Pinnacle Financial Partners (NASDAQ:PNFP) Releases Earnings Results, Beats Expectations By $0.07 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) released its earnings results on Tuesday. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07, Yahoo Finance reports. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The business had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same quarter in the prior year, the firm earned $1.79 earnings per share.

Pinnacle Financial Partners Stock Up 0.9 %

Shares of PNFP traded up $0.93 during mid-day trading on Thursday, hitting $106.40. 621,232 shares of the company’s stock were exchanged, compared to its average volume of 470,215. The company has a market cap of $8.22 billion, a price-to-earnings ratio of 15.25 and a beta of 1.05. Pinnacle Financial Partners has a fifty-two week low of $59.66 and a fifty-two week high of $107.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50-day moving average is $95.27 and its 200-day moving average is $86.79.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PNFP. Citigroup upped their target price on shares of Pinnacle Financial Partners from $113.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday. Stephens upped their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Barclays upped their price objective on shares of Pinnacle Financial Partners from $101.00 to $108.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average target price 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.