Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) to Post Q1 2023 Earnings of $1.76 Per Share, Jefferies Financial Group Forecasts

Pinnacle Financial Partners, Inc. (NASDAQ:PNFPGet Rating) – Research analysts at Jefferies Financial Group lowered their Q1 2023 earnings per share (EPS) estimates for shares of Pinnacle Financial Partners in a note issued to investors on Thursday, January 19th. Jefferies Financial Group analyst C. Haire now expects that the financial services provider will earn $1.76 per share for the quarter, down from their previous forecast of $1.91. The consensus estimate for Pinnacle Financial Partners’ current full-year earnings is $7.56 per share. Jefferies Financial Group also issued estimates for Pinnacle Financial Partners’ Q3 2023 earnings at $1.76 EPS, Q4 2023 earnings at $1.71 EPS, FY2023 earnings at $6.50 EPS, Q1 2024 earnings at $2.00 EPS, Q2 2024 earnings at $1.92 EPS, Q3 2024 earnings at $1.99 EPS and FY2024 earnings at $8.00 EPS.

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

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $72.53 on Monday. The business has a 50 day moving average price of $76.25 and a 200 day moving average price of $79.46. Pinnacle Financial Partners has a twelve month low of $67.86 and a twelve month high of $106.14. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 10.10 and a beta of 1.08. The company has a quick ratio of 0.87, a current ratio of 0.86 and a debt-to-equity ratio of 0.17.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Friday, February 3rd will be issued a $0.22 dividend. The ex-dividend date is Thursday, February 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.21%. Pinnacle Financial Partners’s payout ratio is presently 12.26%.

Insider Transactions at Pinnacle Financial Partners

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

Institutional Investors Weigh In On Pinnacle Financial Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System increased its holdings in Pinnacle Financial Partners by 0.6% during the 3rd quarter. Arizona State Retirement System now owns 20,758 shares of the financial services provider’s stock valued at $1,683,000 after purchasing an additional 125 shares in the last quarter. IFP Advisors Inc increased its holdings in Pinnacle Financial Partners by 9.2% during the 3rd quarter. IFP Advisors Inc now owns 1,536 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 129 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Pinnacle Financial Partners by 2.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,558 shares of the financial services provider’s stock valued at $402,000 after purchasing an additional 133 shares in the last quarter. Securian Asset Management Inc. increased its holdings in Pinnacle Financial Partners by 2.0% during the 2nd quarter. Securian Asset Management Inc. now owns 6,963 shares of the financial services provider’s stock valued at $503,000 after purchasing an additional 138 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its holdings in Pinnacle Financial Partners by 1.1% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 12,786 shares of the financial services provider’s stock valued at $925,000 after purchasing an additional 140 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading

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

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