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On July 24, 2025 Pinnacle disclosed a definitive all‑stock transaction to combine with Synovus Financial Corp. in an $8.6 billion deal intended to create a larger Southeastern regional bank; the companies projected transaction close in the first quarter of 2026. On August 21, 2025 the two firms published the executive leadership lineup expected to run the combined company upon closing.
Technical Analysis
ADX at 14.31 indicates no dominant trend, implying price action may remain rangebound and sensitive to event-driven volatility tied to the merger timeline.
DI+ at 19.97 shows a decreasing pattern while DI- at 26.84 registers a dip & reversal; both directional indicators convey a bearish directional bias for the near term.
MACD at -0.80 with a declining MACD_trend and a signal line at -0.51 places momentum below its signal; the negative, decreasing MACD signals ongoing bearish momentum until a MACD rise above the signal line occurs.
MRO at 20.48 with a peak & reversal indicates price sits above the model target and suggests mean reversion pressure toward lower prices in coming weeks.
RSI at 45.6 with a decreasing trend reflects losing short-term strength without oversold breadth, supporting the case for choppy downward drift rather than an immediate capitulation.
Price closed at $92.26, trading below the 20‑day average ($95.07), the 50‑day average ($94.21), the 12‑day EMA ($94.66, decreasing) and the 200‑day average ($105.70). Ichimoku Tenkan and Kijun lines (95.17 and 95.91) lie above the last close and the cloud components (Senkou A 96.57, Senkou B 101.91) sit well above price, reinforcing a below‑cloud posture that favors downward pressure.
Bollinger lower bands place the close below the 1x lower band ($93.51) but above the 2x lower band ($91.95), indicating price trades near the lower volatility envelope and leaving room for short-term mean reversion or continuation lower if selling resumes.
Volume at 1,147,893 edged above the 10‑day average (1,006,416) while remaining below the 50‑day average (1,517,673), suggesting episodic interest but no sustained accumulation signal ahead of the merger close.
Fundamental Analysis
Earnings reported diluted EPS of $2.00 versus an estimate of $1.91, delivering a $0.09 beat and an EPS surprise of 4.71%, which supports the company’s short‑term earnings resilience.
Total revenue totaled $443,402,000 with net income of $158,540,000; return on assets equaled 0.291% and return on equity equaled 2.469%, values that sit in line with the industry peer mean for ROA (0.286%) and slightly below the industry peer mean for ROE (2.702%).
Price multiples present a mixed picture: P/E at 54.53 stands above the industry peer mean (44.33) and the P/B ratio at 1.21 sits near the industry peer mean (1.256) and slightly above the industry peer median (1.19183). PEG at 4.20 sits below the reported industry peer mean for PEG (4.6368) but remains elevated in absolute terms, consistent with a premium built into growth expectations.
QoQ and YoY movements warrant attention: P/B ratio fell about 7.73% quarter‑over‑quarter and rose about 17.62% year‑over‑year; P/E fell about 2.98% QoQ and dropped about 55.95% YoY; price‑to‑sales fell about 13.96% QoQ and about 9.27% YoY. Revenue growth measures show an 8.84% baseline growth rate, revenue growth QoQ recorded roughly 111.06% while revenue growth YoY registered -155.75% on the provided figures; present those figures with caution given magnitude differences among reporting periods.
Free cash flow totaled $243,693,000 and produced a free cash flow yield of 3.14%, above the industry peer mean free cash flow yield of 2.41%, while free cash flow growth showed positive YoY movement. Dividend metrics indicate a dividend payout ratio of 14.34% and a dividend yield of 0.29%, supported by a dividend coverage ratio near 6.97.
Balance sheet metrics show total assets of $54,801,451,000, total equity of $6,420,111,000, and a debt‑to‑equity of 0.343. Asset turnover at 0.813% stands slightly below the industry peer mean (0.998%), consistent with a banking business model that relies more on net interest and fee margins than rapid asset turns.
