Pinnacle Financial Partners (NASDAQ:PNFP) – Investment analysts at SunTrust Banks increased their Q3 2020 EPS estimates for shares of Pinnacle Financial Partners in a research report issued to clients and investors on Tuesday, June 30th. SunTrust Banks analyst J. Demba now anticipates that the financial services provider will post earnings per share of $1.13 for the quarter, up from their previous estimate of $1.00. SunTrust Banks currently has a “Buy” rating and a $50.00 price target on the stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2020 earnings at $1.09 EPS, FY2020 earnings at $3.58 EPS, Q1 2021 earnings at $1.12 EPS, Q3 2021 earnings at $1.23 EPS, Q4 2021 earnings at $1.21 EPS and FY2021 earnings at $4.70 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 20th. The financial services provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.66). Pinnacle Financial Partners had a return on equity of 8.04% and a net margin of 24.72%. The firm had revenue of $263.93 million for the quarter, compared to the consensus estimate of $260.15 million. During the same period in the prior year, the business earned $1.24 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis.
NASDAQ:PNFP opened at $41.10 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.68. The business’s 50 day moving average is $40.64 and its two-hundred day moving average is $49.07. Pinnacle Financial Partners has a 52 week low of $27.80 and a 52 week high of $65.00. The company has a market cap of $3.12 billion, a PE ratio of 9.09 and a beta of 1.39.
Several hedge funds have recently modified their holdings of the company. Advisor Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 35.2% during the fourth quarter. Advisor Group Inc. now owns 7,400 shares of the financial services provider’s stock valued at $475,000 after buying an additional 1,927 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of Pinnacle Financial Partners by 3,174.9% during the fourth quarter. Macquarie Group Ltd. now owns 91,698 shares of the financial services provider’s stock valued at $5,868,000 after buying an additional 88,898 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Pinnacle Financial Partners by 4.4% during the fourth quarter. Bank of New York Mellon Corp now owns 844,684 shares of the financial services provider’s stock valued at $54,059,000 after buying an additional 35,267 shares in the last quarter. Great West Life Assurance Co. Can purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $2,215,000. Finally, Prudential Financial Inc. boosted its position in Pinnacle Financial Partners by 3.5% during the fourth quarter. Prudential Financial Inc. now owns 303,783 shares of the financial services provider’s stock valued at $19,442,000 after purchasing an additional 10,257 shares during the last quarter. Institutional investors own 79.08% of the company’s stock.
In other news, Director G Kennedy Thompson purchased 5,000 shares of the stock in a transaction dated Thursday, April 23rd. The shares were bought at an average cost of $34.86 per share, for a total transaction of $174,300.00. Following the transaction, the director now owns 15,826 shares in the company, valued at $551,694.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Hugh M. Queener sold 5,914 shares of Pinnacle Financial Partners stock in a transaction on Monday, June 15th. The shares were sold at an average price of $43.06, for a total value of $254,656.84. Following the transaction, the chief accounting officer now owns 216,182 shares in the company, valued at $9,308,796.92. The disclosure for this sale can be found here. Insiders have acquired a total of 61,000 shares of company stock worth $2,609,100 in the last ninety days. 2.98% of the stock is owned by company insiders.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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