Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) – Equities researchers at Jefferies Financial Group lifted their Q2 2023 earnings per share (EPS) estimates for shares of Pinnacle Financial Partners in a research note issued on Wednesday, April 19th. Jefferies Financial Group analyst C. Haire now forecasts that the financial services provider will post earnings per share of $1.44 for the quarter, up from their previous estimate of $1.22. The consensus estimate for Pinnacle Financial Partners’ current full-year earnings is $6.65 per share. Jefferies Financial Group also issued estimates for Pinnacle Financial Partners’ FY2024 earnings at $7.45 EPS.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last announced its earnings results on Tuesday, April 18th. The financial services provider reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.02. The firm had revenue of $401.76 million during the quarter, compared to analysts’ expectations of $418.58 million. Pinnacle Financial Partners had a return on equity of 10.85% and a net margin of 28.11%. The company’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.65 EPS.
Pinnacle Financial Partners Trading Down 0.3 %
PNFP opened at $54.77 on Monday. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 7.51 and a beta of 1.10. The company has a current ratio of 0.91, a quick ratio of 0.86 and a debt-to-equity ratio of 0.47. Pinnacle Financial Partners has a 12 month low of $51.15 and a 12 month high of $89.00. The stock has a fifty day moving average price of $62.13 and a 200-day moving average price of $72.81.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP lifted its holdings in Pinnacle Financial Partners by 1,331.3% in the first quarter. Allworth Financial LP now owns 458 shares of the financial services provider’s stock valued at $25,000 after buying an additional 426 shares during the period. First Personal Financial Services acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth about $35,000. ICA Group Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth about $37,000. CoreCap Advisors LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth about $42,000. Finally, Coppell Advisory Solutions Corp. acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $44,000. Institutional investors own 79.82% of the company’s stock.
Insider Buying and Selling
In other news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $73.38, for a total transaction of $1,773,447.84. Following the sale, the chairman now owns 302,071 shares of the company’s stock, valued at $22,165,969.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 24,168 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $73.38, for a total value of $1,773,447.84. Following the transaction, the chairman now owns 302,071 shares in the company, valued at $22,165,969.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gregory L. Burns sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $82.00, for a total transaction of $246,000.00. Following the transaction, the director now owns 19,518 shares in the company, valued at $1,600,476. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,171 shares of company stock worth $2,019,695. Corporate insiders own 2.15% of the company’s stock.
Pinnacle Financial Partners Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 26th. Stockholders of record on Friday, May 5th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, May 4th. This represents a $0.88 annualized dividend and a dividend yield of 1.61%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.07%.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company, which engages in the provision of financial solutions. It offers banking, investment, trust, mortgage, and insurance products and services designed for businesses and individuals. The company was founded by Dale W. Polley, M. Terry Turner, Sue G.
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