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

Pinnacle Financial Partners (NASDAQ:PNFP) posted its quarterly earnings data on Tuesday. The financial services provider reported $1.86 earnings per share for the quarter, topping 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 business had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter in the previous year, the firm earned $1.79 earnings per share.

Pinnacle Financial Partners Stock Up 4.9 %

PNFP stock opened at $105.47 on Thursday. Pinnacle Financial Partners has a 1-year low of $59.66 and a 1-year high of $106.62. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of 15.09 and a beta of 1.05. 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 company’s 50 day moving average is $95.27 and its 200 day moving average is $86.79.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 12.59%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PNFP. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Piper Sandler lowered Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $95.00 to $98.00 in a report on Thursday, July 18th. Barclays raised their target price on Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. dropped their price target 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, Truist Financial lifted their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.