Core Viewpoint - The merger between Pinnacle Financial Partners, Inc. and Synovus Financial Corp. has been completed, creating a larger bank holding company with significant assets and a focus on growth and client relationships [1][2][3]. Company Overview - The newly combined bank holding company has an estimated pro forma combined asset total of $117.2 billion, with deposits of $95.7 billion and loans of $80.4 billion as of September 30, 2025 [2]. - The combined firm operates over 400 locations across nine states in the Southeast and Atlantic coast, with plans to consolidate under the Pinnacle brand by early 2027 [2][3]. Leadership and Integration - The leadership team aims to position the combined entity as the fastest-growing and most profitable regional bank in the nation, emphasizing the importance of long-term relationships [4][6]. - Integration teams are working to ensure a seamless transition, with systems and brand conversions expected in early 2027 [3][6]. Shareholder and Stock Information - Under the merger agreement, each share of legacy Pinnacle common stock was converted into an equal number of shares of the new Pinnacle, while each share of Synovus common stock was converted into 0.5237 shares of new Pinnacle [6]. - The new Pinnacle shares will begin trading on the New York Stock Exchange on January 2, 2026, with legacy Pinnacle and Synovus being delisted from their respective exchanges [6][7]. Historical Context - The merger was announced on July 24, 2025, with shareholder approval obtained on November 6 and regulatory approvals received shortly thereafter, leading to the completion of the merger on January 1, 2026 [7]. Market Position - Pinnacle Financial Partners is now the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia, holding the number one deposit market share in the Nashville MSA and fourth in the Atlanta MSA [8]. Recognition and Culture - Pinnacle has been recognized as a top employer, ranking ninth in FORTUNE magazine's 2025 list of 100 Best Companies to Work For in the U.S. and fourth among America's Best Banks to Work For [9].

Core Insights - Merger and acquisition activity among banks significantly increased in 2025, with over 170 deals announced, marking a rise of more than one-third from 2024 and nearly 80% from 2023 [6][3] - The total value of these deals reached approximately $47 billion, indicating a trend towards larger valuations compared to previous years [3][2] - A more favorable regulatory environment and expedited deal approval processes are expected to encourage further acquisitions in 2026 [6] Deal Highlights - Capital One Financial completed its acquisition of Discover Financial Services for $51.8 billion, creating a major player in the credit card market [4] - Fifth Third Bancorp's proposed acquisition of Comerica is set to create the ninth-largest U.S. commercial bank with $288 billion in assets, aiming for a close in Q1 2026 [8] - Pinnacle Financial Partners and Synovus Financial announced a merger of equals valued at $8.6 billion, expected to close on January 1, 2026 [14] - Huntington Bancshares is acquiring Cadence Bank for $7.4 billion, enhancing its presence in Texas and Southern markets, with a closing date anticipated around February 1, 2026 [20] - PNC Financial Services Group's purchase of FirstBank Holding Company for $4.1 billion is expected to close on January 5, 2026, significantly expanding PNC's footprint in Colorado [25] Market Reactions - Despite the increase in deal activity, not all transactions have been well-received by the market, with some leading to declines in stock prices for the involved banks [5] - The merger of Pinnacle and Synovus initially caused a 10% drop in stock prices due to concerns over the performance of mergers of equals [16] - PNC's stock experienced a 10% dip following the announcement of its acquisition of FirstBank, although it has since recovered [28]

Core Viewpoint - Pinnacle Financial (PNFP) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in a company's earnings picture, which is crucial for near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell, thus affecting stock prices [4]. Business Improvement Indicators - Rising earnings estimates and the Zacks rating upgrade suggest an improvement in Pinnacle Financial's underlying business, which should lead to increased stock prices [5][10]. - The Zacks Consensus Estimate for Pinnacle Financial for the fiscal year ending December 2025 is projected at $8.35 per share, unchanged from the previous year, but has seen a 3% increase in estimates over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Pinnacle Financial's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Core Viewpoint - Pinnacle Financial Partners and Synovus Financial Corp. are set to merge in January 2026, with the combined firm expected to release its fourth quarter 2025 financial results on January 21, 2026, after market close [1] Group 1: Pinnacle Financial Partners - Pinnacle Financial Partners offers a comprehensive range of banking, investment, trust, mortgage, and insurance products and services tailored for businesses and individuals [3] - As of September 30, 2025, Pinnacle has approximately $56.0 billion in assets and is the second-largest bank holding company headquartered in Tennessee [4] - Pinnacle is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA based on 2025 deposit data from the FDIC and has been listed as one of America's Best Banks to Work For for 12 consecutive years [3][4] Group 2: Synovus Financial Corp. - Synovus Financial Corp. is based in Columbus, Georgia, with approximately $60 billion in assets, providing a wide range of financial services including commercial and consumer banking [5] - As of September 30, 2025, Synovus operates 244 branches across Georgia, Alabama, Florida, South Carolina, and Tennessee [5] - Synovus is recognized as a Great Place to Work-Certified Company, highlighting its commitment to employee satisfaction [5]

