Pinnacle Financial Partners (PNFP) stock surged 5.04% during Thursday's intraday session, marking a sharp reversal from its pre-market decline. The financial services company had opened lower after reporting fourth-quarter results that fell short of market expectations.
The stock's initial weakness came after PNFP reported Q4 adjusted earnings of $2.24 per share and revenue of $542.2 million, both missing analyst estimates. This news prompted a 4% drop in pre-market trading as investors reacted to the earnings disappointment.
However, the stock quickly reversed course during regular trading hours, with positive analyst coverage appearing to outweigh concerns about the quarterly results. Evercore ISI maintained a Buy rating on PNFP with a $115 price target, providing support for the stock's recovery. The broader financial sector also showed strength intraday, contributing to the positive momentum for Pinnacle Financial Partners shares.
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