Pinnacle Financial Partners (NASDAQ:PNFP) Posts Earnings Results, Beats Estimates By $0.07 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) announced its quarterly earnings results on Tuesday. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07, Yahoo Finance reports. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. The company had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the company posted $1.79 earnings per share.

Pinnacle Financial Partners Trading Up 4.9 %

Shares of PNFP opened at $105.47 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market cap of $8.14 billion, a PE ratio of 15.09 and a beta of 1.05. Pinnacle Financial Partners has a 1 year low of $59.66 and a 1 year high of $106.62. The stock has a 50 day simple moving average of $95.27 and a 200-day simple moving average of $86.79.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PNFP shares. Hovde Group upped their price target on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Citigroup upped their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Piper Sandler lowered shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $95.00 to $98.00 in a research report on Thursday, July 18th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Finally, Truist Financial lifted their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.10.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.