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

Pinnacle Financial Partners (NASDAQ:PNFP) issued its quarterly earnings data on Tuesday. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07, Yahoo Finance reports. The company had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.97% and a net margin of 13.93%. During the same quarter in the previous year, the company posted $1.79 earnings per share.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $0.65 during trading on Thursday, hitting $106.12. 109,946 shares of the company were exchanged, compared to its average volume of 467,671. The business’s 50 day moving average is $95.27 and its 200-day moving average is $86.79. The company has a market capitalization of $8.19 billion, a P/E ratio of 15.09 and a beta of 1.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners has a 1-year low of $59.66 and a 1-year high of $107.08.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent research reports. Wells Fargo & Company cut Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price target for the company. in a research note on Tuesday, October 1st. Piper Sandler cut Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $98.00 in a research note on Thursday, July 18th. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Hovde Group boosted their price target on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Finally, Citigroup boosted their price target on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently 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.