Pinnacle Financial Partners (NASDAQ:PNFP) Releases Quarterly Earnings Results

Pinnacle Financial Partners (NASDAQ:PNFP) released its earnings results on Tuesday. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07, Yahoo Finance reports. The business had revenue of $810.11 million for the quarter, compared to the consensus estimate 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 business earned $1.79 earnings per share.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $0.65 during trading on Thursday, reaching $106.12. 109,946 shares of the stock were exchanged, compared to its average volume of 467,671. Pinnacle Financial Partners has a 12 month low of $59.66 and a 12 month high of $107.08. The firm has a market cap of $8.19 billion, a PE ratio of 15.09 and a beta of 1.05. The stock has a 50-day moving average price of $95.27 and a 200-day moving average price of $86.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed 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. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Analyst Ratings Changes

PNFP has been the topic of a number of recent research reports. Wells Fargo & Company downgraded Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price on the stock. in a research report on Tuesday, October 1st. Truist Financial lifted their target price on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Hovde Group lifted their target price on Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Finally, Barclays lifted their target price on Pinnacle Financial Partners from $97.00 to $101.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $102.10.

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.