Pinnacle Financial Partners Inc. (NASDAQ: PNFP) has confirmed it will release its Q3 2021 earnings results on Tuesday, October 12, 2021, after market close.
What to look for
In Q2, the company reported a strong quarter thanks to various actions the company took during the pandemic to focus on PPNR growth. The measures are expected to continue boosting revenue and earnings for the current quarter under review. In addition, the company expects the linked-quarter yearly loan growth ex-PP, core deposit growth, and strong asset quality to continue driving revenue in Q3 2021.
Earnings: Stockearning’s Estimated EPS for Q3 2021 is $1.54 per share. Historical EPS Performance for the past 12 quarters shows that the company has topped estimates ten times (83%) and missed only twice (16%). During the second quarter, the company posted EPS of $1.68, topping estimates of $1.44 per share.
Revenue: During the second quarter, the company reported revenue of $331.43 million, topping analysts estimates of $315.54 million. The revenue in Q2 represented a 21.1% YoY increase. For the current quarter under review, the company is expected to post revenue of $324.24 million compared to revenue of $297.66 million a year ago, representing a YoY increase of 8.9%. For the full year, the company expects revenue of $1.29 billion, and for next year, analysts project revenue of $1.34 billion.
Stock movement: Since the last earnings release, the stock has gained 10.5%. The share price has been UP 26 times out of the past 47 quarters following the earnings release. So, the historical price reaction suggests a 55% probability of the share price going up after the company releases its Q3 2021 earnings. According to the Stockearning algorithm, the predicted stock move on the first day is 3%, and the predicted move after seven days is 4%.
What analysts are saying
Trust analyst Jennifer Demba recently raised Pinnacle Financial’s price target from $100 to $105 and maintained a "Buy" rating on the stock following the release of Q2 earnings. The analysts told investors in a note that Pinnacle Financial's "strong" corporate culture has continued to produce superior and more reliable performance, with outsized hiring contributing to higher wealth management fees and loan growth.
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