Pinnacle Financial Partners (NASDAQ:PNFP) Posts Earnings Results, Beats Estimates By $0.22 EPS

Key Points

• Pinnacle Financial Partners reported a quarterly earnings per share (EPS) of $2.27, exceeding expectations by $0.25 compared to the consensus estimate of $2.02.
• Despite the earnings beat, Pinnacle Financial Partners' stock price fell 1.9% to $90.09 following the earnings release.
• Insider purchases include CFO Harold R. Carpenter acquiring 1,000 shares and Director G. Kennedy Thompson buying 10,000 shares, reflecting confidence in the company's performance.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.22, Zacks reports. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. During the same quarter last year, the firm posted $1.86 EPS.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $90.09 on Thursday. Pinnacle Financial Partners has a 12-month low of $81.57 and a 12-month high of $131.91. The stock has a market capitalization of $6.99 billion, a P/E ratio of 11.95 and a beta of 1.02. The firm's 50-day moving average is $94.35 and its two-hundred day moving average is $100.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

Insiders Place Their Bets

In other news, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Harold R. Carpenter purchased 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 12,174 shares of company stock valued at $1,047,079 in the last ninety days. Insiders own 1.46% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PNFP. Goldman Sachs Group Inc. lifted its position in Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the financial services provider's stock valued at $69,060,000 after buying an additional 37,989 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the financial services provider's stock worth $504,000 after buying an additional 581 shares during the last quarter. Amundi increased its stake in shares of Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the financial services provider's stock worth $513,000 after buying an additional 4,369 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Pinnacle Financial Partners in the second quarter worth $229,000. Finally, Cerity Partners LLC increased its stake in shares of Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the financial services provider's stock worth $2,877,000 after buying an additional 1,039 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PNFP shares. UBS Group cut their price target on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a report on Tuesday, September 2nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Pinnacle Financial Partners in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Finally, Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of "Hold" and an average price target of $112.00.

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.