Finance stock to watch: Pinnacle Financial Partners (NASDAQ: PNFP)

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Pinnacle Financial Partners (NASDAQ: PNFP) stock rose over 1.8% on 16th October, 2019 (as of  9:47 am GMT-4; Source: Google finance) after the company posted better than expected results for the third quarter of FY 19. PNFP had hired 67 high-profile revenue producers during the first nine months of 2019. The company continues to invest in compatible businesses that have potential to enhance the growth and profitability. During the third quarter, the company had acquired Advocate Capital, Inc. with approximately $155.4 million in loan balances. The company intend to enhance Advocate’s existing business model by provide a full suite of commercial banking products to their client base, and by focusing on deposit gathering initially.

PNFP in the third quarter of FY 19 has reported the adjusted earnings per share of $1.44, beating the analysts’ estimates for the adjusted earnings per share of $1.34. The company had reported the adjusted revenue growth of 15.6 percent to $278.43 billion in the third quarter of FY 19, beating the analysts’ estimates for revenue by 4.35%. Net interest income for the third quarter ended Sept. 30, 2019 was up 3.4% to $195.8 million, compared to $188.9 million for the second quarter of 2019 and $189.4 million for the third quarter of 2018.

Moreover, loans at the end of third quarter were at record $19.3 billion, an increase of $1.9 billion from Sept. 30, 2018, reflecting year-over-year growth of 10.8 percent. Loans in the third quarter have increased $531.3 million from June 30, 2019, reflecting a linked-quarter annualized growth rate of 11.3 percent. Deposits at the end of third quarter were $20 billion, which is an increase of $1.6 billion from Sept. 30, 2018, reflecting year-over-year growth of 8.7 percent. Deposits at the end of third quarter have increased $551.3 million from June 30, 2019, reflecting a linked-quarter annualized growth rate of 11.3 percent.

Additionally, the nonperforming assets have fallen to 0.53 percent of total loans and ORE at Sept. 30, 2019, compared to 0.55 percent at each of June 30, 2019 and Sept. 30, 2018. Nonperforming assets were $103.3 million at the end of third quarter, compared to $102.7 million at June 30, 2019 and $95.6 million at Sept. 30, 2018.

In addition, during the third quarter of 2019, the company had acquired 199,032 shares of its common stock in open market transactions according to its previously announced share repurchase program, at an average price of $55.57.

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