Pinnacle Financial Partners (PNFP) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of Pinnacle Financial Partners (NASDAQ:PNFP) from a sell rating to a hold rating in a research note published on Wednesday morning.

Other analysts have also issued research reports about the stock. Piper Jaffray Companies restated a buy rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, October 19th. Hilliard Lyons lowered shares of Pinnacle Financial Partners from a buy rating to a neutral rating and set a $74.00 target price on the stock. in a research report on Friday, October 20th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a buy rating to a sell rating in a research report on Wednesday, October 11th. Finally, SunTrust Banks restated a buy rating and set a $73.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 4th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $75.17.

Shares of Pinnacle Financial Partners (NASDAQ PNFP) traded up $0.25 during midday trading on Wednesday, reaching $68.55. 287,191 shares of the company were exchanged, compared to its average volume of 435,708. Pinnacle Financial Partners has a 1 year low of $58.40 and a 1 year high of $71.55. The firm has a market capitalization of $5,308.47, a price-to-earnings ratio of 21.22, a P/E/G ratio of 1.60 and a beta of 1.31. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.98 and a current ratio of 0.99.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.01. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The firm had revenue of $216.20 million for the quarter, compared to analyst estimates of $217.13 million. During the same quarter last year, the business earned $0.78 earnings per share. Pinnacle Financial Partners’s revenue was up 102.8% compared to the same quarter last year. analysts anticipate that Pinnacle Financial Partners will post 3.56 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 3rd were issued a $0.14 dividend. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.82%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 17.34%.

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II sold 30,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, October 20th. The shares were sold at an average price of $67.44, for a total value of $2,023,200.00. Following the transaction, the chairman now owns 168,241 shares in the company, valued at approximately $11,346,173.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $64.41, for a total transaction of $193,230.00. Following the completion of the transaction, the insider now owns 58,794 shares in the company, valued at approximately $3,786,921.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,711 shares of company stock worth $5,472,807. 5.41% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in PNFP. Vanguard Group Inc. boosted its holdings in shares of Pinnacle Financial Partners by 42.6% in the 2nd quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock valued at $366,796,000 after purchasing an additional 1,746,012 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Pinnacle Financial Partners by 186.2% in the 2nd quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock valued at $108,045,000 after acquiring an additional 1,119,331 shares during the period. Pinnacle Financial Partners Inc. raised its stake in shares of Pinnacle Financial Partners by 337.7% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 1,112,747 shares of the financial services provider’s stock valued at $74,498,000 after acquiring an additional 858,514 shares during the period. State Street Corp raised its stake in shares of Pinnacle Financial Partners by 42.8% in the 2nd quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock valued at $171,658,000 after acquiring an additional 819,858 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Pinnacle Financial Partners by 56.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,128,192 shares of the financial services provider’s stock valued at $133,651,000 after acquiring an additional 764,072 shares during the period. Institutional investors own 71.75% of the company’s stock.

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About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

Analyst Recommendations for Pinnacle Financial Partners (NASDAQ:PNFP)

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