Pinnacle Financial Partners (NASDAQ:PNFP) Announces Quarterly Earnings Results

Pinnacle Financial Partners (NASDAQ:PNFP) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10, Zacks reports. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%.

Pinnacle Financial Partners Trading Up 0.3 %

NASDAQ:PNFP traded up $0.31 during trading hours on Tuesday, reaching $120.22. 664,938 shares of the stock were exchanged, compared to its average volume of 474,320. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average of $119.52 and a two-hundred day moving average of $104.47. Pinnacle Financial Partners has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market capitalization of $9.29 billion, a price-to-earnings ratio of 22.86 and a beta of 1.09.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 3,610 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares in the company, valued at approximately $17,585,378.23. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock worth $9,563,127 over the last ninety days. Corporate insiders own 1.87% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PNFP. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Stephens upped their price objective on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Truist Financial upped their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $122.73.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.