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

Pinnacle Financial Partners (NASDAQ:PNFP) issued its quarterly earnings results on Tuesday. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10, Zacks reports. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%.

Pinnacle Financial Partners Stock Up 0.3 %

Shares of PNFP traded up $0.31 during trading hours on Tuesday, reaching $120.22. The company’s stock had a trading volume of 664,938 shares, compared to its average volume of 472,327. The company has a 50 day moving average of $119.52 and a two-hundred day moving average of $104.47. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of 22.86 and a beta of 1.09. Pinnacle Financial Partners has a 1-year low of $73.62 and a 1-year high of $131.91.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by company insiders.

Analyst Ratings Changes

PNFP has been the subject of a number of research analyst reports. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $122.73.

Pinnacle Financial Partners Company Profile

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.