Zacks: Brokerages Expect Pinnacle Financial Partners (NASDAQ:PNFP) to Post $1.01 Earnings Per Share

Equities research analysts forecast that Pinnacle Financial Partners (NASDAQ:PNFP) will report earnings per share (EPS) of $1.01 for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Pinnacle Financial Partners’ earnings. The lowest EPS estimate is $0.60 and the highest is $1.29. Pinnacle Financial Partners posted earnings per share of $1.44 during the same quarter last year, which suggests a negative year over year growth rate of 29.9%. The company is scheduled to announce its next earnings report on Tuesday, October 20th.

On average, analysts expect that Pinnacle Financial Partners will report full-year earnings of $3.08 per share for the current fiscal year, with EPS estimates ranging from $2.04 to $3.69. For the next financial year, analysts forecast that the company will report earnings of $3.99 per share, with EPS estimates ranging from $3.20 to $4.50. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that cover Pinnacle Financial Partners.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.83 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.05). The company had revenue of $273.61 million during the quarter, compared to analysts’ expectations of $270.63 million. Pinnacle Financial Partners had a return on equity of 6.94% and a net margin of 22.12%.

A number of research firms have commented on PNFP. JPMorgan Chase & Co. raised their target price on shares of Pinnacle Financial Partners from $38.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. BidaskClub lowered shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research note on Friday, July 10th. UBS Group lifted their target price on Pinnacle Financial Partners from $32.50 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Zacks Investment Research upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research report on Thursday, July 2nd. Finally, Wells Fargo & Co lifted their price objective on Pinnacle Financial Partners from $39.00 to $44.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.43.

PNFP traded down $0.69 during midday trading on Friday, hitting $39.62. 290,142 shares of the company traded hands, compared to its average volume of 337,013. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $3.01 billion, a PE ratio of 10.16 and a beta of 1.43. The company’s 50-day moving average is $40.75 and its 200 day moving average is $45.36. Pinnacle Financial Partners has a 52 week low of $27.80 and a 52 week high of $65.00.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, August 6th. Pinnacle Financial Partners’s payout ratio is 11.92%.

In related news, Chairman Richard D. Callicutt II purchased 12,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, June 3rd. The shares were bought at an average price of $47.50 per share, with a total value of $570,000.00. Following the transaction, the chairman now directly owns 12,000 shares of the company’s stock, valued at $570,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph C. Galante purchased 4,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, June 3rd. The stock was bought at an average cost of $47.50 per share, for a total transaction of $190,000.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at $190,000. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 56,000 shares of company stock worth $2,434,800. 2.98% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Red Door Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $27,000. Cerebellum GP LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $29,000. First Manhattan Co. acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $37,000. Eudaimonia Partners LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $56,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $135,000. 78.96% of the stock is currently owned by institutional investors.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Earnings History and Estimates for Pinnacle Financial Partners (NASDAQ:PNFP)

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