Pinnacle Financial Partners (NYSE:PNFP) Releases Earnings Results, Beats Expectations By $0.15 EPS

Pinnacle Financial Partners (NYSE:PNFP) announced its quarterly earnings data on Wednesday. The company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.15, Zacks reports. Pinnacle Financial Partners had a return on equity of 10.10% and a net margin of 19.41%.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock traded down $1.53 during trading hours on Wednesday, reaching $95.89. The company had a trading volume of 1,489,132 shares, compared to its average volume of 1,633,786. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $7.44 billion, a P/E ratio of 11.85, a price-to-earnings-growth ratio of 0.33 and a beta of 1.00. Pinnacle Financial Partners has a 12-month low of $81.08 and a 12-month high of $120.46.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s payout ratio is 24.72%.

Insider Buying and Selling

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The shares were acquired at an average cost of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 1.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of large investors have recently bought and sold shares of PNFP. Goldman Sachs Group Inc. increased its stake in Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock worth $69,060,000 after purchasing an additional 37,989 shares during the period. Focus Partners Wealth increased its stake in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares during the period. Amundi increased its stake in Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after purchasing an additional 4,369 shares during the period. Jump Financial LLC purchased a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $229,000. Finally, Cerity Partners LLC increased its stake in Pinnacle Financial Partners by 4.2% in the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after purchasing an additional 1,039 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PNFP shares. Royal Bank Of Canada raised Pinnacle Financial Partners to a “moderate buy” rating in a report on Monday, January 5th. DA Davidson started coverage on Pinnacle Financial Partners in a report on Monday, January 5th. They set a “neutral” rating and a $110.00 price objective on the stock. Piper Sandler raised their price objective on Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Raymond James Financial reissued a “strong-buy” rating on shares of Pinnacle Financial Partners in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $120.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $112.25.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.