Core Insights - Pinnacle Financial Partners will merge with Synovus Financial Corp. in January 2026, with the combined firm set to release its fourth quarter 2025 financial results on January 21, 2026, after market close [1] - A live webcast to discuss the financial results and business outlook will take place on January 22, 2026, at 8:30 a.m. ET [1] Pinnacle Financial Partners - Pinnacle Financial Partners offers a comprehensive range of banking, investment, trust, mortgage, and insurance services, primarily targeting businesses and individuals seeking a robust financial relationship [3] - As of September 30, 2025, Pinnacle has approximately $56.0 billion in assets and is the second-largest bank holding company headquartered in Tennessee [4] - The firm is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA based on 2025 FDIC deposit data and has been listed as one of America's Best Banks to Work For for 12 consecutive years [3][4] Synovus Financial Corp. - Synovus Financial Corp. is based in Columbus, Georgia, with around $60 billion in assets, providing a wide array of financial services including commercial and consumer banking, wealth services, and capital markets [5] - As of September 30, 2025, Synovus operates 244 branches across five states: Georgia, Alabama, Florida, South Carolina, and Tennessee [5]

Core Viewpoint - The company is undergoing a significant transformational merger of equals, which has received regulatory approval and is expected to close early next year [1][2]. Group 1 - The merger was announced in July and is considered one of the busiest years for the company [1]. - Kevin Blair will serve as the CEO of the combined entity post-merger, while Terry Turner, the CEO of Pinnacle, will become the Chairman [2]. - The presentation format will include a fireside chat, referencing slides shared by the company [2].

Pinnacle Financial Partners Conference Summary Company Overview - **Company**: Pinnacle Financial Partners (NasdaqGS: PNFP) - **Event**: Conference Call on December 09, 2025 - **Key Event**: Announcement of a transformational merger of equals with Synovus, expected to close early next year after receiving regulatory approval [1][4][5] Core Points and Arguments Merger Strategy - The merger is positioned as a unique opportunity, with a focus on maintaining the Pinnacle brand and model, contrasting with past merger failures in the industry [5][6] - Concerns about value destruction similar to previous mergers (e.g., Truist) have been addressed by establishing a long-term CEO and a clear go-to-market strategy [4][6][7] - The merger will leverage the scalable FIS platform used by Synovus, minimizing risks associated with system changes [7] Market Overlap and Cultural Integration - Only 11 overlapping markets identified, representing about 6% of pro forma deposits, reducing execution risk [8][10] - Cultural integration is emphasized, with both companies aiming to create a best place to work and maintain high employee engagement scores (Pinnacle at 93%, Synovus at 89%) [10][11] Growth Projections - Projected loan and deposit growth for 2026 is set at 9%-11%, with Pinnacle's historical growth rate at 12% and Synovus at around 3% [21][22] - Growth will be driven by hiring additional revenue producers and leveraging existing specialties from both companies [22][23] Revenue Synergies - Expected revenue synergies of $100-$130 million over two to three years, with contributions from both legacy companies [35] - Focus on integrating products and capabilities from both banks to enhance service offerings and client relationships [34][35] Hiring Strategy - Plans to hire approximately 500 incremental employees over the next two years, focusing on experienced bankers with established relationships [36][38] - Continuous recruitment methodology will be employed to ensure a steady influx of talent [38][40] Capital Management - Targeting a CET1 ratio of over 10% post-merger, with a focus on growth rather than share repurchases [87][93] - The company aims to generate capital through growth initiatives, with dividends expected to be lower than historical levels [95] Important but Overlooked Content - The merger is framed as a strategic move to build a bank with scale while maintaining a strong corporate culture and client focus, contrasting with larger banks that have lower net promoter scores [66][68] - The leadership emphasizes the importance of maintaining a unique client experience and employee satisfaction to prevent high attrition rates post-merger [62][74] - The potential liquidity event for BHG, a significant investment, is acknowledged, with plans to replace any lost revenue through strategic partnerships and capital allocation [121][123] Conclusion - Pinnacle Financial Partners is positioned for significant growth post-merger, with a strong focus on cultural integration, strategic hiring, and maintaining a client-centric approach. The leadership is optimistic about the future, aiming to become the fastest-growing regional bank with high profitability and efficiency by 2027 [127][128]

