Zacks: Analysts Anticipate Pinnacle Financial Partners, Inc. (PNFP) to Announce $0.91 EPS
Wall Street brokerages expect that Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) will announce earnings of $0.91 per share for the current quarter, according to Zacks. Three analysts have issued estimates for Pinnacle Financial Partners’ earnings, with the highest EPS estimate coming in at $0.93 and the lowest estimate coming in at $0.89. Pinnacle Financial Partners reported earnings per share of $0.78 during the same quarter last year, which indicates a positive year-over-year growth rate of 16.7%. The company is scheduled to issue its next quarterly earnings report on Tuesday, October 17th.
According to Zacks, analysts expect that Pinnacle Financial Partners will report full-year earnings of $3.52 per share for the current fiscal year, with EPS estimates ranging from $3.45 to $3.64. For the next financial year, analysts expect that the business will report earnings of $4.27 per share, with EPS estimates ranging from $4.15 to $4.49. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Pinnacle Financial Partners.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.04. The business had revenue of $141.70 million during the quarter, compared to the consensus estimate of $130.23 million. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The business’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS.
PNFP has been the subject of several research analyst reports. BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Hilliard Lyons upgraded Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Wednesday, August 23rd. SunTrust Banks, Inc. reiterated a “buy” rating and set a $73.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday. Finally, Stephens reiterated a “hold” rating and set a $71.00 price target on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $67.50.
Pinnacle Financial Partners (PNFP) traded down 1.19% during midday trading on Wednesday, hitting $66.30. The company’s stock had a trading volume of 244,498 shares. Pinnacle Financial Partners has a one year low of $49.40 and a one year high of $71.85. The company’s 50-day moving average is $62.77 and its 200 day moving average is $63.36. The company has a market cap of $5.10 billion, a price-to-earnings ratio of 21.30 and a beta of 1.31.
In related news, Director Joseph C. Galante acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average price of $59.40 per share, for a total transaction of $59,400.00. Following the completion of the transaction, the director now owns 19,011 shares in the company, valued at approximately $1,129,253.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $66.02, for a total value of $198,060.00. Following the transaction, the insider now owns 64,794 shares in the company, valued at approximately $4,277,699.88. The disclosure for this sale can be found here. Insiders sold 110,480 shares of company stock worth $7,150,574 over the last ninety days. Corporate insiders own 5.41% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. raised its position in Pinnacle Financial Partners by 14.5% in the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 291 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Pinnacle Financial Partners in the first quarter valued at $151,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Pinnacle Financial Partners by 61.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 935 shares during the period. Sei Investments Co. raised its position in Pinnacle Financial Partners by 270.5% in the first quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 1,926 shares during the period. Finally, Creative Planning raised its position in Pinnacle Financial Partners by 100.2% in the second quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock valued at $202,000 after purchasing an additional 1,611 shares during the period. Hedge funds and other institutional investors own 69.28% of the company’s stock.
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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