Pinnacle Financial Partners (NASDAQ:PNFP) Posts Earnings Results, Beats Estimates By $0.20 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) announced its earnings results on Monday. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.20, MarketWatch Earnings reports. Pinnacle Financial Partners had a net margin of 34.35% and a return on equity of 10.35%. The firm had revenue of $341.64 million for the quarter, compared to the consensus estimate of $328.81 million. During the same period in the prior year, the firm earned $1.45 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis.

PNFP stock traded up $4.38 on Wednesday, reaching $101.65. 24,870 shares of the company’s stock were exchanged, compared to its average volume of 376,068. The stock has a fifty day moving average of $94.37 and a 200-day moving average of $90.98. The firm has a market cap of $7.74 billion, a PE ratio of 16.88 and a beta of 1.39. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners has a twelve month low of $37.77 and a twelve month high of $98.63.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 6th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, August 5th. This represents a $0.72 annualized dividend and a dividend yield of 0.71%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.74%.

Several analysts recently weighed in on the stock. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, October 1st. Truist boosted their target price on Pinnacle Financial Partners from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, July 22nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Buy” and a consensus price target of $93.50.

In related news, CAO Hugh M. Queener sold 843 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, September 1st. The stock was sold at an average price of $95.41, for a total transaction of $80,430.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 79,340 shares of the firm’s stock in a transaction on Monday, September 13th. The shares were sold at an average price of $94.27, for a total value of $7,479,381.80. Following the completion of the transaction, the chief executive officer now owns 172,457 shares of the company’s stock, valued at approximately $16,257,521.39. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

An institutional investor recently raised its position in Pinnacle Financial Partners stock. Morgan Stanley increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,240 shares of the financial services provider’s stock after purchasing an additional 25,025 shares during the period. Morgan Stanley owned 0.13% of Pinnacle Financial Partners worth $8,673,000 as of its most recent SEC filing. 80.67% of the stock is currently owned by institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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Earnings History for Pinnacle Financial Partners (NASDAQ:PNFP)

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