Pinnacle Financial Partners (NASDAQ:PNFP) Expected to Post Quarterly Sales of $264.83 Million

Wall Street brokerages expect that Pinnacle Financial Partners (NASDAQ:PNFP) will post sales of $264.83 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Pinnacle Financial Partners’ earnings, with the highest sales estimate coming in at $267.70 million and the lowest estimate coming in at $261.90 million. Pinnacle Financial Partners reported sales of $240.90 million during the same quarter last year, which indicates a positive year over year growth rate of 9.9%. The business is expected to issue its next quarterly earnings results on Tuesday, October 15th.

According to Zacks, analysts expect that Pinnacle Financial Partners will report full year sales of $1.04 billion for the current year, with estimates ranging from $1.03 billion to $1.06 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.12 billion, with estimates ranging from $1.09 billion to $1.14 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Pinnacle Financial Partners.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share 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 for the quarter, compared to the consensus estimate of $252.44 million. During the same period last year, the business earned $1.15 EPS. The firm’s revenue was up 12.8% compared to the same quarter last year.

A number of brokerages recently issued reports on PNFP. Stephens reiterated a “hold” rating and issued a $63.00 price target on shares of Pinnacle Financial Partners in a research note on Thursday, July 18th. BidaskClub downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Raymond James downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 17th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $62.00.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 500 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $56.61, for a total value of $28,305.00. Following the completion of the sale, the insider now directly owns 22,675 shares in the company, valued at $1,283,631.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles E. Brock sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $56.05, for a total transaction of $112,100.00. Following the completion of the sale, the director now owns 36,304 shares of the company’s stock, valued at $2,034,839.20. The disclosure for this sale can be found here. Insiders sold 3,000 shares of company stock valued at $170,645 over the last 90 days. 2.97% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System increased its position in shares of Pinnacle Financial Partners by 0.3% during the second quarter. Arizona State Retirement System now owns 52,504 shares of the financial services provider’s stock valued at $3,018,000 after acquiring an additional 172 shares in the last quarter. Private Capital Group LLC grew its position in Pinnacle Financial Partners by 76.6% in the 1st quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 236 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Pinnacle Financial Partners by 6.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,479 shares of the financial services provider’s stock worth $257,000 after purchasing an additional 275 shares during the period. First Republic Investment Management Inc. grew its position in Pinnacle Financial Partners by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 6,917 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 277 shares during the period. Finally, Sowell Financial Services LLC grew its position in Pinnacle Financial Partners by 2.8% in the 4th quarter. Sowell Financial Services LLC now owns 12,945 shares of the financial services provider’s stock worth $597,000 after purchasing an additional 348 shares during the period. Institutional investors and hedge funds own 80.64% of the company’s stock.

Shares of PNFP traded down $2.03 during trading on Monday, reaching $54.68. 316,456 shares of the company traded hands, compared to its average volume of 542,690. Pinnacle Financial Partners has a twelve month low of $43.23 and a twelve month high of $66.54. The firm has a market cap of $4.36 billion, a PE ratio of 11.54, a PEG ratio of 0.78 and a beta of 1.35. The business’s 50-day moving average is $57.67. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 0.99.

The business 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 $0.16 dividend. The ex-dividend date is Thursday, August 1st. This represents a $0.64 annualized dividend and a yield of 1.17%. Pinnacle Financial Partners’s dividend payout ratio (DPR) 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.

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

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