Pinnacle Financial Partners (NASDAQ:PNFP) Issues Earnings Results

Pinnacle Financial Partners (NASDAQ:PNFP) issued its quarterly earnings results on Tuesday. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10, Zacks reports. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a return on equity of 9.12% and a net margin of 15.48%. The company’s revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.68 earnings per share.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $122.04 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners has a 1 year low of $73.62 and a 1 year high of $131.91. The firm has a 50-day moving average of $119.40 and a 200 day moving average of $104.77. The company has a market cap of $9.43 billion, a P/E ratio of 20.41 and a beta of 1.09.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.79%. Pinnacle Financial Partners’s payout ratio is presently 14.72%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Truist Financial lifted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $124.73.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock worth $9,563,127 over the last ninety days. 1.87% of the stock is owned by corporate insiders.

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.