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

Pinnacle Financial Partners (NASDAQ:PNFP) issued its quarterly earnings data on Tuesday. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07, Yahoo Finance reports. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $1.79 EPS.

Pinnacle Financial Partners Trading Up 4.9 %

NASDAQ PNFP opened at $105.47 on Thursday. The firm has a market capitalization of $8.14 billion, a PE ratio of 15.09 and a beta of 1.05. The business’s 50-day moving average price is $95.27 and its two-hundred day moving average price is $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 has a 12 month low of $59.66 and a 12 month high of $106.62.

Pinnacle Financial Partners Dividend Announcement

The business 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 dividend payout ratio is currently 12.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Wells Fargo & Company lowered Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 price objective on the stock. in a research note on Tuesday, October 1st. Piper Sandler downgraded shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $95.00 to $98.00 in a research note on Thursday, July 18th. Hovde Group lifted their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Finally, Truist Financial increased their price objective on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.