Pinnacle Financial Partners (NASDAQ:PNFP) – Analysts at SunTrust Banks upped their Q3 2019 earnings per share (EPS) estimates for shares of Pinnacle Financial Partners in a research note issued on Wednesday, September 11th, according to Zacks Investment Research. SunTrust Banks analyst J. Demba now expects that the financial services provider will post earnings of $1.38 per share for the quarter, up from their prior forecast of $1.33. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2019 earnings at $1.23 EPS, FY2019 earnings at $5.26 EPS, Q1 2020 earnings at $1.28 EPS, Q2 2020 earnings at $1.39 EPS, Q3 2020 earnings at $1.42 EPS, Q4 2020 earnings at $1.41 EPS and FY2020 earnings at $5.50 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a return on equity of 9.82% and a net margin of 30.46%. The firm had revenue of $259.60 million for the quarter, compared to analysts’ expectations of $252.44 million. During the same quarter last year, the firm earned $1.15 earnings per share. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year.
A number of other research analysts have also recently weighed in on PNFP. JPMorgan Chase & Co. assumed coverage on Pinnacle Financial Partners in a report on Wednesday. They issued a “neutral” rating and a $62.00 target price on the stock. Stephens restated a “hold” rating and set a $63.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, September 16th. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. Finally, BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $61.43.
Shares of Pinnacle Financial Partners stock opened at $55.65 on Friday. Pinnacle Financial Partners has a twelve month low of $43.23 and a twelve month high of $64.70. The stock has a market capitalization of $4.35 billion, a P/E ratio of 11.74, a PEG ratio of 0.77 and a beta of 1.43. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. The business’s fifty day moving average price is $54.34 and its 200 day moving average price is $56.13.
Several hedge funds and other institutional investors have recently made changes to their positions in PNFP. Dimensional Fund Advisors LP lifted its position in Pinnacle Financial Partners by 5.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock valued at $73,135,000 after acquiring an additional 82,699 shares in the last quarter. Geode Capital Management LLC lifted its position in Pinnacle Financial Partners by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 782,490 shares of the financial services provider’s stock valued at $36,072,000 after acquiring an additional 53,626 shares in the last quarter. First Republic Investment Management Inc. lifted its position in Pinnacle Financial Partners by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 6,917 shares of the financial services provider’s stock valued at $378,000 after acquiring an additional 277 shares in the last quarter. Alps Advisors Inc. bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at $385,000. Finally, Sigma Planning Corp bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at $289,000. 79.68% of the stock is currently owned by institutional investors.
In other news, CAO Hugh M. Queener sold 7,295 shares of Pinnacle Financial Partners stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $57.06, for a total transaction of $416,252.70. Following the transaction, the chief accounting officer now directly owns 225,207 shares of the company’s stock, valued at $12,850,311.42. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Harold R. Carpenter sold 3,006 shares of Pinnacle Financial Partners stock in a transaction on Friday, September 13th. The stock was sold at an average price of $57.90, for a total transaction of $174,047.40. Following the transaction, the chief financial officer now directly owns 83,112 shares in the company, valued at $4,812,184.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,475 shares of company stock worth $3,674,396. Insiders own 2.97% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.15%. Pinnacle Financial Partners’s payout ratio is presently 13.50%.
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.