NASHVILLE, TN - Pinnacle Financial Partners Inc. (NASDAQ:PNFP) announced the appointment of Charissa Sumerlin as the new Executive Vice President and Chief Credit Officer, effective Monday. Sumerlin will take over the role previously held on an interim basis by J. Harvey White since November 2023, following the incapacitation and later passing of Timothy H. Huestis.
Sumerlin, 48, joined Pinnacle Financial in 2018 and has a background in commercial real estate and credit advisory. She has been serving as the deputy Chief Credit Officer since June 2022, overseeing credit monitoring and the enhancement of reporting systems and processes. Her career began at SunTrust Bank in 2002, and she spent a decade at BB&T in various positions including Relationship Manager and Regional Credit Officer.
J. Harvey White will continue with Pinnacle Bank as a senior credit officer, with his annual base salary adjusted to $350,000 starting Monday.
Pinnacle Financial Partners Inc., headquartered in Nashville, Tennessee, operates under the SIC National Commercial Banks and is incorporated in the state of Tennessee.
This transition in leadership is part of the ongoing strategic management changes within the company. The information is based on a recent SEC filing by Pinnacle Financial Partners Inc.
In other recent news, Pinnacle Financial Partners has been the subject of several analyst adjustments and has reported robust growth in its first-quarter earnings call for 2024.
Citi raised its price target for the company to $113, maintaining a Buy rating, citing an improved net interest margin and overall growth rate by 2025. In contrast, Piper Sandler downgraded the bank's stock from Overweight to Neutral due to limited near-term growth expectations, while increasing the price target to $98.00. The firm also revised the earnings estimates for 2025 to $7.85, slightly down from the earlier forecast.
Stephens maintained an Overweight rating on Pinnacle Financial's stock but lowered the price target to $102, following an evaluation of the company's strategic positioning and financial performance. The firm expects Pinnacle Financial to exhibit year-over-year pre-provision net revenue growth of 2.7%.
In the company's first-quarter earnings call for 2024, Pinnacle Financial reported solid revenue growth and balance sheet expansion, targeting loan growth of 9% to 11% for the year and raising guidance for fee revenues.
These are the recent developments in the company's performance and analyst perspectives.
InvestingPro Insights
As Pinnacle Financial Partners Inc. (NASDAQ:PNFP) welcomes Charissa Sumerlin as the new Executive Vice President and Chief Credit Officer, investors and stakeholders may be interested in the company's recent financial performance and market position. According to InvestingPro data, Pinnacle Financial has a market capitalization of $7.19 billion and is trading near its 52-week high, with the price at 98.74% of this peak. The company's P/E ratio stands at 18, reflecting investor perceptions of its earnings potential.
InvestingPro Tips highlight that analysts are optimistic about the company's future, with five analysts having revised their earnings upwards for the upcoming period. Additionally, Pinnacle Financial has demonstrated a strong return over the last month, with a 23.21% increase, and has maintained dividend payments for 12 consecutive years, which could be appealing to income-focused investors.
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