PNC - Pinnacle Financial Partners Still Early In An Impressive Growth Story

• Pinnacle delivered a respectable pre-provision beat in the second quarter, with better core loan growth than most other banks are achieving in the Southeast U.S. right now.
• Management has expressed an increased willingness to consider whole bank M&A, but the company's strategy for organic growth (entering new markets with competitive hire-aways) is still core.
• A long-term core earnings growth rate can still support an attractive double-digit long-term annualized return (above historical norms for banks), making this a name to consider.

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