FIG Partners Research Analysts Increase Earnings Estimates for Pinnacle Financial Partners, Inc. (PNFP)

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) – Investment analysts at FIG Partners increased their FY2018 earnings estimates for shares of Pinnacle Financial Partners in a research report issued on Wednesday. FIG Partners analyst B. Martin now anticipates that the financial services provider will post earnings of $4.72 per share for the year, up from their prior forecast of $4.20.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.01. Pinnacle Financial Partners had a return on equity of 7.36% and a net margin of 27.41%. The company had revenue of $216.20 million during the quarter, compared to analyst estimates of $217.13 million. During the same quarter last year, the firm posted $0.78 EPS. The firm’s revenue for the quarter was up 102.8% on a year-over-year basis.

A number of other research firms have also weighed in on PNFP. Wells Fargo & Co initiated coverage on Pinnacle Financial Partners in a report on Thursday, December 21st. They set an “outperform” rating and a $80.00 target price for the company. Zacks Investment Research raised Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a report on Wednesday, December 20th. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Wednesday, December 20th. Piper Jaffray Companies set a $76.00 target price on Pinnacle Financial Partners and gave the company a “buy” rating in a report on Thursday, November 30th. Finally, Hilliard Lyons raised Pinnacle Financial Partners from a “neutral” rating to a “buy” rating in a report on Wednesday, November 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Pinnacle Financial Partners currently has a consensus rating of “Buy” and an average target price of $75.17.

Shares of Pinnacle Financial Partners (NASDAQ PNFP) traded down $0.70 on Monday, reaching $66.30. The company had a trading volume of 399,700 shares, compared to its average volume of 464,843. Pinnacle Financial Partners has a 52 week low of $58.40 and a 52 week high of $71.55. The stock has a market cap of $5,153.03, a price-to-earnings ratio of 20.53, a P/E/G ratio of 1.33 and a beta of 1.31. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.57.

In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $67.28, for a total transaction of $201,840.00. Following the completion of the sale, the insider now owns 55,794 shares in the company, valued at approximately $3,753,820.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 17,711 shares of Pinnacle Financial Partners stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $67.45, for a total value of $1,194,606.95. Following the sale, the chief financial officer now owns 107,090 shares of the company’s stock, valued at approximately $7,223,220.50. The disclosure for this sale can be found here. Insiders have sold a total of 81,711 shares of company stock valued at $5,481,177 in the last ninety days. Insiders own 5.41% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PNFP. Bank of Montreal Can boosted its position in shares of Pinnacle Financial Partners by 11.1% during the 2nd quarter. Bank of Montreal Can now owns 3,742 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 374 shares during the last quarter. Sei Investments Co. lifted its position in Pinnacle Financial Partners by 66.0% in the 2nd quarter. Sei Investments Co. now owns 4,378 shares of the financial services provider’s stock worth $275,000 after buying an additional 1,740 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in Pinnacle Financial Partners by 187.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 27,358 shares of the financial services provider’s stock worth $1,718,000 after buying an additional 17,836 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in Pinnacle Financial Partners by 200.0% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 68,590 shares of the financial services provider’s stock worth $4,307,000 after buying an additional 45,723 shares during the last quarter. Finally, Federated Investors Inc. PA bought a new stake in Pinnacle Financial Partners in the 2nd quarter worth approximately $2,143,000. Hedge funds and other institutional investors own 71.75% of the company’s stock.

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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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