Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) – Investment analysts at SunTrust Banks raised their FY2017 earnings per share (EPS) estimates for Pinnacle Financial Partners in a research note issued to investors on Wednesday. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will post earnings of $3.59 per share for the year, up from their previous forecast of $3.54. SunTrust Banks currently has a “Buy” rating and a $74.00 price objective on the stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2017 earnings at $0.98 EPS, Q2 2018 earnings at $1.07 EPS, Q3 2018 earnings at $1.11 EPS, Q4 2018 earnings at $1.16 EPS, FY2018 earnings at $4.29 EPS and FY2019 earnings at $4.66 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.01. The company had revenue of $216.20 million during the quarter, compared to analyst estimates of $217.13 million. Pinnacle Financial Partners had a return on equity of 7.36% and a net margin of 27.41%. The firm’s revenue was up 102.8% on a year-over-year basis. During the same quarter last year, the business posted $0.78 earnings per share.
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PNFP has been the subject of several other research reports. Hilliard Lyons raised shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Wednesday, August 23rd. Piper Jaffray Companies restated an “overweight” rating and issued a $72.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, October 5th. BidaskClub lowered shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “buy” rating to a “sell” rating in a report on Wednesday, October 11th. Finally, Stephens reiterated a “hold” rating and set a $71.00 price target on shares of Pinnacle Financial Partners in a research note on Thursday, July 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $73.25.
Pinnacle Financial Partners (NASDAQ PNFP) opened at 67.45 on Friday. The firm’s 50 day moving average price is $64.73 and its 200 day moving average price is $63.56. Pinnacle Financial Partners has a 12 month low of $49.40 and a 12 month high of $71.85. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of 20.74 and a beta of 1.31.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 3rd will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Thursday, November 2nd. Pinnacle Financial Partners’s payout ratio is currently 17.34%.
In related news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $64.41, for a total transaction of $193,230.00. Following the completion of the transaction, the insider now owns 58,794 shares of the company’s stock, valued at $3,786,921.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph C. Galante purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average cost of $59.40 per share, with a total value of $59,400.00. Following the transaction, the director now directly owns 19,011 shares of the company’s stock, valued at approximately $1,129,253.40. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 110,480 shares of company stock valued at $7,150,574. 5.41% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of PNFP. UBS Asset Management Americas Inc. grew its stake in Pinnacle Financial Partners by 5.7% during the first quarter. UBS Asset Management Americas Inc. now owns 189,320 shares of the financial services provider’s stock worth $12,580,000 after buying an additional 10,221 shares during the period. Karp Capital Management Corp purchased a new position in shares of Pinnacle Financial Partners in the first quarter valued at $500,000. Sei Investments Co. boosted its stake in shares of Pinnacle Financial Partners by 270.5% in the first quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 1,926 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 1.2% in the first quarter. Envestnet Asset Management Inc. now owns 6,557 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 80 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Pinnacle Financial Partners by 7.8% in the first quarter. Prudential Financial Inc. now owns 80,928 shares of the financial services provider’s stock valued at $5,378,000 after purchasing an additional 5,840 shares during the period. 69.29% of the stock is owned by hedge funds and other institutional investors.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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