KBW Maintains Market Perform on Pinnacle Financial Partners (PNFP)

KBW is out with its report today on Pinnacle Financial Partners PNFP, maintaining Market Perform. In a note to clients, KBW writes, "Pinnacle beat consensus by $0.03/shr and credit appeared to improve in 1Q11. That said, the quarter benefited by a provision that was $0.07/shr lower than NCOs and a 0% tax rate. While credit improved, inflows remained unchanged at ~$25 mm, or 2.6x PTPP earnings. We're adjusting EPS estimates and leaving our target and rating unchanged. We do not see material upside in the stock in the near term." KBW maintains a $15 PT on PNFP. At the time of posting, shares of PNFP were trading at $15.29, down 0.59% from Tuesday's close.