Analysts Set Expectations for Pinnacle Financial Partners, Inc.’s Q1 2018 Earnings (PNFP)
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) – Equities research analysts at SunTrust Banks upped their Q1 2018 earnings estimates for shares of Pinnacle Financial Partners in a research note issued to investors on Monday. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will earn $1.08 per share for the quarter, up from their previous forecast of $0.96. SunTrust Banks has a “Buy” rating and a $74.00 price objective on the stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q2 2018 earnings at $1.21 EPS, Q3 2018 earnings at $1.26 EPS and Q4 2018 earnings at $1.31 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. The company had revenue of $216.20 million during the quarter, compared to analyst estimates of $217.13 million. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The firm’s quarterly revenue was up 102.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 earnings per share.
Several other analysts have also issued reports on the stock. BidaskClub lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Thursday, January 4th. Wells Fargo & Co began coverage on shares of Pinnacle Financial Partners in a research report on Thursday, December 21st. They set an “outperform” rating and a $80.00 target price for the company. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research report on Wednesday, December 20th. Piper Jaffray Companies set a $76.00 target price on shares of Pinnacle Financial Partners and gave the company a “buy” rating in a research report on Thursday, November 30th. Finally, Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $75.17.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) traded up $0.90 during midday trading on Tuesday, reaching $68.55. 356,300 shares of the company traded hands, compared to its average volume of 387,857. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.99 and a quick ratio of 0.98. The company has a market capitalization of $5,380.00, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 1.10 and a beta of 1.31. Pinnacle Financial Partners has a 12 month low of $58.40 and a 12 month high of $71.55.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Pinnacle Financial Partners by 42.6% in the 2nd quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock valued at $366,796,000 after purchasing an additional 1,746,012 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Pinnacle Financial Partners by 2.8% during the 2nd quarter. BlackRock Inc. now owns 5,788,167 shares of the financial services provider’s stock valued at $363,496,000 after purchasing an additional 155,620 shares in the last quarter. State Street Corp increased its holdings in shares of Pinnacle Financial Partners by 42.8% during the 2nd quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock valued at $171,658,000 after purchasing an additional 819,858 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 56.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,128,192 shares of the financial services provider’s stock valued at $133,651,000 after purchasing an additional 764,072 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in Pinnacle Financial Partners by 10.4% in the 3rd quarter. Jennison Associates LLC now owns 1,886,559 shares of the financial services provider’s stock valued at $126,305,000 after acquiring an additional 177,049 shares during the period. Institutional investors and hedge funds own 71.75% of the company’s stock.
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 31,171 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $67.11, for a total transaction of $2,091,885.81. Following the transaction, the chief executive officer now directly owns 489,701 shares in the company, valued at approximately $32,863,834.11. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas R. Sloan sold 10,000 shares of the stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $67.25, for a total transaction of $672,500.00. Following the transaction, the director now owns 128,257 shares in the company, valued at $8,625,283.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,882 shares of company stock worth $7,573,063. 5.41% of the stock is owned by insiders.
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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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