 12.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Pinnacle Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PNFP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Pinnacle Financial belongs to the Zacks Banks - Southeast industry. Another stock from the same industry, Amerant Bancorp Inc. (AMTB - Free Report) , closed the last trading session 4% higher at $24.23. Over the past month, AMTB has returned 5.6%.
For Amerant Bancorp, the consensus EPS estimate for the upcoming report has changed -7.5% over the past month to $0.35. This represents a change of +45.8% from what the company reported a year ago. Amerant Bancorp currently has a Zacks Rank of #5 (Strong Sell).