Pinnacle Financial Partners, Inc. (PNFP) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) issued its quarterly earnings results on Monday. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.01, Bloomberg Earnings reports. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The firm had revenue of $216.20 million for the quarter, compared to the consensus estimate of $217.13 million. During the same period in the prior year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was up 102.8% on a year-over-year basis.
Shares of Pinnacle Financial Partners (NASDAQ:PNFP) traded down 1.73% on Tuesday, hitting $65.15. The stock had a trading volume of 352,191 shares. Pinnacle Financial Partners has a one year low of $49.40 and a one year high of $71.85. The stock has a market cap of $5.01 billion, a PE ratio of 20.93 and a beta of 1.31. The company’s 50 day moving average is $64.12 and its 200 day moving average is $63.50.
Several research analysts have commented on the company. Zacks Investment Research downgraded Pinnacle Financial Partners from a “buy” rating to a “sell” rating in a report on Wednesday, October 11th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $73.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, October 4th. Piper Jaffray Companies reissued an “overweight” rating and issued a $72.00 price objective on shares of Pinnacle Financial Partners in a research report on Thursday, October 5th. Stephens reissued a “hold” rating and issued a $71.00 price objective on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Finally, BidaskClub cut Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $68.40.
In related news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $66.02, for a total transaction of $198,060.00. Following the completion of the sale, the insider now directly owns 64,794 shares of the company’s stock, valued at approximately $4,277,699.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO M Terry Turner sold 101,480 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $64.82, for a total transaction of $6,577,933.60. Following the sale, the chief executive officer now directly owns 538,441 shares of the company’s stock, valued at $34,901,745.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,480 shares of company stock worth $7,150,574. 5.41% of the stock is currently owned by company insiders.
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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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