Pinnacle Financial Partners (NYSE:PNFP) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Pinnacle Financial Partners (NYSE:PNFP) announced its quarterly earnings results on Wednesday. The company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 Trading Down 1.6%

NYSE:PNFP traded down $1.53 during mid-day trading on Wednesday, hitting $95.89. 1,489,082 shares of the company’s stock were exchanged, compared to its average volume of 1,633,027. Pinnacle Financial Partners has a one year low of $81.08 and a one year high of $120.46. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $7.44 billion, a P/E ratio of 11.85, a PEG ratio of 0.33 and a beta of 1.00.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners’s payout ratio is presently 24.72%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. DA Davidson assumed coverage on shares of Pinnacle Financial Partners in a research report on Monday, January 5th. They set a “neutral” rating and a $110.00 price target on the stock. Piper Sandler boosted their price target on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. UBS Group upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and boosted their price target for the company from $106.00 to $110.00 in a research report on Tuesday, April 7th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $112.25.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average price of $94.52 per share, with a total value of $94,520.00. Following the completion of the purchase, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $26,000. BOKF NA lifted its stake in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Pinnacle Financial Partners by 175.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after buying an additional 216 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $39,000. Finally, Tripletail Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $43,000. Institutional investors own 87.40% of the company’s stock.

About Pinnacle Financial Partners

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.