Pinnacle Financial Partners (NASDAQ:PNFP) – Analysts at SunTrust Banks reduced their FY2019 earnings per share estimates for Pinnacle Financial Partners in a report released on Tuesday, April 16th. SunTrust Banks analyst J. Demba now anticipates that the financial services provider will post earnings of $5.11 per share for the year, down from their prior estimate of $5.15. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2019 earnings at $1.32 EPS, Q1 2020 earnings at $1.28 EPS, Q2 2020 earnings at $1.31 EPS, Q3 2020 earnings at $1.36 EPS, Q4 2020 earnings at $1.44 EPS and FY2020 earnings at $5.38 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.21 by $0.03. The company had revenue of $238.30 million during the quarter, compared to analysts’ expectations of $246.03 million. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.63%. Pinnacle Financial Partners’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 earnings per share.
PNFP has been the subject of several other research reports. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Friday, January 4th. BidaskClub cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, March 26th. Wells Fargo & Co reduced their price objective on shares of Pinnacle Financial Partners from $72.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, January 3rd. Stephens reaffirmed a “buy” rating and set a $65.00 price objective on shares of Pinnacle Financial Partners in a research note on Tuesday. Finally, Raymond James set a $66.00 price objective on shares of Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $64.14.
Shares of NASDAQ:PNFP opened at $57.31 on Thursday. The company has a market cap of $4.30 billion, a P/E ratio of 12.09, a PEG ratio of 0.78 and a beta of 1.39. Pinnacle Financial Partners has a 12 month low of $43.23 and a 12 month high of $68.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.97.
Institutional investors have recently made changes to their positions in the company. Enlightenment Research LLC purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $28,000. Oregon Public Employees Retirement Fund boosted its stake in shares of Pinnacle Financial Partners by 4,510.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,351,790 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,322,467 shares in the last quarter. Pearl River Capital LLC purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $37,000. Valeo Financial Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at $39,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at $61,000. 81.55% of the stock is owned by institutional investors.
In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $58.56, for a total value of $878,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $58.55, for a total transaction of $93,680.00. Following the completion of the transaction, the insider now directly owns 24,775 shares of the company’s stock, valued at approximately $1,450,576.25. The disclosure for this sale can be found here. In the last three months, insiders sold 42,588 shares of company stock valued at $2,479,247. Corporate insiders own 2.97% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 3rd will be paid a $0.16 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 1.12%. Pinnacle Financial Partners’s dividend 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.
Further Reading: What is a Lock-Up Period?
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.