Wall Street analysts expect Pinnacle Financial Partners (NASDAQ:PNFP) to post sales of $236.67 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Pinnacle Financial Partners’ earnings, with the lowest sales estimate coming in at $234.00 million and the highest estimate coming in at $239.65 million. Pinnacle Financial Partners reported sales of $216.16 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 9.5%. The firm is scheduled to issue its next earnings report on Tuesday, October 16th.
According to Zacks, analysts expect that Pinnacle Financial Partners will report full-year sales of $929.11 million for the current year, with estimates ranging from $924.00 million to $936.25 million. For the next year, analysts forecast that the business will post sales of $1.03 billion, with estimates ranging from $1.01 billion to $1.04 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Pinnacle Financial Partners.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 17th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.01. The firm had revenue of $230.20 million for the quarter, compared to analysts’ expectations of $229.16 million. Pinnacle Financial Partners had a net margin of 25.54% and a return on equity of 8.59%. The company’s revenue for the quarter was up 62.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share.
Several brokerages recently weighed in on PNFP. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, September 19th. ValuEngine upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Hovde Group restated an “outperform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Pinnacle Financial Partners in a research report on Friday, June 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the stock. Pinnacle Financial Partners currently has a consensus rating of “Buy” and a consensus target price of $72.75.
In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the business’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $64.21, for a total value of $102,736.00. Following the sale, the insider now owns 29,575 shares in the company, valued at $1,899,010.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 4,800 shares of company stock worth $304,960 in the last 90 days. 3.39% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the business. Green Square Capital LLC bought a new position in Pinnacle Financial Partners during the second quarter valued at $771,000. Nomura Holdings Inc. bought a new position in Pinnacle Financial Partners during the second quarter valued at $463,000. Davy Asset Management Ltd bought a new position in Pinnacle Financial Partners during the second quarter valued at $657,000. Qube Research & Technologies Ltd bought a new position in Pinnacle Financial Partners during the second quarter valued at $133,000. Finally, Waddell & Reed Financial Inc. increased its position in Pinnacle Financial Partners by 8.4% during the second quarter. Waddell & Reed Financial Inc. now owns 257,653 shares of the financial services provider’s stock valued at $15,807,000 after acquiring an additional 20,014 shares during the last quarter. Institutional investors and hedge funds own 77.77% of the company’s stock.
PNFP traded down $3.15 during trading hours on Friday, hitting $60.40. The company’s stock had a trading volume of 1,274,400 shares, compared to its average volume of 521,047. Pinnacle Financial Partners has a 12 month low of $59.55 and a 12 month high of $69.95. The stock has a market capitalization of $4.93 billion, a PE ratio of 16.92, a P/E/G ratio of 0.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.98 and a current ratio of 0.99.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 31st. Investors of record on Friday, August 3rd were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend was Thursday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 15.69%.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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