Pinnacle Financial Partners (NASDAQ:PNFP) – Research analysts at SunTrust Banks lowered their Q2 2018 earnings per share estimates for Pinnacle Financial Partners in a research note issued to investors on Wednesday. SunTrust Banks analyst J. Demba now expects that the financial services provider will post earnings per share of $1.17 for the quarter, down from their previous estimate of $1.21. SunTrust Banks has a “Buy” rating and a $80.00 price objective on the stock. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q3 2018 earnings at $1.25 EPS, Q4 2018 earnings at $1.29 EPS and FY2018 earnings at $4.80 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.94 by $0.03. The firm had revenue of $211.20 million for the quarter, compared to the consensus estimate of $224.62 million. Pinnacle Financial Partners had a net margin of 22.27% and a return on equity of 7.24%. The business’s revenue was down 2.3% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share.
Pinnacle Financial Partners (NASDAQ PNFP) opened at $64.00 on Monday. The company has a market cap of $4,975.36, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 0.98 and a beta of 1.31. Pinnacle Financial Partners has a one year low of $58.40 and a one year high of $71.55. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 1.00.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners by 42.6% in the 2nd quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock worth $366,796,000 after purchasing an additional 1,746,012 shares in the last quarter. BlackRock Inc. boosted its stake in Pinnacle Financial Partners by 2.8% in the 2nd quarter. BlackRock Inc. now owns 5,788,167 shares of the financial services provider’s stock worth $363,496,000 after purchasing an additional 155,620 shares in the last quarter. State Street Corp boosted its stake in Pinnacle Financial Partners by 42.8% in the 2nd quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock worth $171,658,000 after purchasing an additional 819,858 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Pinnacle Financial Partners by 56.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,128,192 shares of the financial services provider’s stock worth $133,651,000 after purchasing an additional 764,072 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Pinnacle Financial Partners by 10.4% in the 3rd quarter. Jennison Associates LLC now owns 1,886,559 shares of the financial services provider’s stock worth $126,305,000 after purchasing an additional 177,049 shares in the last quarter. Institutional investors own 71.77% of the company’s stock.
In other news, Director Thomas R. Sloan sold 15,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $65.97, for a total transaction of $989,550.00. Following the sale, the director now owns 108,257 shares in the company, valued at approximately $7,141,714.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO M Terry Turner sold 31,171 shares of the business’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $67.11, for a total transaction of $2,091,885.81. Following the sale, the chief executive officer now owns 489,701 shares in the company, valued at approximately $32,863,834.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,171 shares of company stock worth $3,682,756. 5.41% of the stock is currently owned by company insiders.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 2nd will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, February 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 20.00%.
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About Pinnacle Financial Partners
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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