Pinnacle Financial Partners (NYSE:PNFP) Issues Earnings Results

Pinnacle Financial Partners (NYSE:PNFP) issued its quarterly earnings data on Wednesday. The company reported $2.69 EPS for the quarter, topping 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 15.40% and a return on equity of 10.93%.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $2.66 during trading on Wednesday, reaching $97.95. 1,010,117 shares of the stock were exchanged, compared to its average volume of 1,346,289. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $110.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $7.60 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 0.38 and a beta of 1.03. The stock has a 50 day simple moving average of $98.26 and a 200-day simple moving average of $98.09.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors 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 yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PNFP shares. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price objective for the company in a research note on Wednesday, September 30th. DA Davidson increased their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, July 24th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Evercore set a $108.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, October 1st. Finally, Citigroup boosted their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.47.

Insider Transactions at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction dated Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin S. Blair bought 2,565 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average price of $97.48 per share, with a total value of $250,036.20. Following the completion of the purchase, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This represents a 1.71% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. Corporate insiders own 1.30% of the company’s stock.

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.