Pinnacle Financial Partners (NASDAQ:PNFP) Posts Earnings Results, Beats Expectations By $0.23 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) released its quarterly earnings results on Monday. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.23, MarketWatch Earnings reports. Pinnacle Financial Partners had a net margin of 22.43% and a return on equity of 6.88%. During the same quarter last year, the company earned $1.27 EPS.

Shares of PNFP traded up $2.22 during mid-day trading on Wednesday, hitting $72.54. 29,763 shares of the company’s stock were exchanged, compared to its average volume of 507,717. The firm has a fifty day moving average of $64.08 and a two-hundred day moving average of $47.84. Pinnacle Financial Partners has a twelve month low of $27.80 and a twelve month high of $71.96. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 18.12 and a beta of 1.37. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.43.

In other news, Director Gary L. Scott sold 9,029 shares of the stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $53.50, for a total transaction of $483,051.50. Also, CAO Hugh M. Queener sold 4,414 shares of the stock in a transaction on Tuesday, November 17th. The stock was sold at an average price of $54.51, for a total transaction of $240,607.14. Following the transaction, the chief accounting officer now owns 207,100 shares in the company, valued at approximately $11,289,021. The disclosure for this sale can be found here. Corporate insiders own 2.98% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $48.00 to $65.00 in a report on Monday, January 4th. JPMorgan Chase & Co. upgraded shares of Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $47.00 to $74.00 in a research note on Tuesday, December 15th. Stephens began coverage on shares of Pinnacle Financial Partners in a research note on Monday, November 16th. They issued an “overweight” rating on the stock. TheStreet upgraded shares of Pinnacle Financial Partners from a “c+” rating to a “b” rating in a research note on Tuesday, November 10th. Finally, Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Thursday, October 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $51.83.

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 in the United States. The company accepts various deposits, including savings, checking, noninterest-bearing checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Earnings History for Pinnacle Financial Partners (NASDAQ:PNFP)

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