Core Viewpoint - Pinnacle Financial Partners and Synovus Financial Corp. announced the board of directors for their proposed combined company, which will retain the name Pinnacle Financial Partners [1] Company Structure - The board will consist of eight directors from Pinnacle and seven from Synovus, including six independent directors from each company [1]

Core Viewpoint - Boston Partners reduced its holdings in Pinnacle Financial Partners by 7.8% in Q2, indicating a shift in investment strategy among institutional investors [1][2]. Institutional Holdings - Boston Partners owned 76,630 shares after selling 6,510 shares, representing 0.10% of Pinnacle Financial Partners valued at $8,458,000 [2]. - Other hedge funds have modified their positions: - Cetera Investment Advisers increased its stake by 36.1%, owning 16,725 shares worth $1,774,000 [3]. - HB Wealth Management LLC raised its position by 46.8%, now holding 4,734 shares valued at $502,000 [3]. - TD Asset Management Inc increased its holdings by 1.1%, owning 41,574 shares worth $4,409,000 [3]. - Zurcher Kantonalbank Zurich Cantonalbank lifted its stake by 2.3%, now owning 20,848 shares valued at $2,211,000 [3]. - LPL Financial LLC increased its position by 8.6%, owning 30,679 shares worth $3,253,000 [3]. - Institutional investors and hedge funds own 87.40% of the stock [3]. Analyst Ratings and Price Targets - Barclays raised its price target from $120.00 to $125.00, maintaining an "overweight" rating [4]. - Cowen initiated coverage with a "buy" rating and a target price of $122.00 [4]. - Keefe, Bruyette & Woods reduced their target price from $125.00 to $95.00, rating it as "market perform" [4]. - Wells Fargo decreased its target from $110.00 to $100.00, assigning an "equal weight" rating [4]. - The consensus rating is "Hold" with an average price target of $109.55 [4]. Insider Transactions - Chairman Robert A. McCabe, Jr. sold 6,775 shares at an average price of $93.00, totaling $630,075, reducing his ownership by 3.24% [5]. - Director G Kennedy Thompson purchased 5,000 shares at an average cost of $87.63, totaling $438,150, increasing his position by 17.62% [5]. - Company insiders currently own 1.46% of the stock [5]. Financial Performance - Pinnacle Financial Partners reported an EPS of $2.27 for the last quarter, exceeding the consensus estimate of $2.05 by $0.22 [7]. - Revenue for the quarter was $544.80 million, surpassing expectations of $526.40 million [7]. - The company had a net margin of 19.17% and a return on equity of 9.91% [7]. - Analysts expect the company to post an EPS of 7.85 for the current fiscal year [7]. Dividend Information - The company declared a quarterly dividend of $0.24, representing an annualized dividend of $0.96 and a yield of 1.0% [8]. - The payout ratio is currently 12.20% [8]. Company Overview - Pinnacle Financial Partners operates as a bank holding company providing various banking products and services in the U.S. [9].

Core Insights - Synovus Financial Corp. and Pinnacle Financial Partners are progressing towards their merger after receiving Federal Reserve approval for the $8.6 billion all-stock transaction announced on July 24, 2025 [1][9] - The merger is expected to close on January 1, 2026, pending standard closing conditions, with Synovus branches continuing to operate under their brand until full integration [2][6] Merger Details - The merger structure remains consistent with initial plans, aiming to enhance the firms' presence in high-growth Southeastern markets [3] - Shareholders will receive shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share [3] - The combined entity will operate under the Pinnacle brand, headquartered in Atlanta, GA, with Pinnacle Bank based in Nashville, TN [4] Strategic Rationale - The merger combines Pinnacle's relationship-driven model with Synovus' extensive branch network, creating a larger platform for organic growth [5] - The combined company is projected to hold approximately $116 billion in assets, positioning it among the largest regional banking franchises in the U.S. Southeast [8][9] - The merger is expected to drive significant financial benefits, including approximately 21% operating EPS accretion and a tangible book value earn-back period of 2.6 years [10] Integration Planning - Integration management teams are preparing for Day One operations, focusing on organizational structures, technology, and market continuity [6] - Full system and brand conversions are scheduled for the first half of 2027, with no material changes expected in daily banking activities until then [6] Market Context - Synovus aims to become part of the fastest-growing regional bank in the Southeast, with a deposit-weighted household growth forecast of 4.6% from 2025 to 2030, significantly above the national average [7] - Synovus shares have gained 1.3% over the past six months, contrasting with a 0.1% decline in the industry [11]