Pinnacle Financial Partners (NASDAQ:PNFP) Posts Quarterly Earnings Results

Pinnacle Financial Partners (NASDAQ:PNFP) announced its quarterly earnings results on Tuesday. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07, Yahoo Finance reports. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the firm posted $1.79 earnings per share.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded up $0.93 on Thursday, reaching $106.40. The company’s stock had a trading volume of 518,971 shares, compared to its average volume of 469,706. Pinnacle Financial Partners has a 52-week low of $59.66 and a 52-week high of $107.13. The company has a market capitalization of $8.22 billion, a P/E ratio of 15.25 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average price of $95.27 and a 200-day moving average price of $86.79.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Analyst Ratings Changes

PNFP has been the topic of a number of research reports. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research note on Thursday. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Hovde Group boosted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Finally, Truist Financial upped their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.00.

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.