Pinnacle Financial Partners (NYSE:PNFP) Posts Earnings Results, Beats Expectations By $0.04 EPS

Pinnacle Financial Partners (NYSE:PNFP) released its earnings results on Wednesday. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04, Zacks reports. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.

Pinnacle Financial Partners Stock Performance

PNFP traded up $0.68 on Wednesday, reaching $97.47. 1,304,896 shares of the company’s stock were exchanged, compared to its average volume of 1,473,662. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $113.33. The company’s 50 day simple moving average is $97.59. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.56 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 0.40 and a beta of 1.04.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after acquiring an additional 2,062,504 shares in the last quarter. State Street Corp increased its holdings in Pinnacle Financial Partners by 5.5% in the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after purchasing an additional 179,819 shares in the last quarter. Wellington Management Group LLP raised its position in Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the period. Dimensional Fund Advisors LP raised its position in Pinnacle Financial Partners by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,790,636 shares of the company’s stock valued at $266,268,000 after purchasing an additional 110,465 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Pinnacle Financial Partners by 9.6% during the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after purchasing an additional 191,292 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNFP. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $114.00 to $115.00 and gave the company a “buy” rating in a report on Monday, May 11th. Stephens upped their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Evercore reaffirmed an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Finally, Benchmark initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, June 24th. They set a “buy” rating and a $132.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $116.89.

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.