Pinnacle Financial Partners (NYSE:PNFP) Posts Earnings Results, Beats Expectations By $0.15 EPS

Key Points

• Earnings beat: Pinnacle reported EPS of $2.39, beating the consensus of $2.24 by $0.15, with a net margin of 19.41% and return on equity of 10.10%.
• Dividend announced: The company declared a quarterly dividend of $0.50 (annualized $2.00) with an ex-dividend date of May 1 and a yield of about 2.1% (DPR 24.72%).
• Market reaction and outlook: Shares traded down to $95.89 despite the beat; Pinnacle has a market cap of $7.44B and a PE of 11.85, and the Street’s average rating is "Moderate Buy" with a $112.25 price target.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $2.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.24 by $0.15, Zacks reports. Pinnacle Financial Partners had a net margin of 19.41% and a return on equity of 10.10%.

Pinnacle Financial Partners Price Performance

NYSE:PNFP traded down $1.53 during trading hours on Wednesday, reaching $95.89. The company's stock had a trading volume of 1,489,082 shares, compared to its average volume of 1,633,027. The stock has a market cap of $7.44 billion, a PE ratio of 11.85, a PEG ratio of 0.33 and a beta of 1.00. Pinnacle Financial Partners has a 1 year low of $81.08 and a 1 year high of $120.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 24.72%.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of research analyst reports. Evercore reaffirmed an "outperform" rating on shares of Pinnacle Financial Partners in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft set a $116.00 price objective on shares of Pinnacle Financial Partners and gave the stock a "buy" rating in a report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their price objective on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a "market perform" rating in a report on Friday, January 9th. Wall Street Zen downgraded shares of Pinnacle Financial Partners from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Piper Sandler lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 28th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $112.25.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the transaction, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pinnacle Financial Partners

A number of hedge funds have recently modified their holdings of PNFP. Goldman Sachs Group Inc. increased its position in shares of Pinnacle Financial Partners by 6.2% in the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock valued at $69,060,000 after acquiring an additional 37,989 shares during the period. Focus Partners Wealth increased its position in shares of Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock valued at $504,000 after acquiring an additional 581 shares during the period. Amundi increased its position in shares of Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after acquiring an additional 4,369 shares during the period. Jump Financial LLC purchased a new position in shares of Pinnacle Financial Partners in the second quarter valued at about $229,000. Finally, Cerity Partners LLC increased its position in shares of Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock valued at $2,877,000 after acquiring an additional 1,039 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

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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