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

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

Shares of PNFP stock traded up $4.74 on Wednesday, hitting $102.01. The stock had a trading volume of 17,068 shares, compared to its average volume of 376,068. The firm has a market cap of $7.76 billion, a P/E ratio of 15.84 and a beta of 1.39. Pinnacle Financial Partners has a twelve month low of $37.77 and a twelve month high of $98.63. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $94.37 and a two-hundred day moving average price of $90.98.

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

In other Pinnacle Financial Partners news, CAO Hugh M. Queener sold 843 shares of the business’s stock in a transaction dated Wednesday, September 1st. The shares were 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 SEC, which is available through the SEC website. Also, CEO M Terry Turner sold 79,340 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $94.27, for a total value of $7,479,381.80. Following the transaction, the chief executive officer now directly owns 172,457 shares in the company, valued at $16,257,521.39. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by insiders.

A hedge fund recently raised its stake in Pinnacle Financial Partners stock. Morgan Stanley increased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,240 shares of the financial services provider’s stock after buying an additional 25,025 shares during the quarter. Morgan Stanley owned 0.13% of Pinnacle Financial Partners worth $8,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 80.67% of the company’s stock.

A number of brokerages have issued reports on PNFP. Truist lifted their target price on shares of Pinnacle Financial Partners from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, July 22nd. Zacks Investment Research downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, October 1st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Buy” and a consensus price target of $93.50.

Pinnacle Financial Partners Company Profile

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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