FHN vs PNFP: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
FHN and PNFP are similarly sized, but PNFP trades noticeably cheaper on forward earnings (9.19x vs 11.12x): the market is paying up for FHN's profile and pricing PNFP more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
FHN vs PNFP: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | FHN | PNFP | What it tells you |
|---|---|---|---|
| Forward P/E | 11.12 | 9.19 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 12.88 | 14.49 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.61 | 1.03 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 86% of range | 93% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.43 | 1.13 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: PNFP is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how FHN and PNFP affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FHN and PNFP share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FHN and PNFP exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does First Horizon Corporation (FHN) do?
First Horizon Corporation is the holding company for First Horizon Bank, a regional lender headquartered in Memphis, Tennessee with roughly $82 billion in assets and operations across about 12 states in the Southeast and Texas. The bank offers commercial and private banking, consumer and small-business services, wealth and trust management, retail brokerage, capital markets, and fixed income. It holds leading deposit market share positions in Tennessee and Louisiana, with additional density in Florida, the Carolinas, Virginia, Atlanta, and the Dallas and Houston markets.
What does Pinnacle Financial Partners (PNFP) do?
Pinnacle Financial Partners is a bank holding company headquartered in Nashville, Tennessee, that operates through Pinnacle Bank across primarily urban markets in the Southeast, including Tennessee, Georgia, North Carolina, South Carolina, Alabama, Florida, Virginia, and Texas. It makes most of its money from net interest income (the spread between what it earns on commercial and real estate loans and what it pays on deposits) and from fee income across wealth management, service charges, and its roughly 49% stake in Bankers Healthcare Group (BHG), a lender to healthcare and professional practices. The bank has long marketed itself on relationship banking, local decision-making, and recruiting experienced bankers, and it ranks among the top banks by deposits in the Nashville market.
FHN vs PNFP: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- FHN drivers: Sun Belt regional growth; Net interest income and margin.
- PNFP drivers: Synovus merger scale and synergies; Southeast market and deposit franchise.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a regional bank, First Horizon carries interest rate risk, since a falling or inverted yield curve can compress margins. For PNFP, the biggest near-term risk is merger integration: converting systems, retaining bankers and clients, and hitting synergy targets across a much larger organization carries execution risk.
FHN or PNFP: which should you pick?
FHN vs PNFP: the full fundamentals
FHN. First Horizon reported first-quarter 2026 revenue of about $862 million, up roughly 6 percent year over year, with net income available to common shareholders near $257 million and earnings per share of about $0.53, up 21 percent from a year earlier. The shares trade around 12 times trailing earnings and roughly 1.8 times tangible book value, broadly in line with regional-bank peers.
PNFP. These figures reflect the combined company after the Synovus merger closed in January 2026, so year-over-year comparisons against legacy Pinnacle are not apples to apples. The bank traded at a modest premium to book value and a low-teens earnings multiple, roughly in line with other large regional banks. Reported results in 2026 carry sizable merger-related charges, so headline and adjusted earnings can differ materially.
Headline figures (approximate, APRIL 2026): FHN shows market cap ~$12.4B, revenue (q1 2026) ~$862M, net income to common (q1 2026) ~$257M, eps (q1 2026) ~$0.53; PNFP shows total assets ~$123B, net interest income (q1 2026) ~$933M, total revenue (annualized run-rate) ~$4.9B, market cap ~$14B.
The bottom line: FHN vs PNFP
FHN and PNFP are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FHN and PNFP exposure against your real portfolio. It is not an investment adviser.
Wondering how FHN or PNFP fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in First Horizon Corporation with AI
Connect the broker you already use and ask Walnut's AI how FHN fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between FHN and PNFP?
+
First Horizon Corporation is the holding company for First Horizon Bank, a regional lender headquartered in Memphis, Tennessee with roughly $82 billion in assets and operations across about 12 states in the Southeast and Texas. Pinnacle Financial Partners is a bank holding company headquartered in Nashville, Tennessee, that operates through Pinnacle Bank across primarily urban markets in the Southeast, including Tennessee, Georgia, North Carolina, South Carolina, Alabama, Florida, Virginia, and Texas. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is FHN or PNFP the better stock?
+
Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, FHN or PNFP?
+
On forward P/E (as of August 2026), FHN trades at 11.12x and PNFP at 9.19x, so PNFP is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both FHN and PNFP?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of FHN vs PNFP?
+
FHN: As a regional bank, First Horizon carries interest rate risk, since a falling or inverted yield curve can compress margins. Credit risk is meaningful because a downturn in its Southeastern and Texas markets, including commercial real estate exposure, could raise charge-offs from the low levels seen recently. Deposit competition and the possibility of funding outflows remain a concern after the 2023 regional-banking stress. The stock also lost the premium tied to the TD takeover when that deal collapsed, and regulatory capital requirements could limit buybacks. PNFP: The biggest near-term risk is merger integration: converting systems, retaining bankers and clients, and hitting synergy targets across a much larger organization carries execution risk. As a commercial and real estate lender, Pinnacle is exposed to credit deterioration, including in commercial real estate, if the economy weakens. Net interest margin is sensitive to interest rates and deposit competition, and BHG earnings can be volatile with loan demand and credit trends. Regional banks also face heightened regulatory scrutiny and deposit-flight sensitivity following industry stress in recent years. Rapid growth through acquisition can strain risk controls if not managed carefully.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell FHN or PNFP; figures are approximate and dated (as of August 2026). Verify current data before investing.