Pinnacle Financial Partners (NYSE:PNFP) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Key Points

• Pinnacle Financial Partners reported quarterly earnings of $2.50 per share, beating analysts’ consensus estimate of $2.46 by $0.04.
• The stock rose to $97.47 in mid-day trading after the report, with the company showing a 15.02% net margin and 10.61% return on equity.
• Wall Street sentiment remains positive, with a Moderate Buy consensus rating and an average price target of $116.89.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04, Zacks reports. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded up $0.68 during mid-day trading on Wednesday, reaching $97.47. 1,304,896 shares of the company were exchanged, compared to its average volume of 1,473,662. The stock has a 50-day moving average price of $97.59. Pinnacle Financial Partners has a twelve month low of $81.08 and a twelve month high of $113.33. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 0.40 and a beta of 1.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Institutional Investors Weigh In On Pinnacle Financial Partners

Several hedge funds have recently modified their holdings of the stock. Graham Capital Management L.P. lifted its holdings in Pinnacle Financial Partners by 0.7% in the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company's stock valued at $2,115,000 after purchasing an additional 146 shares in the last quarter. Advisory Services Network LLC raised its position in shares of Pinnacle Financial Partners by 5.5% in the third quarter. Advisory Services Network LLC now owns 3,411 shares of the company's stock valued at $320,000 after buying an additional 178 shares during the last quarter. Brooks Moore & Associates Inc. lifted its stake in shares of Pinnacle Financial Partners by 0.8% during the second quarter. Brooks Moore & Associates Inc. now owns 24,186 shares of the company's stock valued at $2,670,000 after buying an additional 200 shares during the period. CIBC Private Wealth Group LLC boosted its position in Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock worth $32,000 after acquiring an additional 216 shares during the last quarter. Finally, Quarry LP boosted its position in Pinnacle Financial Partners by 88.3% during the third quarter. Quarry LP now owns 529 shares of the company's stock worth $50,000 after acquiring an additional 248 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNFP. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an "outperform" rating and a $115.00 target price on the stock. UBS Group raised their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Evercore reissued an "outperform" rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Piper Sandler reaffirmed an "overweight" rating on shares of Pinnacle Financial Partners in a report on Wednesday, June 10th. Finally, Stephens upped their price target on shares of Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $116.89.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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