Pinnacle Financial Partners (NYSE:PNFP) Releases Quarterly Earnings Results

Pinnacle Financial Partners (NYSE:PNFPGet Free Report) announced its quarterly earnings data on Wednesday. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04, Zacks reports. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion.

Pinnacle Financial Partners Stock Up 0.7%

Shares of NYSE:PNFP opened at $97.47 on Thursday. The firm’s fifty day moving average price is $97.65. The firm has a market cap of $7.56 billion, a P/E ratio of 13.52, a P/E/G ratio of 0.39 and a beta of 1.04. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $113.33. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90.

Key Stories Impacting Pinnacle Financial Partners

Here are the key news stories impacting Pinnacle Financial Partners this week:

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. UBS Group lifted their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Piper Sandler reiterated an “overweight” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, June 10th. Truist Financial lifted their price target on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Benchmark started coverage on Pinnacle Financial Partners in a report on Wednesday, June 24th. They set a “buy” rating and a $132.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $116.89.

Check Out Our Latest Report on Pinnacle Financial Partners

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $26,000. BOKF NA increased its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Pinnacle Financial Partners by 175.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock valued at $32,000 after purchasing an additional 216 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $39,000. Finally, Tripletail Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

(Get Free Report)

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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Earnings History for Pinnacle Financial Partners (NYSE:PNFP)

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