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

Pinnacle Financial Partners (NASDAQ:PNFP) issued 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. The company had revenue of $810.11 million during the quarter, compared to analysts’ expectations of $454.18 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. During the same quarter in the previous year, the company posted $1.79 EPS.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $105.47 on Thursday. The firm has a market cap of $8.14 billion, a PE ratio of 15.09 and a beta of 1.05. 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 has a 1-year low of $59.66 and a 1-year high of $106.62. The company has a fifty day moving average price of $95.27 and a 200 day moving average price of $86.79.

Analysts Set New Price Targets

Several analysts have commented on PNFP shares. Citigroup upped their target price on shares of Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Wells Fargo & Company cut shares of Pinnacle Financial Partners from an “overweight” rating to an “equal weight” rating and set a $100.00 target price for the company. in a research report on Tuesday, October 1st. Piper Sandler cut shares of Pinnacle Financial Partners from an “overweight” rating to a “neutral” rating and upped their target price for the company from $95.00 to $98.00 in a research report on Thursday, July 18th. Hovde Group upped their target price on shares of Pinnacle Financial Partners from $110.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Finally, Truist Financial upped their target price on shares of Pinnacle Financial Partners from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $102.10.

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.