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

Pinnacle Financial Partners (NASDAQ:PNFP) released its earnings results on Tuesday. The financial services provider reported $1.86 EPS for the quarter, beating the consensus estimate of $1.79 by $0.07, Yahoo Finance reports. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same period last year, the firm earned $1.79 EPS.

Pinnacle Financial Partners Trading Up 4.9 %

Shares of Pinnacle Financial Partners stock opened at $105.47 on Thursday. The company has a market capitalization of $8.14 billion, a P/E ratio of 15.09 and a beta of 1.05. The stock has a fifty day simple moving average of $95.27 and a 200 day simple moving average of $86.79. Pinnacle Financial Partners has a 12-month low of $59.66 and a 12-month high of $106.62. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 1st will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.83%. The ex-dividend date is Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Hovde Group raised their price objective on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Truist Financial boosted their price objective on Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. 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 research report on Thursday, July 18th. Finally, Barclays increased their target price on shares of Pinnacle Financial Partners from $97.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.