Pinnacle Finl Partners Inc Stock Price, News & Analysis

Pinnacle Financial Partners' advisor Michael Corbett has been honored with a place in the Captive Review Hall of Fame, recognizing his significant contributions to the captive insurance industry. With over 40 years of experience, Corbett previously oversaw the licensing of 669 Risk Bearing Entities in Tennessee, managing $1.4 billion in annual premiums. His work at Pinnacle bolsters the firm's captive insurance practice. Pinnacle, ranked No. 1 bank in Nashville-Murfreesboro-Franklin MSA, boasts approximately $35.3 billion in assets and is included in the Nasdaq Financial-100 Index.

Pinnacle Financial Partners (PNFP) has successfully issued over 9,000 Paycheck Protection Program loans, totaling $930 million in its second round of lending. Combined with the first round, the firm has provided 23,778 loans worth more than $3.2 billion. The average size of the second round loans was $102,441, primarily small-dollar loans. Pinnacle has seen an uptick in loan payoffs and has opened a forgiveness application portal for borrowers. As of March 31, 2021, Pinnacle has approximately $35.3 billion in assets, serving various markets across Tennessee and beyond.

Pinnacle Financial Partners (PNFP) declared a cash dividend of $0.18 per common share, payable on May 28, 2021, to shareholders of record by May 7, 2021. Additionally, a quarterly dividend of approximately $3.8 million, or $16.88 per share, on its 6.75% Series B Preferred Stock will be paid on June 1, 2021, to shareholders of record as of May 17, 2021. As of March 31, 2021, Pinnacle reported $35.3 billion in assets and continues to rank No. 1 in the Nashville-Murfreesboro-Franklin MSA. The firm's Board of Directors will determine future dividend payments.

Pinnacle Financial Partners (PNFP) reported a record net income per diluted share of $1.61 for Q1 2021, a significant increase of 335% year-over-year. The company achieved record book value of $62.33 per share and tangible book value of $37.88, representing annual growth of 8% and 14%, respectively. Total loans rose to $23.1 billion, with a 13.2% increase since Q1 2020, including $2.2 billion in PPP loans. Deposits reached a record $28.3 billion, up 32.6% from the previous year. The firm continues to see strong growth in core deposits and profitability metrics.

Pinnacle Financial Partners (PNFP) will release its first quarter 2021 financial results on April 19, 2021, after market close. A live webcast to discuss these results and the firm's business outlook will follow on April 20, 2021, at 8:30 a.m. CDT. The earnings release will be accessible on Pinnacle’s investor relations website. Pinnacle is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA and has appeared on the 100 Best Companies to Work For list for four consecutive years. As of December 31, 2020, Pinnacle's assets totaled approximately $34.9 billion.

Pinnacle Financial Partners has been named one of the 100 Best Companies to Work For by FORTUNE for the fifth consecutive year, achieving No. 26 on the list. The award highlighted the company's dedication to employee welfare during the pandemic, with over 96% of employees praising the firm's culture and support. Pinnacle processed 14,000 Paycheck Protection Program loans worth $2.4 billion to assist clients during the crisis. The company continues to gain recognition for its workplace culture and community impact.

Pinnacle Financial Partners released its 2020 Annual Report, highlighting the firm's efforts to navigate the challenges of the pandemic while prioritizing client and community support. The report reflects on their people-first philosophy and details their successful initiatives during economic turmoil, including $914.3 million in investments for low- to moderate-income housing and small businesses. Pinnacle maintained its status as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, while also receiving recognition as one of the 100 Best Companies to Work For in the U.S.

Pinnacle Financial Partners (PNFP) announced the election of Decosta E. Jenkins to its board of directors, effective March 1, 2021. Jenkins, a prominent figure in Nashville's business community, is currently the president and CEO of Nashville Electric Service, which reported $1.4 billion in revenues in 2019. He has extensive experience in finance, having previously served as CFO at NES and worked at Deloitte. Jenkins holds a degree in accounting from the University of Tennessee and participates actively in various civic and energy-related organizations.