WMDST values the stock as fair‑valued under current assumptions, with valuation reflecting merger‑driven premium expectations alongside elevated multiples versus peers.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-15 |
| NEXT REPORT DATE: | 2025-10-13 |
| CASH FLOW | Begin Period Cash Flow | $ 3.9 B |
| Operating Cash Flow | $ 261.7 M | |
| Capital Expenditures | $ -18.04 M | |
| Change In Working Capital | $ 61.3 M | |
| Dividends Paid | $ -22.74 M | |
| Cash Flow Delta | $ -888.74 M | |
| End Period Cash Flow | $ 3.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 443.4 M | |
| Forward Revenue | $ 103.4 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 27.9 M | |
| Depreciation and Amortization | $ 27.9 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 694.8 M | |
| Interest Expense | $ 315.2 M | |
| Net Interest Income | $ 379.5 M | |
| Income Before Tax | $ 194.3 M | |
| Tax Provision | $ 35.8 M | |
| Tax Rate | 18.4 % | |
| Net Income | $ 158.5 M | |
| Net Income From Continuing Operations | $ 158.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.91 | |
| EPS Actual | $ 2.00 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 4.712 % | |
| Forward EPS | $ 1.91 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 54.8 B | |
| Intangible Assets | $ 1.9 B | |
| Net Tangible Assets | $ 4.8 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 2.9 B | |
| Net Receivables | $ 219.4 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 49.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | $ 2.2 B | |
| Total Liabilities | $ 48.2 B | |
| EQUITY | ||
| Total Equity | $ 6.4 B | |
| Retained Earnings | $ 3.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 82.84 | |
| Shares Outstanding | 77.548 M | |
| Revenue Per-Share | $ 5.72 | |
| VALUATION | Market Capitalization | $ 7.8 B |
| Enterprise Value | $ 10.0 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 22.455 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 8.536 | |
| Asset To Liability | 1.138 | |
| Debt To Capital | 0.255 | |
| Debt To Assets | 0.04 | |
| Debt To Assets QoQ | -5.703 % | |
| Debt To Assets YoY | 798.881 % | |
| Debt To Assets IPRWA | high: 0.165 median: 0.063 mean: 0.06 PNFP: 0.04 low: 0.001 |
|
| Debt To Equity | 0.343 | |
| Debt To Equity QoQ | -6.167 % | |
| Debt To Equity YoY | 824.865 % | |
| Debt To Equity IPRWA | high: 1.774 mean: 0.61 median: 0.553 PNFP: 0.343 low: -0.158 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.208 | |
| Price To Book QoQ | -7.731 % | |
| Price To Book YoY | 17.619 % | |
| Price To Book IPRWA | high: 2.06 mean: 1.256 PNFP: 1.208 median: 1.192 low: 0.014 |
|
| Price To Earnings (P/E) | 54.526 | |
| Price To Earnings QoQ | -2.982 % | |
| Price To Earnings YoY | -55.953 % | |
| Price To Earnings IPRWA | high: 85.266 PNFP: 54.526 mean: 44.334 median: 43.985 low: 29.155 |
|
| PE/G Ratio | 4.196 | |
| Price To Sales (P/S) | 17.489 | |
| Price To Sales QoQ | -13.962 % | |
| Price To Sales YoY | -9.269 % | |
| Price To Sales IPRWA | high: 24.824 PNFP: 17.489 mean: 13.174 median: 12.551 low: 0.128 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 55.57 | |
| Forward PE/G | 4.277 | |
| Forward P/S | 75.024 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.008 | |
| Asset Turnover Ratio QoQ | 6.553 % | |
| Asset Turnover Ratio YoY | 25.851 % | |
| Asset Turnover Ratio IPRWA | high: 0.016 mean: 0.01 median: 0.01 PNFP: 0.008 low: 0.006 |
|
| Receivables Turnover | 2.015 | |
| Receivables Turnover Ratio QoQ | 7.522 % | |
| Receivables Turnover Ratio YoY | 39.736 % | |
| Receivables Turnover Ratio IPRWA | high: 4.258 mean: 2.541 median: 2.527 PNFP: 2.015 low: 0.746 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 45.276 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.041 | |
| CapEx To Depreciation | -0.648 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 8.8 B | |
| Net Invested Capital | $ 8.6 B | |
| Invested Capital | $ 8.6 B | |
| Net Tangible Assets | $ 4.8 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 11.397 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 6.973 | |
| Dividend Payout Ratio | 0.143 | |
| Dividend Rate | $ 0.29 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.008 % | |
| Revenue Growth | 8.837 % | |
| Revenue Growth QoQ | 111.058 % | |
| Revenue Growth YoY | -155.75 % | |
| Revenue Growth IPRWA | high: 19.743 % PNFP: 8.837 % mean: 3.894 % median: 3.469 % low: -10.94 % |
|
| Earnings Growth | 12.994 % | |
| Earnings Growth QoQ | -289.915 % | |
| Earnings Growth YoY | -122.234 % | |
| Earnings Growth IPRWA | high: 66.667 % mean: 14.149 % median: 13.433 % PNFP: 12.994 % low: -44.444 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 243.7 M | |
| Free Cash Flow Yield | 3.143 % | |
| Free Cash Flow Yield QoQ | -704.423 % | |
| Free Cash Flow Yield YoY | 227.055 % | |
| Free Cash Flow Yield IPRWA | high: 8.216 % PNFP: 3.143 % mean: 2.409 % median: 2.071 % low: -4.487 % |
|
| Free Cash Growth | -666.254 % | |
| Free Cash Growth QoQ | 510.632 % | |
| Free Cash Growth YoY | 889.609 % | |
| Free Cash Growth IPRWA | high: 603.019 % median: 1.088 % mean: -26.154 % low: -480.617 % PNFP: -666.254 % |
|
| Free Cash To Net Income | 1.537 | |
| Cash Flow Margin | 41.831 % | |
| Cash Flow To Earnings | 1.17 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 0.291 % | |
| Return On Assets QoQ | 10.646 % | |
| Return On Assets YoY | 169.444 % | |
| Return On Assets IPRWA | high: 0.612 % PNFP: 0.291 % mean: 0.286 % median: 0.276 % low: -0.094 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | 11.216 % | |
| Return On Equity YoY | 176.794 % | |
| Return On Equity IPRWA | high: 0.044 median: 0.028 mean: 0.027 PNFP: 0.025 low: -0.015 |
|
| DuPont ROE | 2.487 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |