UPDATE: Wunderlich Securities Reiterates On Pinnacle Financial Partners On Organic Growth Story

In a report published Thursday, Wunderlich Securities analyst Kevin Reynolds reiterated a Hold rating on Pinnacle Financial Partners (NASDAQ: PNFP), and raised the price target from $37.00 to $40.00.

In the report, Wunderlich Securities noted, “We maintain our Hold rating on shares of Pinnacle Financial Partners (PNFP) although we are raising our price target from $37 to $40 at this time. PNFP reported 2Q14 EPS of $0.49, which was $0.01 ahead of consensus and $0.02 better than our EPS estimate. Although the quality of PNFP's beat in 2Q14 was low as it was fueled by a reduced provision, the company's pace of originations accelerated nicely and management raised its long-term ROAA targets, which is a proxy for increased guidance, in our view. PNFP is perhaps the best example of an above-average organic growth story among the Southeastern banks; however, we believe that the company's fundamental strength is largely reflected in PNFP's current share price, hence our Hold rating at this time.”

Pinnacle Financial Partners closed on Wednesday at $37.11.