Pinnacle Financial Partners (NASDAQ:PNFP) announced its quarterly earnings results on Tuesday. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14, Briefing.com reports. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.95%. The firm had revenue of $259.60 million during the quarter, compared to analysts’ expectations of $252.44 million. During the same period in the previous year, the company earned $1.15 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 12.8% compared to the same quarter last year.
Shares of NASDAQ:PNFP opened at $57.57 on Thursday. The company has a 50-day simple moving average of $56.06. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $66.54. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $4.30 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 0.79 and a beta of 1.36.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 2nd will be issued a $0.16 dividend. The ex-dividend date is Thursday, August 1st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.11%. Pinnacle Financial Partners’s payout ratio is 13.50%.
A number of equities research analysts recently weighed in on the stock. BidaskClub cut shares of Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 15th. Raymond James set a $8.00 price target on shares of Superior Energy Services and gave the company a “buy” rating in a research report on Wednesday, April 17th. Stephens assumed coverage on shares of LiqTech International in a research report on Tuesday, July 9th. They issued an “overweight” rating and a $13.00 price target for the company. Finally, Zacks Investment Research reissued a “hold” rating on shares of Western New England Bancorp in a research report on Saturday, June 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $61.17.
In other news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $56.74, for a total value of $90,784.00. Following the completion of the sale, the insider now directly owns 24,253 shares of the company’s stock, valued at $1,376,115.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $56.61, for a total transaction of $28,305.00. Following the completion of the sale, the insider now directly owns 22,675 shares of the company’s stock, valued at $1,283,631.75. The disclosure for this sale can be found here. Insiders sold 8,135 shares of company stock valued at $469,294 over the last ninety days. Corporate insiders own 2.97% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Private Capital Group LLC raised its holdings in shares of Pinnacle Financial Partners by 76.6% in the first quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock valued at $30,000 after buying an additional 236 shares during the last quarter. First Republic Investment Management Inc. raised its holdings in Pinnacle Financial Partners by 4.2% during the first quarter. First Republic Investment Management Inc. now owns 6,917 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 277 shares in the last quarter. Sowell Financial Services LLC raised its holdings in Pinnacle Financial Partners by 2.8% during the fourth quarter. Sowell Financial Services LLC now owns 12,945 shares of the financial services provider’s stock worth $597,000 after purchasing an additional 348 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Pinnacle Financial Partners by 14.4% during the first quarter. Advisors Asset Management Inc. now owns 3,118 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 393 shares in the last quarter. Finally, Mason Street Advisors LLC raised its holdings in Pinnacle Financial Partners by 1.1% during the first quarter. Mason Street Advisors LLC now owns 38,756 shares of the financial services provider’s stock worth $2,120,000 after purchasing an additional 405 shares in the last quarter. 80.53% of the stock is owned by institutional investors and hedge funds.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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