$218.60 Million in Sales Expected for Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) This Quarter
Brokerages expect Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) to announce sales of $218.60 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Pinnacle Financial Partners’ earnings, with the lowest sales estimate coming in at $213.90 million and the highest estimate coming in at $224.90 million. Pinnacle Financial Partners posted sales of $118.33 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 84.7%. The firm is scheduled to announce its next earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that Pinnacle Financial Partners will report full year sales of $218.60 million for the current financial year, with estimates ranging from $691.90 million to $711.40 million. For the next fiscal year, analysts anticipate that the business will post sales of $941.33 million per share, with estimates ranging from $924.70 million to $953.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Pinnacle Financial Partners.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.04. The firm had revenue of $141.70 million for the quarter, compared to the consensus estimate of $130.23 million. Pinnacle Financial Partners had a net margin of 27.36% and a return on equity of 7.67%. The company’s revenue was up 31.4% on a year-over-year basis. During the same period last year, the firm posted $0.75 EPS.
Several research firms recently issued reports on PNFP. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Stephens reaffirmed a “hold” rating and issued a $71.00 price target on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. Finally, Hilliard Lyons reaffirmed a “neutral” rating and issued a $69.00 price target (down from $71.00) on shares of Pinnacle Financial Partners in a report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $65.20.
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 101,480 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $64.82, for a total transaction of $6,577,933.60. Following the completion of the sale, the chief executive officer now owns 538,441 shares in the company, valued at $34,901,745.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $66.02, for a total transaction of $198,060.00. Following the sale, the insider now owns 64,794 shares of the company’s stock, valued at approximately $4,277,699.88. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 1,425 shares of company stock valued at $86,180 and have sold 107,480 shares valued at $6,962,234. 5.41% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in Pinnacle Financial Partners by 33.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,719,514 shares of the financial services provider’s stock valued at $107,987,000 after buying an additional 428,774 shares during the last quarter. Virtu KCG Holdings LLC acquired a new stake in Pinnacle Financial Partners during the second quarter valued at $443,000. Parametric Portfolio Associates LLC raised its stake in Pinnacle Financial Partners by 49.6% in the second quarter. Parametric Portfolio Associates LLC now owns 61,404 shares of the financial services provider’s stock valued at $3,856,000 after buying an additional 20,369 shares during the last quarter. Advisor Group Inc. raised its stake in Pinnacle Financial Partners by 14.5% in the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after buying an additional 291 shares during the last quarter. Finally, River Oaks Capital LLC acquired a new stake in Pinnacle Financial Partners during the second quarter valued at $2,255,000. Hedge funds and other institutional investors own 77.76% of the company’s stock.
Pinnacle Financial Partners (PNFP) traded down 1.15% on Friday, hitting $60.30. 289,209 shares of the company were exchanged. The stock has a market cap of $4.64 billion, a PE ratio of 19.37 and a beta of 1.27. The firm has a 50 day moving average of $63.51 and a 200-day moving average of $64.90. Pinnacle Financial Partners has a 52-week low of $49.40 and a 52-week high of $71.85.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.56 annualized dividend and a yield of 0.93%. Pinnacle Financial Partners’s payout ratio is 18.01%.
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Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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