Pinnacle Financial Partners (NYSE:PNFP) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Pinnacle Financial Partners (NYSE:PNFP) issued its earnings results on Wednesday. The company reported $2.69 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.07, FiscalAI reports. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%.

Pinnacle Financial Partners Trading Up 0.1%

PNFP traded up $0.10 on Wednesday, hitting $95.39. The company had a trading volume of 1,010,117 shares, compared to its average volume of 1,346,289. The company’s fifty day moving average price is $98.26 and its 200 day moving average price is $98.09. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $110.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm has a market cap of $7.40 billion, a P/E ratio of 13.10, a PEG ratio of 0.38 and a beta of 1.03.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Gregory Montana acquired 500 shares of the stock in a transaction dated Thursday, September 10th. The stock was acquired at an average price of $98.61 per share, with a total value of $49,305.00. Following the completion of the purchase, the director owned 4,959 shares in the company, valued at $489,006.99. This trade represents a 11.21% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider M. Turner sold 66,783 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares of the company’s stock, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have acquired 13,078 shares of company stock valued at $1,299,640 and have sold 177,228 shares valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNFP. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Hovde Group began coverage on Pinnacle Financial Partners in a research report on Wednesday, September 16th. They set an “outperform” rating and a $125.00 target price for the company. DA Davidson upped their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Truist Financial reduced their price target on shares of Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Finally, Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $118.47.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.