Pinnacle Financial Partners (PNFP) Shares Gap Up Following Earnings Beat

Pinnacle Financial Partners (NASDAQ:PNFP)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $53.02, but opened at $55.01. Pinnacle Financial Partners shares last traded at $56.64, with a volume of 2724543 shares traded.

The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. The firm had revenue of $240.90 million for the quarter, compared to the consensus estimate of $236.67 million. Pinnacle Financial Partners had a return on equity of 8.59% and a net margin of 25.54%. During the same quarter in the prior year, the business posted $0.90 earnings per share.

Several equities research analysts have issued reports on the company. ValuEngine downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Hovde Group restated an “outperform” rating on shares of Pinnacle Financial Partners in a research report on Thursday, July 5th. Stephens restated a “buy” rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 3rd. BidaskClub downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, July 17th. Finally, Zacks Investment Research downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Three analysts have rated the stock with a sell rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $72.00.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $63.49, for a total value of $101,584.00. Following the sale, the insider now owns 27,975 shares in the company, valued at $1,776,132.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 4,800 shares of company stock worth $304,960. Company insiders own 3.39% of the company’s stock.

Several hedge funds have recently modified their holdings of PNFP. Millennium Management LLC raised its position in shares of Pinnacle Financial Partners by 189.1% in the first quarter. Millennium Management LLC now owns 718,629 shares of the financial services provider’s stock worth $46,136,000 after buying an additional 470,031 shares in the last quarter. Wedge Capital Management L L P NC raised its position in shares of Pinnacle Financial Partners by 73.8% in the second quarter. Wedge Capital Management L L P NC now owns 966,731 shares of the financial services provider’s stock worth $59,309,000 after buying an additional 410,479 shares in the last quarter. BlackRock Inc. raised its position in shares of Pinnacle Financial Partners by 4.4% in the second quarter. BlackRock Inc. now owns 6,485,908 shares of the financial services provider’s stock worth $397,909,000 after buying an additional 273,386 shares in the last quarter. Jennison Associates LLC raised its position in shares of Pinnacle Financial Partners by 7.1% in the second quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock worth $214,837,000 after buying an additional 233,210 shares in the last quarter. Finally, Monarch Partners Asset Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the second quarter worth $12,144,000. Institutional investors own 77.77% of the company’s stock.

The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market capitalization of $4.68 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 0.91 and a beta of 1.02.

About Pinnacle Financial Partners (NASDAQ:PNFP)

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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