Pinnacle Financial Partners (NYSE:PNFP) Issues Earnings Results

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

Pinnacle Financial Partners Price Performance

PNFP traded up $0.10 on Wednesday, reaching $95.39. The company had a trading volume of 1,010,117 shares, compared to its average volume of 1,346,289. Pinnacle Financial Partners has a 52-week low of $81.08 and a 52-week high of $110.33. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 13.10, a P/E/G ratio of 0.38 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The business has a 50 day simple moving average of $98.26 and a 200 day simple moving average of $98.09.

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 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s payout ratio is 27.47%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PNFP. Benchmark lifted their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Morgan Stanley lifted their price objective on shares of Pinnacle Financial Partners from $137.00 to $139.00 and gave the stock an “overweight” rating in a research note on Monday, September 28th. Truist Financial dropped their price target on shares of Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Citigroup raised their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, Hovde Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an “outperform” rating and a $125.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $118.47.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M. Turner sold 54,107 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider directly owned 248,123 shares of the company’s stock, valued at $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert McCabe, Jr. bought 10,013 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 13,078 shares of company stock worth $1,299,640 and have sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Company Profile

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.