SunTrust Banks Comments on Pinnacle Financial Partners, Inc.’s Q3 2017 Earnings (NASDAQ:PNFP)
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) – Investment analysts at SunTrust Banks upped their Q3 2017 earnings per share (EPS) estimates for shares of Pinnacle Financial Partners in a report released on Wednesday. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will post earnings of $0.90 per share for the quarter, up from their prior forecast of $0.83. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2017 earnings at $0.94 EPS, Q1 2018 earnings at $0.96 EPS, Q4 2018 earnings at $1.10 EPS and FY2018 earnings at $4.17 EPS.
Several other equities research analysts have also recently commented on PNFP. Stephens reaffirmed a “hold” rating and issued a $71.00 price target on shares of Pinnacle Financial Partners in a report on Thursday. BidaskClub cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Hilliard Lyons reaffirmed a “neutral” rating and issued a $69.00 price target (down previously from $71.00) on shares of Pinnacle Financial Partners in a report on Saturday, April 22nd. Finally, Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Tuesday, April 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $65.20.
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Shares of Pinnacle Financial Partners (NASDAQ PNFP) opened at 65.40 on Friday. The company has a market cap of $3.21 billion, a P/E ratio of 21.44 and a beta of 1.28. The firm has a 50-day moving average price of $63.96 and a 200-day moving average price of $65.25. Pinnacle Financial Partners has a 1-year low of $49.40 and a 1-year high of $71.85.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The business had revenue of $141.70 million for the quarter, compared to the consensus estimate of $130.23 million. During the same quarter in the previous year, the company posted $0.75 EPS. The company’s revenue was up 31.4% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Friday, August 4th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, August 2nd. This represents a $0.56 annualized dividend and a dividend yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio is currently 18.01%.
In related news, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $62.08, for a total value of $186,240.00. Following the completion of the transaction, the insider now directly owns 67,794 shares in the company, valued at $4,208,651.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph C. Galante bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The stock was bought at an average price of $59.73 per share, with a total value of $59,730.00. Following the completion of the acquisition, the director now owns 18,511 shares of the company’s stock, valued at approximately $1,105,662.03. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,425 shares of company stock valued at $86,180. Company insiders own 5.41% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNFP. BlackRock Inc. raised its position in Pinnacle Financial Partners by 56,554.1% in the first quarter. BlackRock Inc. now owns 5,632,547 shares of the financial services provider’s stock worth $374,283,000 after buying an additional 5,622,605 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Pinnacle Financial Partners during the second quarter worth $63,064,000. Channing Capital Management LLC acquired a new stake in Pinnacle Financial Partners during the first quarter worth $63,584,000. Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners by 11.0% in the first quarter. Vanguard Group Inc. now owns 4,094,690 shares of the financial services provider’s stock worth $272,092,000 after buying an additional 407,046 shares in the last quarter. Finally, State Street Corp boosted its stake in Pinnacle Financial Partners by 27.0% in the first quarter. State Street Corp now owns 1,913,478 shares of the financial services provider’s stock worth $127,146,000 after buying an additional 406,536 shares in the last quarter. Hedge funds and other institutional investors own 75.60% of the company’s stock.
Pinnacle Financial Partners Company Profile
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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