SunTrust Banks Comments on Pinnacle Financial Partners’ Q3 2019 Earnings (NASDAQ:PNFP)

Pinnacle Financial Partners (NASDAQ:PNFP) – Equities researchers at SunTrust Banks upped their Q3 2019 earnings per share estimates for shares of Pinnacle Financial Partners in a research note issued on Wednesday, July 17th. SunTrust Banks analyst J. Demba now expects that the financial services provider will earn $1.33 per share for the quarter, up from their prior forecast of $1.31. SunTrust Banks also issued estimates for Pinnacle Financial Partners’ Q4 2019 earnings at $1.36 EPS and FY2019 earnings at $5.35 EPS.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) 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 business had revenue of $259.60 million during the quarter, compared to analysts’ expectations of $252.44 million. During the same period in the previous year, the business posted $1.15 earnings per share. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year.

PNFP has been the subject of a number of other reports. Raymond James set a $8.00 price target on Superior Energy Services and gave the company a “buy” rating in a report on Wednesday, April 17th. BidaskClub cut Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 15th. Zacks Investment Research reissued a “hold” rating on shares of Western New England Bancorp in a report on Saturday, June 29th. Finally, Stephens reissued a “hold” rating and set a $63.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $61.33.

Pinnacle Financial Partners stock opened at $58.82 on Friday. The firm has a 50-day simple moving average of $56.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 1.00. Pinnacle Financial Partners has a 12-month low of $43.23 and a 12-month high of $66.54. The company has a market capitalization of $4.57 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 0.81 and a beta of 1.36.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 2nd will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $0.64 annualized dividend and a yield of 1.09%. Pinnacle Financial Partners’s dividend payout ratio is currently 13.50%.

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 4,035 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $59.01, for a total transaction of $238,105.35. Following the completion of the sale, the chairman now directly owns 129,269 shares of the company’s stock, valued at approximately $7,628,163.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $56.61, for a total value of $28,305.00. Following the sale, the insider now directly owns 22,675 shares of the company’s stock, valued at $1,283,631.75. The disclosure for this sale can be found here. Insiders have sold a total of 8,135 shares of company stock valued at $469,294 over the last three months. Company insiders own 2.97% of the company’s stock.

Several institutional investors have recently bought and sold shares of PNFP. Wasatch Advisors Inc. grew its position in shares of Pinnacle Financial Partners by 67.5% during the 1st quarter. Wasatch Advisors Inc. now owns 1,132,922 shares of the financial services provider’s stock worth $61,971,000 after buying an additional 456,500 shares during the period. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $19,508,000. Nuveen Asset Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $10,458,000. Chartwell Investment Partners LLC grew its position in shares of Pinnacle Financial Partners by 327.5% during the 1st quarter. Chartwell Investment Partners LLC now owns 227,634 shares of the financial services provider’s stock worth $12,452,000 after buying an additional 174,381 shares during the period. Finally, Phocas Financial Corp. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $7,998,000. Institutional investors own 80.53% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.

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Earnings History and Estimates for Pinnacle Financial Partners (NASDAQ:PNFP)

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