Pinnacle Financial Partners Inc. (NASDAQ:PNFP) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. The firm earned $118.30 million during the quarter, compared to analysts’ expectations of $22.11 million. Pinnacle Financial Partners had a net margin of 26.36% and a return on equity of 9.58%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 earnings per share.
Pinnacle Financial Partners (NASDAQ:PNFP) opened at 53.61 on Wednesday. The stock has a market capitalization of $2.23 billion, a PE ratio of 19.92 and a beta of 1.55. The firm has a 50 day moving average of $55.12 and a 200-day moving average of $51.73. Pinnacle Financial Partners has a 52 week low of $43.32 and a 52 week high of $57.99.
In other Pinnacle Financial Partners news, Director William H. Iv Huddleston sold 10,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $53.96, for a total transaction of $539,600.00. Following the completion of the sale, the director now directly owns 55,863 shares in the company, valued at approximately $3,014,367.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. purchased a new position in Pinnacle Financial Partners during the second quarter valued at about $111,000. Strs Ohio boosted its position in Pinnacle Financial Partners by 300.0% in the second quarter. Strs Ohio now owns 2,400 shares of the financial services provider’s stock valued at $117,000 after buying an additional 1,800 shares in the last quarter. BlackRock Inc. boosted its position in Pinnacle Financial Partners by 152.4% in the first quarter. BlackRock Inc. now owns 2,542 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,535 shares in the last quarter. Bank of Montreal Can purchased a new position in Pinnacle Financial Partners during the second quarter valued at about $125,000. Finally, Huntington Asset Advisors Inc. purchased a new position in Pinnacle Financial Partners during the first quarter valued at about $152,000. Hedge funds and other institutional investors own 63.97% of the company’s stock.
Several research firms recently weighed in on PNFP. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, June 22nd. SunTrust Banks Inc. raised their target price on shares of Pinnacle Financial Partners from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 15th. Piper Jaffray Cos. raised shares of Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and raised their target price for the company from $51.00 to $60.00 in a research note on Tuesday, July 12th. Finally, Sandler O’Neill cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 target price for the company. in a research note on Tuesday, September 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Pinnacle Financial Partners presently has a consensus rating of “Buy” and an average price target of $57.00.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.
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