Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) – Equities research analysts at SunTrust Banks raised their FY2017 earnings per share (EPS) estimates for Pinnacle Financial Partners in a report issued on Wednesday. SunTrust Banks analyst J. Demba now forecasts that the financial services provider will post earnings per share of $3.54 for the year, up from their previous forecast of $3.38.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The company had revenue of $141.70 million during the quarter, compared to analyst estimates of $130.23 million. During the same quarter last year, the firm posted $0.75 earnings per share. The firm’s revenue was up 31.4% on a year-over-year basis.
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Several other equities analysts also recently commented on PNFP. Zacks Investment Research raised Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research report on Tuesday, March 28th. Stephens reaffirmed a “hold” rating on shares of Pinnacle Financial Partners in a research report on Wednesday, April 19th. Hilliard Lyons reaffirmed a “neutral” rating and issued a $69.00 price objective (down previously from $71.00) on shares of Pinnacle Financial Partners in a research report on Saturday, April 22nd. Finally, BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, June 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $65.20.
Shares of Pinnacle Financial Partners (NASDAQ PNFP) traded up 1.38% during mid-day trading on Monday, reaching $65.95. The company had a trading volume of 140,343 shares. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 21.19 and a beta of 1.27. Pinnacle Financial Partners has a 1-year low of $49.40 and a 1-year high of $71.85. The firm has a 50-day moving average price of $64.15 and a 200-day moving average price of $65.15.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Wednesday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 18.01%.
In related news, Director Joseph C. Galante acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The stock was purchased at an average cost of $59.73 per share, for a total transaction of $59,730.00. Following the purchase, the director now directly owns 18,511 shares of the company’s stock, valued at approximately $1,105,662.03. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $62.08, for a total value of $186,240.00. Following the sale, the insider now owns 67,794 shares of the company’s stock, valued at $4,208,651.52. The disclosure for this sale can be found here. Insiders have purchased a total of 1,425 shares of company stock valued at $86,180 over the last 90 days. 5.41% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in PNFP. BlackRock Inc. boosted its stake in Pinnacle Financial Partners by 56,554.1% in the first quarter. BlackRock Inc. now owns 5,632,547 shares of the financial services provider’s stock worth $374,283,000 after buying an additional 5,622,605 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Pinnacle Financial Partners during the second quarter worth approximately $63,064,000. Channing Capital Management LLC acquired a new stake in Pinnacle Financial Partners during the first quarter worth approximately $63,584,000. Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners by 11.0% in the first quarter. Vanguard Group Inc. now owns 4,094,690 shares of the financial services provider’s stock worth $272,092,000 after buying an additional 407,046 shares during the period. Finally, State Street Corp boosted its stake in Pinnacle Financial Partners by 27.0% in the first quarter. State Street Corp now owns 1,913,478 shares of the financial services provider’s stock worth $127,146,000 after buying an additional 406,536 shares during the period. Institutional investors own 77.71% of the company’s stock.
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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