Pinnacle Financial Partners (NYSE:PNFP) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Pinnacle Financial Partners (NYSE:PNFP) posted its quarterly earnings data on Wednesday. The company reported $2.69 EPS for the quarter, beating the consensus estimate of $2.62 by $0.07, FiscalAI reports. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.88%.

Pinnacle Financial Partners Stock Up 2.3%

PNFP stock opened at $100.44 on Friday. The company’s 50 day moving average price is $97.96 and its 200 day moving average price is $98.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of Pinnacle Financial Partners from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday. Wells Fargo & Company raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price target for the company in a research report on Wednesday, September 30th. Truist Financial dropped their price target on shares of Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, October 9th. TD Cowen dropped their price target on shares of Pinnacle Financial Partners from $119.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, DA Davidson upped their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $118.79.

Insider Activity at Pinnacle Financial Partners

In other news, Director Gregory G. Montana acquired 500 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were bought at an average cost of $98.61 per share, with a total value of $49,305.00. Following the transaction, the director owned 4,959 shares in the company, valued at approximately $489,006.99. This trade represents a 11.21% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M. Turner sold 54,107 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the sale, the insider directly owned 248,123 shares in the company, valued at approximately $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 177,228 shares of company stock valued at $19,153,713 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.