Pinnacle Financial Partners (NASDAQ:PNFP) Issues Earnings Results

Pinnacle Financial Partners (NASDAQ:PNFP) released its quarterly earnings results on Monday. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08, Zacks reports. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded up $2.16 during trading on Monday, reaching $92.20. 1,163,856 shares of the stock traded hands, compared to its average volume of 500,776. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 15.42 and a beta of 0.94. Pinnacle Financial Partners has a 52-week low of $73.62 and a 52-week high of $131.91. The business has a fifty day simple moving average of $107.69 and a two-hundred day simple moving average of $112.04.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the transaction, the director now directly owns 82,256 shares of the company’s stock, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,350 shares of company stock valued at $11,421,320. Insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Hovde Group reduced their target price on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. Barclays decreased their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $124.70.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.