Piper Jaffray Companies Comments on Pinnacle Financial Partners’ FY2019 Earnings (NASDAQ:PNFP)

Pinnacle Financial Partners (NASDAQ:PNFP) – Investment analysts at Piper Jaffray Companies raised their FY2019 earnings per share estimates for shares of Pinnacle Financial Partners in a research note issued to investors on Thursday, October 17th. Piper Jaffray Companies analyst B. Rabatin now anticipates that the financial services provider will post earnings of $5.43 per share for the year, up from their previous estimate of $5.38. Piper Jaffray Companies also issued estimates for Pinnacle Financial Partners’ Q4 2019 earnings at $1.35 EPS, Q1 2020 earnings at $1.35 EPS, Q3 2020 earnings at $1.44 EPS, Q1 2021 earnings at $1.49 EPS, Q2 2021 earnings at $1.53 EPS, Q3 2021 earnings at $1.58 EPS and FY2021 earnings at $6.23 EPS.

PNFP has been the subject of a number of other reports. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 18th. They issued a “neutral” rating and a $62.00 price target for the company. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Finally, Stephens reaffirmed a “hold” rating and set a $63.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $60.83.

Shares of Pinnacle Financial Partners stock opened at $58.04 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 0.99. Pinnacle Financial Partners has a fifty-two week low of $43.23 and a fifty-two week high of $61.60. The firm has a fifty day moving average price of $55.38 and a two-hundred day moving average price of $56.11. The company has a market cap of $4.46 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.10. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The firm had revenue of $278.43 million during the quarter, compared to the consensus estimate of $267.58 million. During the same period in the prior year, the firm earned $1.21 EPS. The business’s revenue was up 15.6% on a year-over-year basis.

Institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $29,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $33,000. CENTRAL TRUST Co increased its position in shares of Pinnacle Financial Partners by 376.7% during the 2nd quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 565 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $68,000. Finally, Valeo Financial Advisors LLC increased its position in shares of Pinnacle Financial Partners by 66.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 479 shares in the last quarter. Institutional investors and hedge funds own 79.72% of the company’s stock.

In other news, Vice Chairman Ronald L. Samuel sold 500 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $60.48, for a total transaction of $30,240.00. Following the completion of the transaction, the insider now directly owns 22,175 shares of the company’s stock, valued at approximately $1,341,144. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,006 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $57.90, for a total transaction of $174,047.40. Following the transaction, the chief financial officer now directly owns 83,112 shares of the company’s stock, valued at $4,812,184.80. The disclosure for this sale can be found here. Insiders have sold a total of 64,475 shares of company stock valued at $3,674,281 over the last ninety days. 2.97% of the stock is owned by insiders.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Thursday, October 31st. Pinnacle Financial Partners’s payout ratio is 13.50%.

Pinnacle Financial Partners Company Profile

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.

Further Reading: Portfolio Manager

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

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