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Piper Jaffray resumes coverage of BancorpSouth Bank following deal closings

Initiations

Piper Jaffray analyst Brett Rabatin resumed coverage of Tupelo, Miss.-based BancorpSouth Bank following the closings of its acquisitions of Summit Financial and Van Alstyne Financial on Sept. 1.

BancorpSouth Bank has closed four acquisitions year-to-date, expanding its footprint into "higher performing economies," but Rabatin expects the bank's EPS to remain flat. However, he expects the bank's net interest margin to outperform peers in the lower interest rate environment due to organic loan growth.

Rabatin reinitiated his coverage on the bank with a stock rating of "outperform" and a price target of $32.50. His EPS estimates are $2.39 for 2019 and $2.42 for 2020.

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JPMorgan North America Equity Research analyst Steven Alexopoulos initiated coverage of Nashville, Tenn.-based Pinnacle Financial Partners Inc. with a stock rating of "neutral" and a price target of $62.

With the company's asset sensitive balance sheet and a lower rate environment, recent EPS growth could begin decelerating in the next few quarters, the analyst wrote. Additionally, Pinnacle Financial's 49% stake in Bankers Healthcare Group has led to the company's decrease in price-to-earnings ratio valuation, Alexopoulos wrote.

His EPS estimates are $5.27 for 2019 and $5.42 for 2020.