Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) announced its quarterly earnings data on Tuesday. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.92 by $0.08, Zacks reports. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 earnings per share.
Pinnacle Financial Partners Stock Performance
Shares of PNFP traded down $0.69 during trading hours on Friday, hitting $118.19. The stock had a trading volume of 292,135 shares, compared to its average volume of 513,506. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners has a 12 month low of $81.57 and a 12 month high of $131.91. The firm has a market capitalization of $9.17 billion, a PE ratio of 15.68 and a beta of 1.01. The stock has a fifty day moving average price of $109.92 and a 200 day moving average price of $109.46.
Pinnacle Financial Partners Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's payout ratio is currently 15.53%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on PNFP. UBS Group reiterated a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research note on Wednesday, April 16th. Barclays lifted their target price on Pinnacle Financial Partners from $125.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $105.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $126.73.
Read Our Latest Analysis on PNFP
Institutional Trading of Pinnacle Financial Partners
A hedge fund recently raised its stake in Pinnacle Financial Partners stock. Focus Partners Wealth grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 13.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,755 shares of the financial services provider's stock after acquiring an additional 581 shares during the period. Focus Partners Wealth's holdings in Pinnacle Financial Partners were worth $504,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 87.40% of the company's stock.
About Pinnacle Financial Partners
(
Get Free Report)
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.
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