Pinnacle Financial Partners (NASDAQ:PNFP) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Pinnacle Financial Partners (NASDAQ:PNFP) announced its earnings results on Tuesday. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10, Zacks reports. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $0.31 on Tuesday, hitting $120.22. The company had a trading volume of 664,938 shares, compared to its average volume of 474,320. The firm has a market cap of $9.29 billion, a P/E ratio of 22.86 and a beta of 1.09. The company has a 50-day moving average price of $119.52 and a 200-day moving average price of $104.47. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PNFP. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial lifted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $122.73.

Insider Buying and Selling

In related news, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Company Profile

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.