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

Pinnacle Financial Partners (NASDAQ:PNFP) announced its earnings results on Tuesday. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10, Zacks reports. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%.

Pinnacle Financial Partners Stock Up 0.3 %

PNFP traded up $0.31 during trading on Tuesday, reaching $120.22. 664,938 shares of the stock were exchanged, compared to its average volume of 472,327. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50 day moving average price is $119.52 and its two-hundred day moving average price is $104.47. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The stock has a market cap of $9.29 billion, a P/E ratio of 22.86 and a beta of 1.09.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PNFP. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Citigroup increased their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $122.73.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% of the company’s stock.

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.