Pinnacle Financial Partners (NASDAQ:PNFP) Issues Earnings Results, Beats Expectations By $0.20 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) issued its quarterly earnings data on Monday. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.20, MarketWatch Earnings reports. The business had revenue of $341.64 million for the quarter, compared to analysts’ expectations of $328.81 million. Pinnacle Financial Partners had a return on equity of 10.35% and a net margin of 34.35%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.45 EPS.

Shares of Pinnacle Financial Partners stock traded up $3.94 during trading on Wednesday, hitting $101.21. 15,312 shares of the stock traded hands, compared to its average volume of 376,068. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 15.84 and a beta of 1.39. The firm’s fifty day moving average is $94.37 and its 200-day moving average is $90.98. Pinnacle Financial Partners has a 52 week low of $37.77 and a 52 week high of $98.63.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 6th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, August 5th. This represents a $0.72 annualized dividend and a dividend yield of 0.71%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.74%.

In related news, CAO Hugh M. Queener sold 843 shares of the firm’s stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $95.41, for a total transaction of $80,430.63. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO M Terry Turner sold 79,340 shares of the stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $94.27, for a total value of $7,479,381.80. Following the completion of the sale, the chief executive officer now owns 172,457 shares of the company’s stock, valued at approximately $16,257,521.39. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

An institutional investor recently raised its position in Pinnacle Financial Partners stock. Morgan Stanley grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 98,240 shares of the financial services provider’s stock after buying an additional 25,025 shares during the quarter. Morgan Stanley owned approximately 0.13% of Pinnacle Financial Partners worth $8,673,000 at the end of the most recent quarter. 80.67% of the stock is owned by institutional investors and hedge funds.

PNFP has been the topic of a number of recent research reports. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, October 1st. Truist raised their price target on Pinnacle Financial Partners from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, July 22nd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $93.50.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.

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Earnings History for Pinnacle Financial Partners (NASDAQ:PNFP)

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