Brokerages predict that Pinnacle Financial Partners (NASDAQ:PNFP) will report sales of $250.99 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Pinnacle Financial Partners’ earnings, with estimates ranging from $248.90 million to $252.80 million. Pinnacle Financial Partners reported sales of $230.18 million in the same quarter last year, which indicates a positive year-over-year growth rate of 9%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, July 16th.
On average, analysts expect that Pinnacle Financial Partners will report full year sales of $1.01 billion for the current year, with estimates ranging from $1.01 billion to $1.02 billion. For the next year, analysts forecast that the firm will post sales of $1.10 billion, with estimates ranging from $1.07 billion to $1.11 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Pinnacle Financial Partners.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.03. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. The company had revenue of $238.30 million for the quarter, compared to analysts’ expectations of $246.03 million. During the same quarter in the previous year, the company earned $1.13 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 9.0% on a year-over-year basis.
Several brokerages recently issued reports on PNFP. BidaskClub cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Raymond James cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 17th. They noted that the move was a valuation call. Stephens reiterated a “buy” rating and set a $65.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday, April 16th. Finally, Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $62.33.
Shares of NASDAQ PNFP opened at $55.91 on Thursday. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $66.80. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.00 and a current ratio of 1.01. The stock has a market cap of $4.28 billion, a P/E ratio of 11.80, a P/E/G ratio of 0.77 and a beta of 1.39.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $56.74, for a total value of $90,784.00. Following the sale, the insider now owns 24,253 shares in the company, valued at $1,376,115.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles E. Brock sold 2,000 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $56.05, for a total transaction of $112,100.00. Following the completion of the sale, the director now owns 36,304 shares in the company, valued at approximately $2,034,839.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,635 shares of company stock worth $1,319,389. Corporate insiders own 2.97% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in PNFP. Private Capital Group LLC lifted its stake in shares of Pinnacle Financial Partners by 76.6% in the first quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock worth $30,000 after buying an additional 236 shares in the last quarter. Enlightenment Research LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Pinnacle Financial Partners in the first quarter worth approximately $35,000. Valeo Financial Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the first quarter worth approximately $39,000. Finally, Pearl River Capital LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 80.58% of the company’s stock.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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