Pinnacle Financial Partners (NASDAQ:PNFP) Releases Earnings Results, Beats Expectations By $0.10 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) issued its earnings results on Tuesday. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10, Zacks reports. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 earnings per share.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $120.22 on Wednesday. The firm’s fifty day simple moving average is $119.52 and its two-hundred day simple moving average is $104.47. The firm has a market capitalization of $9.29 billion, a P/E ratio of 22.86 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a 12-month low of $73.62 and a 12-month high of $131.91.

Insider Activity

In other news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of a number of research reports. Citigroup boosted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $122.73.

Pinnacle Financial Partners Company Profile

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.