Jefferies Financial Group Weighs in on Pinnacle Financial Partners, Inc.’s Q2 2023 Earnings (NASDAQ:PNFP)

Pinnacle Financial Partners, Inc. (NASDAQ:PNFPGet Rating) – Jefferies Financial Group cut their Q2 2023 EPS estimates for Pinnacle Financial Partners in a research report issued on Thursday, January 19th. Jefferies Financial Group analyst C. Haire now anticipates that the financial services provider will post earnings of $1.26 per share for the quarter, down from their prior estimate of $1.33. The consensus estimate for Pinnacle Financial Partners’ current full-year earnings is $7.46 per share. Jefferies Financial Group also issued estimates for Pinnacle Financial Partners’ Q4 2024 earnings at $2.09 EPS.

A number of other research analysts have also recently issued reports on PNFP. Truist Financial decreased their price objective on shares of Pinnacle Financial Partners from $96.00 to $90.00 in a report on Friday, December 9th. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, December 13th. StockNews.com lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Friday. Wells Fargo & Company cut their price target on shares of Pinnacle Financial Partners from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, December 15th. Finally, Raymond James lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $85.57.

Pinnacle Financial Partners Stock Up 3.2 %

Shares of NASDAQ PNFP opened at $72.53 on Friday. The stock has a market cap of $5.55 billion, a P/E ratio of 10.17 and a beta of 1.08. The firm has a 50 day moving average price of $76.25 and a 200 day moving average price of $79.38. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 0.87. Pinnacle Financial Partners has a 52-week low of $67.86 and a 52-week high of $106.14.

Pinnacle Financial Partners (NASDAQ:PNFPGet Rating) last issued its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.01). The firm had revenue of $410.59 million for the quarter, compared to analyst estimates of $403.05 million. Pinnacle Financial Partners had a net margin of 34.42% and a return on equity of 10.92%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.75 EPS.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Friday, February 3rd will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Thursday, February 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.34%.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Gregory L. Burns sold 2,000 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $83.06, for a total value of $166,120.00. Following the sale, the director now owns 22,518 shares of the company’s stock, valued at $1,870,345.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Pinnacle Financial Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNFP. American Century Companies Inc. raised its position in Pinnacle Financial Partners by 12.1% during the first quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider’s stock worth $631,000 after acquiring an additional 738 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at $101,000. PNC Financial Services Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 76.9% in the first quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 2,838 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Pinnacle Financial Partners by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider’s stock valued at $2,569,000 after purchasing an additional 2,660 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Pinnacle Financial Partners by 1.5% in the first quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider’s stock valued at $638,577,000 after purchasing an additional 104,706 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Pinnacle Financial Partners Company Profile

(Get Rating)

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

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