$0.91 Earnings Per Share Expected for Pinnacle Financial Partners, Inc. (PNFP) This Quarter
Wall Street brokerages forecast that Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) will report $0.91 earnings per share for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Pinnacle Financial Partners’ earnings, with the highest EPS estimate coming in at $0.93 and the lowest estimate coming in at $0.89. Pinnacle Financial Partners posted earnings of $0.78 per share in the same quarter last year, which would suggest a positive year over year growth rate of 16.7%. The company is scheduled to report its next quarterly earnings results on Tuesday, October 17th.
On average, analysts expect that Pinnacle Financial Partners will report full year earnings of $3.52 per share for the current financial year, with EPS estimates ranging from $3.45 to $3.64. For the next financial year, analysts forecast that the firm will report earnings of $4.27 per share, with EPS estimates ranging from $4.15 to $4.49. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Pinnacle Financial Partners.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. The company had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $130.23 million. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The firm’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share.
PNFP has been the topic of several research analyst reports. Hilliard Lyons upgraded Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Wednesday, August 23rd. BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Finally, Stephens restated a “hold” rating and set a $71.00 target price on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $67.00.
In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $62.08, for a total transaction of $186,240.00. Following the sale, the insider now owns 67,794 shares in the company, valued at $4,208,651.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO M Terry Turner sold 101,480 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $64.82, for a total value of $6,577,933.60. Following the sale, the chief executive officer now owns 538,441 shares in the company, valued at approximately $34,901,745.62. The disclosure for this sale can be found here. Insiders have sold 110,480 shares of company stock worth $7,143,584 in the last 90 days. Company insiders own 5.41% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Glen Harbor Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 6.8% during the first quarter. Glen Harbor Capital Management LLC now owns 1,716 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 110 shares during the period. Elkfork Partners LLC lifted its stake in shares of Pinnacle Financial Partners by 6.8% during the first quarter. Elkfork Partners LLC now owns 2,184 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 140 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at $151,000. Advisor Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 14.5% during the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 291 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Pinnacle Financial Partners by 61.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 935 shares during the period. Institutional investors own 69.28% of the company’s stock.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) opened at 62.50 on Friday. The firm has a 50-day moving average price of $61.95 and a 200-day moving average price of $63.70. Pinnacle Financial Partners has a 1-year low of $49.40 and a 1-year high of $71.85. The company has a market capitalization of $4.81 billion, a PE ratio of 20.08 and a beta of 1.29.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 4th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Wednesday, August 2nd. Pinnacle Financial Partners’s payout ratio is presently 18.01%.
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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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