Pinnacle Financial Partners (NASDAQ:PNFP) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) issued its earnings results on Tuesday. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10, Zacks reports. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. During the same quarter last year, the business posted $1.68 earnings per share. The company’s quarterly revenue was up 19.9% on a year-over-year basis.

Pinnacle Financial Partners Trading Up 1.5 %

Shares of PNFP stock opened at $122.04 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The stock has a market capitalization of $9.43 billion, a price-to-earnings ratio of 20.41 and a beta of 1.09. The company’s fifty day simple moving average is $119.40 and its two-hundred day simple moving average is $104.77.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 14.72%.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Wells Fargo & Company boosted their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $124.73.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Company Profile

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.