Pinnacle Financial Partners (NASDAQ:PNFP) Announces Earnings Results, Beats Expectations By $0.08 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) announced its earnings results on Monday. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08, Zacks reports. The company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period last year, the firm earned $1.53 earnings per share.

Pinnacle Financial Partners Trading Up 2.3 %

Pinnacle Financial Partners stock opened at $94.36 on Wednesday. The firm has a market cap of $7.30 billion, a PE ratio of 15.78 and a beta of 0.94. Pinnacle Financial Partners has a 12 month low of $73.62 and a 12 month high of $131.91. The stock’s 50 day simple moving average is $106.39 and its two-hundred day simple moving average is $111.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.02%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research analyst reports. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Wells Fargo & Company dropped their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Barclays decreased their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $124.70.

Insider Activity at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last three months. Company insiders own 1.46% of the company’s stock.

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.